Categories: Market Research

Automotive Radar Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Automotive radar refers to several sensor systems that contain a transmitter and a receiver, which help to transfer data to camera-sensing systems. These radars operate on frequency-modulated continuous-wave (FMCW) radar technology. The automotive radar can detect the speed and range of objects in the vicinity of the car.

Sizing and Forecast
The automotive radar market size has grown rapidly in recent years. It will grow from $5.94 billion in 2023 to $7.02 billion in 2024 at a compound annual growth rate (CAGR) of 18.0%. The growth in the historic period can be attributed to increased focus on vehicle safety and collision avoidance, adoption of advanced driver assistance systems (adas) in vehicles, growth in the demand for adaptive cruise control and autonomous features, stringent safety regulations, growing demand for advanced safety features.

The automotive radar market size is expected to see rapid growth in the next few years. It will grow to $13.18 billion in 2028 at a compound annual growth rate (CAGR) of 17.1%. The growth in the forecast period can be attributed to surge in demand for radar sensors in electric and autonomous vehicles, integration of 5g technology for faster and more reliable communication, increasing adoption of radar for pedestrian detection and urban driving, growth in the connected car ecosystem, expansion of the commercial vehicle market with radar-based safety systems. Major trends in the forecast period include technological advancements in radar sensors for improved accuracy, development of radar sensors with higher resolution and improved range, integration of radar with other sensor technologies for comprehensive sensing, emphasis on cybersecurity measures for secure radar communication, collaboration between automakers and technology providers.

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Segmentation & Regional Insights
The automotive radar market covered in this report is segmented –

1) By Vehicle Type: Passenger Car, Commercial Vehicle
2) By Range: Long-Range Radar (Lrr), Short And Medium-Range Radar (S&Mrr)
3) By Frequency: 24 Ghz, 77 Ghz, 79 Ghz
4) By Application: Adaptive Cruise Control (Acc), Autonomous Emergency Braking (Aeb), Blind Spot Detection (Bsd), Forward Collision Warning System, Intelligent Park Assists, Other Applications

Asia-Pacific was region with the largest share in the automotive radar market in 2023. The regions covered in the automotive radar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
The rising number of road accidents is expected to propel the growth of the automotive radar market going forward. Accidents caused due to traffic collisions, negligence, or other reasons leading to injury or death of persons involved are referred to as road accidents. Automotive radar is one of the several sensor systems for collision avoidance, and pedestrian and cyclist detection, and it complements vision-based cameras, which help to detect vehicles and help to reduce accidents. For instance, For instance, in December 2021, according to United Nations, a US-based organisation, revealed that road accidents continue to account for 1.3 million fatalities and 50 million injuries globally each year. Alarmingly, current trends suggest that they are projected to result in an additional estimated 13 million fatalities and 500 million injuries in the coming decade.

Key Industry Players
Major companies operating in the automotive radar market report are Analog Devices Inc., Autoliv Inc., Continental AG, DENSO Corporation, NXP Semiconductors, BorgWarner Inc., Robert Bosch GmbH, Texas Instruments, Valeo SA, Infineon Technologies AG, ZF Friedrichshafen AG, HELLA GmbH & Co. KGaA, TE Connectivity Ltd., Aptiv plc, Onsemi, Veoneer Inc., Innoviz Technologies Ltd., Delphi Technologies, Navtech Radar Ltd., Renesas Electronics Corporation, Texas Instruments Incorporated, HELLA Aglaia Mobile Vision GmbH, LeddarTech Inc., Quanergy Systems Inc., Novariant Inc., Wuhu Concete Technology Co Ltd., Magna International Inc., Ainstein, Ficosa International SA, Vayyar Imaging Ltd.

The automotive radar market report table of contents includes:

1. Executive Summary

2. Automotive Radar Market Characteristics

3. Automotive Radar Market Trends And Strategies

4. Automotive Radar Market – Macro Economic Scenario

5. Global Automotive Radar Market Size and Growth
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31. Global Automotive Radar Market Competitive Benchmarking

32. Global Automotive Radar Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Automotive Radar Market

34. Automotive Radar Market Future Outlook and Potential Analysis

35. Appendix

Top Major Players: