The automotive radar global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Automotive Radar Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of Automotive Radar Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
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.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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
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Regional Insights –
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
Key Companies –
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.
Table of Contents
1. Executive Summary
2. Automotive Radar Market Report Structure
3. Automotive Radar Market Trends And Strategies
4. Automotive Radar Market – Macro Economic Scenario
5. Automotive Radar Market Size And Growth
…..
27. Automotive Radar Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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