The demand for automotive radar market is anticipated to rise at an impressive CAGR of 13% from 2022 to 2032, leading to a market valuation of US$ 15803.3 Mn in 2032. The target market's anticipated value in 2022 will be US$ 4614.5 Mn. During the projected period, the broad range of applications and growing technical innovation will drive the growth of the automotive radar market.
Concerns about auto safety have increased demand for technology that prevent collisions, such as cruise control and blind-spot detection. An other indication that such safety measures are essential is the rise in traffic deaths. Everywhere, governments impose stringent regulations to safeguard the security of automobiles and traffic. Each of these elements will support market expansion for automotive radar over the anticipated time frame.
Due to concerns about auto safety, demand for technology that prevent collisions has increased, such as cruise control and blind-spot recognition. Another indication that such safety measures are needed is the increase in traffic deaths. To ensure the security of automobiles and traffic, governments everywhere are putting tight regulations in place. Each of these elements will encourage the growth of the automotive radar market over the anticipated time frame.
Over the projected period, "increasing emphasis on vehicle safety as well as an evolving automobile sector will likely propel the global growth of the automotive radar market," claims an analyst with FMI.
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Key Takeaways:
- Risks associated with radar-based technology will stunt the target market growth.
- Europe’s automotive radar market will account for 25% of the global market share.
- The automotive radar market in North America will grow at a strong CAGR of 15.5%.
- Expanding automobile sales will fuel the target market growth in the Asia Pacific region.
- By 2032, the 77 GHz segment will account for the highest market share.
- Based on type, the short range radar system will lead the market during the forecast period.
- By application, the forward-collision warning system segment will record the fastest CAGR.
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Competitive Landscape
Autoliv Inc., Denso Corp., OmniVision Technologies, Inc., Robert Bosch GmbH, Texas Instruments Inc., Valeo Group, ZF TRW, SaberTek, Inc., Analog Devices, Inc., and Delphi Automotive LLP among others are some of the major players in the automotive radar market profiled in the full version of the report.
Leading market players are focusing on product development and new product releases to increase their sales. These firms are keen on employing tactics like partnerships, collaborations, acquisitions, and mergers to gain a competitive edge.
More Insights into Automotive Radar Market Report
In its latest report, FMI offers an unbiased analysis of the global automotive radar market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of type (long range RADAR (LRR), short & medium range RADAR (S&MRR)), technology (millimeter wave radar, ultrasonic radar, LiDAR (light detection and ranging), camera), frequency (24 GHz, 77 GHz, 79 GHz), application (adaptive cruise control (ACC), autonomous emergency braking (AEB), blind spot detection (BSD), forward collision warning system, intelligent park assist), and region.
The short range radar segment is expected to dominate the market during the projected period, according to the most recent FMI reports, which are segmentation-based. By 2032, the 77 GHz market segment will hold the most market share, while the forward-collision warning system application segment will see the quickest CAGR.
According to geography, the Asia Pacific area would have spectacular growth in the automotive radar market from 2022 to 2032. The market expansion in this area is driven by moderate production costs, booming auto sales, and a focus on driver assistance systems that reduce accident risk. During the projected period, rising auto sales in China and India would further support the expansion of the automotive radar market. Europe and North America will also show significant growth during the anticipated timeframe, in addition to Asia Pacific.
