Automotive Radar Market Business Outlook, Competitive

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Insight Partners

Traffic accidents are one of the major health problems facing the system. According to WHO statistics, approximately 1.35 million people die each year from road accidents. Therefore, governments in various countries are implementing strict regulations to reduce the number of road accidents by mandating the integration of automotive radar systems in vehicles. These systems facilitate advanced cruise control, collision warning and lane change assist. A number of radar OEMs are working to develop advanced radar solutions.

According to research by The Insight Partners, the global Automotive Radar Market was valued at US$5,019.0 Million in 2019 and is projected to reach US$11,640.8 Million by 2027, registering an exceptional CAGR. by 14.9% from 2020 to 2027. Traffic accident and fatality cases and growing demand for passenger cars are the potential factors attributed to the expansion of the market.

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Strategic outlook:
The major players dominating the global automotive radar market are Continental AG; Denso Corporation; Aptiv APIs; HELLA GmbH and Co. KGaA; Robert Bosch GmbH; Valeo; ZF Friedrichshafen AG; Nidec Company; Veoneer Inc; and Tung Thih Electronic Co Ltd, among others.
• In June 2019, Continental AG launched a compact radar system for passenger cars to accurately detect the vehicle’s surroundings. This new short-range radar operates on a high-resolution 77 GHz frequency, allowing the environment to be detected at a much higher resolution.
• In January 2018, Denso Corporation launched a new standard vision sensor that detects pedestrians, cyclists, traffic signs and traffic lanes at night. The system works in conjunction with a millimeter wave radar sensor to automatically activate the emergency brakes upon identifying obstacles, reducing the risk of accidents and ensuring overall vehicle safety.
• In September 2020, Hella GmbH and Co. KGaA introduced 24 GHz radar sensor technology in flagship Suzuki models. This system provides driver assistance functions such as ‘blind spot monitoring’ and ‘rear cross traffic alert’.

Automotive production operations began to ramp up after the COVID-19 pandemic when governments in several countries eased lockdown restrictions. This stimulated the sale and demand for vehicles, increasing the need for the incorporation of security systems. An automotive radar system is one of the essential elements of autonomous vehicles enabling safer and more consistent vehicle operations. Besides autonomous drives, governments are also promoting electric vehicles. Thus, the growing demand for passenger cars in the autonomous and EV segment is catalyzing the global automotive radar market.

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On the basis of range, the market is divided into long range radar (LRR), medium range radar (MRR) and short range radar (SRR). With 69.2% market share, the short range radar segment dominated the business in 2019. It generated US$3,475.6 million in 2019 and is expected to earn US$8,180.1 million in by 2027 to grow at a CAGR of 15.1% in 2020-2027.

Based on frequency, the automotive radar market sphere is categorized into 24 GHz, 77 GHz, and 79 GHz. The 24 GHz segment held 49.4% market share, the largest in 2019. It was valued at US$2,479.4 million in 2019, but is expected to drop to US$837.1 million by 2027 with a CAGR of -11.1% for the forecast period. This segment will lose its dominance to the 77 GHz segment, which was valued at US$1,767.3 million in 2019 and is expected to reach US$6,978.1 million by 2027 to grow at a CAGR of 21. 7% over the forecast period.

In terms of application, the automotive radar market domain is segmented into adaptive cruise control, autonomous emergency braking, blind spot detection, forward collision warning system, intelligent parking assistant, and others. The adaptive cruise control segment occupied 29.3% market share in 2019, amassing US$1,471.8 million. It is further projected to accumulate US$3,587.3 million by 2027 to grow at a CAGR of 15.6% over the forecast period.

Based on vehicle type, the global automotive radar market is divided into passenger cars, light-duty vehicles, and medium-heavy duty vehicles. The passenger car segment dominated the market in 2019 with 70.2% of the total business share. It was valued at US$3,522.4 million in 2019 and is expected to be worth US$8,409.9 million by 2027 to show a CAGR of 15.3% over the forecast period.

From a regional benchmark, the Asia-Pacific market captured 34.3% share of activity in 2019. It accounted for US$1,722.3 million in 2019 and is expected to be worth US$4,261.7 million US$ by 2027 to reach the highest CAGR of 15.9% for the forecast period.

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The Insight Partners is an industry unique research provider of actionable intelligence. We help our clients find solutions to their research needs through our syndicated research and advisory services. We specialize in industries such as Semiconductors and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Health IT, Manufacturing and Construction, Medical Devices , technology, media and telecommunications, chemicals and materials.

This press release was published on openPR.

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