What is the global market size of Automotive Radar Market?

Global Automotive Radar Market size was valued at USD 3.98 Billion in 2021 and is poised to grow from USD 4.40 Billion in 2022 to USD 9.51 Billion by 2030, growing at a CAGR of 10.5% in the forecast period (2023-2030).

Automotive Radar Market Size, Share, Growth Analysis, By Application(Adaptive Cruise Control (ACC), Autonomous Emergency Braking (AEB), Blind Spot Detection (BSD), Forward Collision Warning System), By Frequency(24 GHz, 77 GHz, 79 GHz. Based on Range the market is segmented as, Long-range RADAR (LRR)), By Vehicle Type(Passenger car, and Commercial Vehicles), By Region - Industry Forecast 2024-2031

Q: Who are the key vendors in the Global Automotive Radar Market?

The competitive environment of the global Automotive Radar Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry. 'Continental AG', 'Denso Corporation', 'Hella KGaA Hueck & Co.', 'Infineon Technologies AG', 'Veoneer, Inc.', 'Autoliv, Inc.', 'NXP Semiconductors', 'Valeo Group', 'ZF Friedrichshafen AG', 'Texas Instruments', 'Others'

Q: What is the key market trend for Global Automotive Radar Market?

The global surge in road accidents has fueled a pronounced uptick in the demand for safety enhancements within vehicles such as but not limited to parking assistance, collision avoidance systems, lane departure warnings, traction control, electronic stability control, tire pressure monitors, airbags, and telematics. This heightened emphasis on safety features stems from the pressing need to mitigate the escalating number of accidents worldwide.

Report ID: SQMIG25A2193 | Region: Global | Published Date: April, 2024
Pages: 223 | Tables: 94 | Figures: 67

Automotive Radar Market Insights

Global Automotive Radar market size was valued at USD 4.40 billion in 2022 and is poised to grow from USD 4.86 billion in 2023 to USD 10.81 billion by 2031, growing at a CAGR of 10.5% in the forecast period (2024-2031).

Over recent decades, the heightened focus on safety for drivers, passengers, and all road users has intensified significantly, mirroring the alarming rise in global road accidents. A stark illustration of this issue is highlighted by the National Highway Traffic Safety Administration's (NHTSA) report, citing an estimated 31,785 fatalities from traffic crashes in the US during the initial nine months of 2022. Radar sensors have emerged as indispensable tools for detecting vehicles, pedestrians, bicyclists, and assessing the surrounding road environment.

Automotive Radar Market Report Snapshots

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Automotive Radar market size was valued at USD 4.40 billion in 2022 and is poised to grow from USD 4.86 billion in 2023 to USD 10.81 billion by 2031, growing at a CAGR of 10.5% in the forecast period (2024-2031).

The competitive environment of the Automotive Radar Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry. 'Continental AG', 'Denso Corporation', 'Hella KGaA Hueck & Co.', 'Infineon Technologies AG', 'Veoneer, Inc.', 'Autoliv, Inc.', 'NXP Semiconductors', 'Valeo Group', 'ZF Friedrichshafen AG', 'Texas Instruments', 'Others'

The anticipated surge in sales and demand for passenger vehicles within developing countries stands poised to fuel substantial market growth throughout the forecast period. Countries such as India, China, Japan, and South Korea are projected to significantly contribute to the escalating demand for passenger vehicles. This surge aligns with increasing investments in Research and Development by key industry players within these regions, fostering technological advancements in radar systems integrated into passenger vehicles.

The surge in road accidents has fueled a pronounced uptick in the demand for safety enhancements within vehicles such as but not limited to parking assistance, collision avoidance systems, lane departure warnings, traction control, electronic stability control, tire pressure monitors, airbags, and telematics. This heightened emphasis on safety features stems from the pressing need to mitigate the escalating number of accidents worldwide.

North America is poised to exhibit lucrative growth in the market throughout the forecast period, primarily attributed to the continuous technological advancements of RADAR sensors by automotive manufacturers within the region, particularly in the realm of Advanced Driver Assistance Systems (ADAS). The steady evolution and innovation of sensor-based technologies in the automotive sector have led to an escalating adoption rate. As a result, the demand for integrated, advanced driver assistance systems that harness the combined capabilities of RADAR sensors is expected to soar, further propelling market expansion in North America.

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Automotive Radar Market Insights

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