$4.08 Billion, Expected to Reach $10.06 Billion by 2028, CAGR of 12.6% (2021-2028)

Automotive RADAR Market Demand

PORTLAND, OREGAON, UNITED STATES, February 23, 2024 /EINPresswire.com/ — According to a recent report published by Allied Market Research, titled, “Automotive RADAR Market Size, Share, Competitive Landscape and Trend Analysis Report by Application (Adaptive Cruise Control (ACC), Autonomous Emergency Braking (AEB), Blind Spot Detection (BSD), Forward Collision Warning System, Intelligent Park Assist and Other ADAS Applications), Frequency (24 GHz, 77 GHz and 79 GHz), Range (Long Range RADAR (LRR) and Short and Medium Range RADAR (S&MRR)), and Vehicle Type (Passenger Car and Commercial Vehicles) Global Opportunity Analysis and Industry Forecast, 2021-2028.”

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐑𝐀𝐃𝐀𝐑 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐭𝐚𝐭𝐢𝐬𝐭𝐢𝐜𝐬 𝟐𝟎𝟐𝟏-𝟐𝟎𝟐𝟖 :

The global automotive RADAR market was valued at $4.08 billion in 2020, and is projected to reach $10.06 billion by 2028, registering a CAGR of 12.6% from 2021 to 2028.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/2428

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 :

Analog Devices, Inc.,
BorgWarner Inc.,
Continental AG,
DENSO Corporation,
NXP Semiconductors,
Robert Bosch GmbH,
Texas Instruments,
Valeo, Veoneer Inc.
ZF Friedrichshafen AG.

Asia-Pacific dominates the market at present, followed by Europe and North America. In the Asia-Pacific region, China dominated the global automotive RADAR market in 2020, and is expected to maintain its dominance during the forecast period. Whereas India is expected to grow at a significant rate in Asia-Pacific, owing to the increasing purchasing power and rising passenger vehicle demand in the region.

The demand for safety features, such as parking assistance, collision avoidance systems, lane departure warnings, traction control, electronic stability control, tire pressure monitors, airbags, and telematics is experiencing an upward trend owing to increase in number of road accidents worldwide. Automotive RADAR is a major component of the advance driver assistance systems (ADAS), which can detect and classify certain objects on the road, and accordingly, alert the driver of the nearby surroundings and road conditions. In addition, these systems can also automatically decelerate or stop the vehicle depending on the road conditions. Road accidents are a major cause of deaths globally. It is observed that there is a tremendous increase in the death rates due to road accidents. For instance, according to World Health Organization’s report, nearly 1.3 million people die in road traffic crashes each year. Moreover, road traffic injuries leading to death are higher among teenagers. These factors are leading to the growing demand for safety features in vehicles. Companies operating in the automobile sector are developing and introducing the safety features to meet the needs of the customers. For instance, in February 2020, HELLA (company that manufacturers cutting-edge lighting and electronics components) announced the production plan for the latest 77 GHz RADAR technology.

As a crucial application of complementary metal oxide semiconductors (CMOS) RADAR, automotive RADAR is evolving as a key technology supporting the functioning of smart and autonomous features in modern vehicles, for instance, reducing driver stress, relieving drivers from repetitive tasks, and adding life-saving automatic interventions. These benefits are expected to increase the penetration of automotive RADARs during the forecast timeframe.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/automotive-RADAR-market/purchase-options

Today, consumers are fairly inclined toward comfort while driving. Safety features, such as adaptive cruise control and parking aid systems, which use automotive RADARs are being introduced by manufacturers in high-end cars to offer greater comfort to drivers. However, the driver can overrule the system at any time. Other systems such as night vision system, and others, that support the driver for lateral control of the vehicle are in continuous development phase. Automotive RADAR is used in these systems to detect the surrounding of the vehicle with high accuracy and precision. In addition, the demand for driver assistance applications has significantly increased in the recent years due to increase in the purchasing power of consumers and has influenced consumers to shift to more comfortable driving experience. Moreover, the per capita income of consumers has increased due to improvement in the economic condition of several developed countries like the U.S. and various European countries. Superior comfort offered by automotive RADAR assisted systems is expected to fuel the growth of the automotive RADAR market growth during the forecast timeframe.

The high cost associated with installing sensing technologies in vehicles is expected to reduce the growth of the automotive RADAR market as this factor significantly increases the cost of the car. Automotive RADAR systems are quite expensive which limits the installation of such state-of-the-art solutions only in premium or high-end cars. The prospect of providing premium features in vehicles incurs additional expenses to consumers in the form of hardware, applications, and telecom service charges, which eventually leads to low penetration of automotive RADAR market across the globe. Moreover, the serviceability of the vehicle is complex as it requires skilled staff owing to the involvement of numerous sensors and other electronic components. Thus, high initial cost and complex structure is expected to have a negative impact on the growth of the automotive RADAR market during the forecast timeframe.

Companies are installing a wider range of features and technologies to their vehicles to provide superior safety and comfort to consumers and to increase the sales. In addition, technological advancement in electronic components, such as automotive RADAR, light detection and ranging (Lidar), and connected cars, which are supported with wireless communication & cloud systems provides better surrounding information and improves the safety of the consumers. The dynamic advancements in technology, which uses automotive RADAR, for instance, intelligent parking assist system that help cars to park smoothly without the involvement of a guide to give directions and emergency brakes at the sign of danger, have resulted in rising demand for automotive RADAR based-solutions. Thus, technological advancements in advanced driver assistance system (ADAS) are anticipated to provide a remarkable growth opportunity for the key players operating in the automotive RADAR market during the forecast timeframe.

𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐈𝐦𝐩𝐚𝐜𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 :

Due to COVID-19 pandemic, the passenger car market has witnessed low sales volume demand which resulted in drop in revenues for automotive RADAR systems.

This COVID-19 pandemic impacted the revenue streams allocated towards the R&D and adoption of new technologies
Amid lockdown, shutdown of various manufacturing facilities and shipping delays has made getting a new and replacements parts a challenge.

Furthermore, low inventory, considerable demand and higher prices for parts has resulted in the price of automotive RADAR systems to rise significantly

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/2428

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲 :

In 2020, by application, the Intelligent Park Assist segment generated the highest revenue.

In 2020, by frequency, the 24 GHz segment was the highest revenue contributor.

In 2020, by range, the Short and Medium Range RADAR (S&MRR) segment generated the highest revenue.

In 2020, by Vehicle Type, the passenger car segment was the highest revenue contributor

In 2020, region-wise, Asia-Pacific contributed the highest revenue, followed by Europe, North America, and LAMEA.

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 :

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐀𝐜𝐨𝐮𝐬𝐭𝐢𝐜 𝐄𝐧𝐠𝐢𝐧𝐞𝐞𝐫𝐢𝐧𝐠 𝐒𝐞𝐫𝐯𝐢𝐜𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 : https://www.globenewswire.com/news-release/2020/10/05/2103607/0/en/Automotive-Acoustic-Engineering-Services-Market-worth-4-80-Billion-by-2027-Allied-Market-Research.html

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐇𝐲𝐝𝐫𝐨𝐬𝐭𝐚𝐭𝐢𝐜 𝐅𝐚𝐧 𝐃𝐫𝐢𝐯𝐞 𝐒𝐲𝐬𝐭𝐞𝐦 𝐌𝐚𝐫𝐤𝐞𝐭 : https://www.globenewswire.com/news-release/2021/02/03/2169266/0/en/Automotive-Hydrostatic-Fan-Drive-System-Market-Worth-571-5-Million-by-2027-Says-Allied-Market-Research.html

𝐀𝐛𝐨𝐮𝐭 𝐮𝐬 :

Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Market Research
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