ID: MRFR/AM/1923-CR | 90 Pages | Author: Swapnil Palwe | July 2019
The Global Automotive Radar Applications Market Size is expected to cross USD 16 Billion by 2030 at a CAGR of 25% during the forecast period ending in 2030
The global Automotive Radar Applications market size is projected to reach approximately USD 16 Billion by 2030, at a CAGR of 25% from 2020 to 2030. Automotive radar applications are a type of radar system that is used in automobiles. These systems are used to detect and track objects in front of the vehicle, and to provide information to the driver about the distance and speed of the objects. Automotive radar applications can be used for a variety of purposes, including collision avoidance, adaptive cruise control, and automatic braking.
Automotive manufacturers have encountered sudden changes within their industry due to the COVID-19 pandemic. It has had a swift impact on worldwide unified automotive manufacturers & has caused anxiety and concern among consumers. Indications of this include the interruption in the export of Chinese automotive parts, huge manufacturing disruptions across Europe, and the shutting down of assembly plants in the U.S. This puts a lot of pressure on an industry that is already struggling to survive. Highly accurate auto radar has always been promising innovation in the automotive industry. The pandemic’s impact on the industry is expected to decline as more and more people become vaccinated and as other contributing factors also decrease in number. Demand for automotive radar-backed solutions is growing at a rapid pace as it provides visibility and safety.
Automotive Radar has many benefits for drivers. It saves time, is less expensive to maintain, and operates with higher precision than other sensors. Automotive radar systems are becoming increasingly important in the digital age, as they play a significant role in advanced driver assistance systems. They help to reduce the likelihood of collisions & improve safety. The demand for vehicles with a high degree of safety features is projected to grow over the next few years. These features have emerged as the foremost consideration when determining which vehicle to purchase, based on some industry estimates.
Safety features like parking assistance, collision avoidance, lane departure warnings, traction control, and stability machinery have been on the rise in recent years. That trend is likely to continue because these new technologies provide not only convenience but also reduce the likelihood of injury or death. Automotive radar can provide a 360-degree view of the road. The ADASs notify the driver if there's something near them, or if there are any potential problems with their car. Automated systems are becoming more widespread and can save lives in the process. Automated systems prevent accidents like car crashes and are making the roads safer for everyone. Road-related death rates are 1.3 million each year. The rate of injury especially for teenagers is higher than the general population. Automotive companies have realized the importance of safety features in their vehicles and are developing them in response to market demand. They offer these features to meet the needs of their customers, keeping them safe on the roads.
The automotive radar applications market has been witnessing an increasing demand due to the growth of autonomous cars and connected cars. However, some factors may hinder the growth of this market shortly. The overall cost of a car is expected to increase due to various factors such as higher fuel prices and increases in labor costs and raw materials costs related to the car manufacturing process.
The growth of the automotive radar applications market is also being driven by the increasing demand for safety features in vehicles. Radar-based systems can provide a range of safety features, including blind spot detection, forward collision warning, and lane departure warning. The increasing availability of these features is driving up demand for radar systems. The automotive radar applications market is expected to continue to grow in the coming years as more and more automakers adopt radar-based systems in their vehicles. This growth will provide opportunities for radar manufacturers and suppliers to capitalize on the growing demand for their products.
Based on Application, the global Automotive Radar Applications market has been segmented based on Adaptive Cruise Control (ACC), Blind Spot Detection (BCD), Forward Collision Warning System (FCWS), Lane Departure Warning System (LDWS), and Parking Assistance (PA)). The Adaptive Cruise Control is the fastest growing in the global Automotive Radar Applications market.
Based on the frequency, the global Automotive Radar Applications market has been segmented based on 24, 77, and 79 GHz. The 24 GHz segment is expected to be the largest in the global Automotive Radar Applications market.
Based on the Technology, the global Automotive Radar Applications market has been segmented based on LiDAR, Millimeter-Wave Radar, Camera, and Ultrasonic Radar. The LiDAR segment is expected to be the largest in the global Automotive Radar Applications market.
By region, the global Automotive Radar Applications market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. The Europe region holds the largest market for the Automotive Radar Applications business.
The Asia-Pacific region has seen a rise in disposable income, which has supported the dramatic rise in automotive sales over the past several years. India and China have been identified as two of the most important markets for these vehicles. To meet the demands of the market for automotive radar systems, manufacturers have been increasing the speed of their radar.
North America is known for quickly adopting new technologies, owing to the rapidly increasing gross domestic product and high employment rate. The safety regulations among countries across the globe have been a driving force in the growth of this market, including the US and Canada, during this forecast period. Smart systems and automated driving are becoming the new norm, with analysts predicting the market for automotive radar applications to grow in North America.
The market comprises various national and international players. The market players are investing in R&D and also finding new ways to develop and improve product portfolios. Various players are entering into expansion, new product launches, joint ventures, and partnerships, to strengthen their market position and capture a large customer base.
Prominent players in the global Automotive Radar Applications market include Robert Bosch GmbH, Panasonic Corporation, Valeo, Hella KGaA Hueck & Co, TRW Automotive, Continental AG, Fujitsu Ten Ltd, Denso, Sabertek, and Delphi
The objectives of the study are summarized in 5 stages. They are as mentioned below:
To identify and estimate the market size for global Automotive Radar Applications market segmented by product type, material type, category, shape and distribution channel by value (in US dollars). Also, to understand the consumption/ demand created by consumers of Automotive Radar Applications during the period of 2019-2030
To identify and infer, the drivers, restraints, opportunities and challenges for the global Automotive Radar Applications market
To find out the factors which are affecting the sales of Automotive Radar Applications among consumers
To identify and understand the various factors involved in the global Automotive Radar Applications market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies002E
|Market Size||2030: USD 16 Billion|
|CAGR||25% CAGR (2021-2030)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application, Frequency, Technology|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Robert Bosch GmbH, Panasonic Corporation, Valeo, Hella KGaA Hueck & Co, TRW Automotive, Continental AG, Fujitsu Ten Ltd, Denso, Sabertek, and Delphi|
|Key Market Opportunities||Increase in demand for safety features in vehicles|
|Key Market Drivers||Increase demand for safety features|
The global Automotive Radar Applications market is growing at a CAGR of ~ 25% over the next 7 years
Robert Bosch GmbH, Panasonic Corporation, Valeo, Hella KGaA Hueck & Co, TRW Automotive, Continental AG, Fujitsu Ten Ltd, Denso, Sabertek, and Delphi are the major companies operating in the global Automotive Radar Applications market.
North America is expected register the highest CAGR during 2021 - 2030
Europe holds the largest share in 2021
The study period of global Automotive Radar Applications market is 2022 - 2030
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