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Automotive Radar Market worth $33.6 billion by 2030 | MarketsandMarkets

CHICAGO, July 11, 2024 /PRNewswire/ -- Automotive Radar Market is projected to grow from USD 6.6 billion in 2024 to USD 33.6 billion by 2030, registering a CAGR of 31.1%, according to a new report by MarketsandMarkets. The automotive radar market is flourishing due to a confluence of factors. The primary driver is the surging demand for Advanced Driver-Assistance Systems (ADAS) and autonomous vehicles. These technologies heavily rely on radar for object detection and measurement, making it an essential component. Furthermore, stricter government regulations mandating vehicle safety features create a strong market tailwind. The rising popularity of premium and luxury cars packed with ADAS features is another positive factor propelling the market of automotive radar systems.

MarketsandMarkets

Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=75536718

Browse in-depth TOC on "Automotive Radar Market"

266 - Tables
83 - Figures
277 - Pages

Automotive Radar Market Scope:

Report Coverage

Details

Market Revenue in 2024

USD 6.6 billion

Estimated Value by 2030

USD 33.6 billion

Growth Rate

Poised to grow at a CAGR of 31.1%

Market Size Available for

2019-2030

Forecast Period

2024-2030

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Range, Vehicle Type, Frequency, Propulsion, Application and Region

Geographies Covered

Asia Pacific, Europe, North America, and Rest of the World

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

4D imaging radar

Key Market Drivers

Advancements in radar technology

7X-GHz hold the largest market share during the forecast period."

The 7X-GHz RADAR system is estimated to be the larger segment in 2024. At 77 GHz and 79 GHz, radar systems can achieve much higher resolutions, allowing for more precise detection and tracking of objects on the road. Additionally, due to the reduced cost and technical superiority over other bands driven by factors such as rising government regulations for vehicle safety and an increase in the adoption of automotive radar-based ADAS technology by OEMs. In July 2022, the EU released the Vehicle General Safety Regulations, focusing on road safety and autonomous vehicles. The regulations will apply to all new vehicles starting July 2024. The newer regulations include a series of mandatory ADAS features, categorized by cars and vans, buses and trucks. All road vehicles are expected to have intelligent speed assistance, attention warnings for driver drowsiness or distraction, event data recorders, and emergency stop signals. Furthermore, the new regulations state that cars and vans must have lane keeping systems and automated braking, while buses and trucks must be equipped with blind spot detection and pedestrian and cyclist collision prevention systems. Thus, due to increasing regulations regarding safety, demand for 7X-GHz radar will increase during the forecast period.

Light commercial vehicle to hold second largest market share during the forecast period.

In recent years, the integration of automotive radar in light commercial vehicles (LCVs) has notably increased. This surge is primarily fuelled by the paramount importance of safety considerations within this sector. Light commercial vehicles, commonly utilized for transporting goods and passengers, face heightened risks on the road, where even minor accidents can result in significant repercussions. Radar systems in LCVs significantly enhance safety and operational efficiency by enabling advanced driver assistance features such as ACC, AEB, and BSD. These systems use radar sensors to monitor the vehicle's surroundings, providing accurate and reliable data for collision avoidance, safe lane changes, and parking assistance. Due to such features, the implementation of radar in LCVs will increase during the forecast period.

North America to be the prominent growing market for radar during the forecast period.

The automotive radar market in North America is rapidly expanding, driven by technological advancements and a high demand for vehicle safety features. Automotive radar serves a vital purpose in modern cars by providing a complementary sensing method to cameras and LiDAR for ADAS and future autonomous vehicles. The US is projected to be the largest market for automotive radar in North America during the forecast period. A key reason for this is the high demand for advanced safety features and the strong presence of major automakers such as Ford (US), Tesla (US), and GM (US), which are using various radar-based semi-autonomous driving systems in their vehicles like Ford Blue Cruise, Tesla Autopilot and GM Super Cruise. Furthermore, the anticipated rise in autonomous vehicle adoption will necessitate a substantial number of radars for safe operation. Consequently, the North American automotive radar market is set for continued growth and innovation in the coming years.

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Automotive Radar Market Dynamics:

Drivers:

  1. Advancements in radar technology

Restraints:

  1. Different climate conditions

Opportunities:

  1. 4D imaging radar

Challenge:

  1. Competition from alternate technologies

Key Market Players Automotive Radar Industry:

Prominent players in the Automotive Radar Market include Robert Bosch GmbH (Germany), Continental AG (Germany), Aptiv (Ireland), Denso Corporation (Japan), and NXP Semiconductors (Netherlands).

The break-down of primary participants is as mentioned below:

  • By Respondent Type: OEMs - 34%, Tier 1 - 41%, and Others - 25%,
  • By Designation: CXO's- 35%, Managers- 49%, and Executives- 16%
  • By Region: North America - 24%, Europe - 37%, Asia Pacific- 32%, Rest of the World - 7%

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Automotive Radar Industry Recent Developments:

  • In January 2024, NXP introduced a new 28 nm RFCMOS radar chip for advanced driver-assistance systems in modern vehicles. This chip supports distributed radar setups and helps transition from current smart sensors to future streaming sensors. NXP's solution includes 360-degree sensor fusion, better resolution, and AI-based object classification. HELLA will use these chips for their latest radar technology.
  • In January 2024, Texas Instruments launched new radar sensor chips designed to create smarter and safer vehicles. The AWR2544 77GHz mmWave radar sensor chips enhance autonomy by improving sensor fusion and decision-making in ADAS.
  • In September 2023, Mobileye and Valeo collaborated to bring high-definition imaging radars to global automakers. Mobileye's imaging radars utilize advanced architecture, including Massive multiple-input, multiple-output (MIMO) antenna design, an in-house developed high-end radio frequency design, and high-fidelity sampling. This combination allows for precise object detection and a higher dynamic range. The integrated system-on-chip design maximizes processor efficiency while world-leading algorithms interpret radar data to deliver a detailed, four-dimensional image of surroundings up to 300 meters away and beyond. With a 140-degree field-of-view at medium range and a 170-degree field-of-view at close range, the radar offers more accurate detection of pedestrians, vehicles, or obstructions, even on crowded urban streets.

Automotive Radar Market Size - Key Benefits of Buying the Report:

  • The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
  • The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall automotive radar market and the subsegments.
  • This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.
  • The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.

This report provides insights on:

  • Analysis of key drivers (Increasing consumer demand for ADAS, Doppler frequency shift, Advancements in radar technology), restraints (Inability to distinguish multiple targets, Different climate conditions), opportunities (Growing push for autonomous vehicles, Potential for innovative business models, 4D imaging radar, Signal interference), and challenges (Competition from alternate technologies, Fluctuating raw material prices and supply chain disruptions) influencing the growth of the automotive radar market.
  • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the automotive radar market
  • Market Development: Comprehensive information about lucrative markets - the report analyses the automotive radar market across varied regions.
  • Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the automotive radar market
  • Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like Robert Bosch GmbH (Germany), Continental AG (Germany), Aptiv (Ireland), Denso Corporation (Japan), NXP Semiconductors (Netherlands), and among others in the automotive radar market Page 25 of 34 strategies. The report also helps stakeholders understand the pulse of the ADAS market and provides them with information on key market drivers, restraints, challenges, and opportunities.

Related Reports:

ADAS Market - Global Forecast to 2030

Autonomous / Self-Driving Cars Market - Global Forecast to 2030

Automotive LiDAR Market - Global Forecast to 2030

Sensor Fusion Market for Automotive - Global Forecast 2030

Get access to the latest updates on Automotive Radar Companies and Automotive Radar Industry Growth

About MarketsandMarkets:

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MarketsandMarkets is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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