Automotive Radar Market: Technological Advancements and Future Opportunities and Current Industry Tr
Global automotive radar market size is projected to reach $9,475.4 million by 2023. The market growth is mainly driven by the growing focus on vehicle safety systems coupled with increasing vehicle production and sales, especially premium and luxury vehicles. Active government initiatives for increasing vehicle safety are expected to boost the market growth. Furthermore, with the decrease in radar prices, it has become possible for automakers to incorporate these safety systems in mid-priced vehicles.
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Based on range, the automotive radar market is categorized into long range radars, and medium and short-range radars. The fastest growth during the forecast period is expected from medium and short range radars.
On the basis of vehicle type, the automotive radar market is categorized into passenger cars and commercial vehicles. Passenger cars have been the dominant vehicle type in terms of market size. High sales of passenger cars and increasing awareness regarding vehicle safety features among passenger car customers, are the major factors driving the growth of this category.
In terms of application, the automotive radar market is categorized into adaptive cruise control (ACC), forward collision warning system (FCW), autonomous emergency braking (AEB), blind spot detection (BSD), intelligent park assist (IPA), and others. The ACC application category is expected hold the largest share in the market, with more than 35% contribution in 2017.
Europe is estimated to hold the largest share in the automotive radar market, with more than 30.0% revenue contribution in 2017. Owing to the increasing stringency in vehicle safety norms, the automotive component manufacturers have diverted their focus toward the development of low-cost radar based safety systems in the region.
North America is estimated to be the second largest regional market for automotive radar. The automotive radar market in the region is mainly influenced by rising commercial vehicles sales and regulatory developments, such as making automatic emergency braking as a standard feature for all vehicles by 2022.
Asia-Pacific is expected to be the fastest growing automotive radar market during the forecast period, owing to the growing installation of advanced safety features in passenger cars and increasing vehicle sales. Furthermore, the increased awareness regarding vehicle safety and active efforts to amend the use of 79 GHz for automotive application in regions such as South Korea, Hong Kong, Australia, Singapore, and Malaysia will boost the growth of the Asia-Pacific market.
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The key players in the automotive radar industry are Continental AG, Denso Corporation, Robert Bosch GmbH, Infineon Technologies AG, Valeo SA, NXP Semiconductors N.V., HELLA KGaA Hueck & Co., Texas Instruments Incorporated, Autoliv Inc., and ZF Friedrichshafen AG.
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