Radar Sensor Market Forecast 2024-2033: Growth Rate, Drivers, And Trends|Robert Bosch GmbH, Raytheon Technologies Corporation, Lockheed Martin Corporation, Denso Corporation, ZF Friedrichshafen AG

The Radar Sensor Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Radar Sensor Global Market Report 2024, The radar sensor market size is expected to see rapid growth in the next few years. It will grow to $23.95 billion in 2028 at a compound annual growth rate (CAGR) of 13.5%. The growth in the forecast period can be attributed to increasing demand for short-range radar sensors for integration into vehicles, smart city infrastructure, and consumer electronics, the rising number of autonomous cars and a focus on security and safety needs, paving the way for innovative transportation and traffic management. Major trends in the forecast period include integration in autonomous vehicles, short-range radar for urban applications, enhanced safety features in vehicles, expansion in iot and connected devices, focus on environmental sensing.

The rise of autonomous vehicles is expected to propel the growth of the radar sensor market going forward. An autonomous vehicle refers to a type of vehicle that is capable of navigating and operating without direct human input. Radar sensors enable autonomous vehicles to detect objects, vehicles, pedestrians, and obstacles in their surroundings at long ranges, providing crucial information for real-time decision-making regarding navigation, speed adjustments, and route planning. For instance, in December 2022, according to a report published by the Insurance Institute for Highway Safety, a US-based non-profit organization, it is projected that around 3.5 million autonomous vehicles or self-driving cars are expected to be on American roads by 2025. Additionally, 4.5 million autonomous vehicles are expected to be on the road by 2030. Therefore, the rise of autonomous vehicles is driving the growth of the radar sensor market.

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The radar sensor market covered in this report is segmented –

1) By Type: Imaging Radar, Non-imaging Radar
2) By Range: Short-Range Radar Sensor, Medium-Range Radar Sensor, Long-Range Radar Sensor
3) By Application: Air Traffic Control, Remote Sensing, Ground Traffic Control, Space Navigation And Control, Other Applications
4) By End User: Automotive, Aerospace And Defense, Environment And Weather Monitoring, Industrial, Other End Users

Major companies operating in the radar sensor market are developing advanced technologies, such as automotive radar sensors, to better serve their customers with advanced features. An automotive radar sensor is a device designed to detect and measure the distance, speed, and direction of objects in the vicinity of a vehicle using radar (radio detection and ranging) technology. For instance, in May 2022, Infineon Technologies, a Germany-based semiconductor manufacturing company, launched the XENSIV 60 GHz automotive radar sensor (BGT60ATR24C). The unique feature of the XENSIV 60 GHz automotive radar sensor, BGT60ATR24C, lies in its design tailored for in-cabin monitoring systems (ICMS), enabling the detection of micro-movements and vital signs of infants and animals left behind in vehicles while also triggering alarms. This sensor facilitates 4 GHz ultra-wide bandwidth Frequency Modulated Continuous Wave (FMCW) operation within a compact package. Its configuration and data collection are streamlined through a digital interface, while the integrated state machine allows for independent data acquisition with optimized power modes for minimal power consumption. Additionally, this solution, optimized for size and space, incorporates two transmit channels (TX) and four receive channels (RX), ensuring excellent thermal management.

The radar sensor market report table of contents includes: