Surging Road Accidents to Push Demand for Robust Vehicle Safety Features, Placing Automotive Radar Market at US$ 12 Billion by 2033
Rockville, Jan. 24, 2023 (GLOBE NEWSWIRE) — In its latest report, Fact.MR presents an elaborate analysis of various factors influencing the global automotive radar market, including drivers, opportunities, restraints, and trends. It further delves deeper into significant observations concerning prominent expansion parameters prevailing across key segments, including range, vehicle type, application, sales channel, and regions.
Fact.MR – A Market Research and Competitive Intelligence Provider: The global automotive radar market is projected to top a valuation of US$ 5 billion in 2023. Sales are poised to expand at 9.1% CAGR from 2023 to 2033, and revenue is anticipated to reach a total of US$ 12 billion by 2033.
Increasing awareness regarding car safety is estimated to lead to a high demand for cutting-edge safety technologies such as cruise control and blind-spot recognition. As a result of these qualities, few accidents may occur.
Governments of numerous countries are expected to enact tough rules and encourage the development of car safety systems due to the surging incidence of traffic related deaths. These stringent government requirements are predicted to greatly fuel the expansion of the global automotive radar market.
Automotive radar manufacturers are being compelled by the aforementioned considerations to boost investments and enhance their product lines. They are set to place a strong emphasis on research and development initiatives to create next-generation cars with advanced radar sensors.
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The market is anticipated to be considerably impacted by burgeoning demand for robust safety features in vehicles. A significant trend that is also projected to support the market is likely to be improvement of radar capabilities through expansion of signal bandwidth features.
By range, the medium-range radar category is poised to hold a significant share throughout the forecast period. These radars include safety systems that offer a wide range of capabilities such as lane change assistance, cross-traffic warning, and park assist, among others. A variety of variables, including declining prices and growing need to boost functionality by using more than two radars, can be considered for the segment’s dominance.
Regionally, North America is projected to lead the automotive radar market throughout the next ten years, and it is predicted to remain at the forefront until 2033. Growth is mainly attributed to increased development efforts in the field of autonomous vehicles, which are further driving demand for cutting-edge radars in the region.
Government agencies across North America are also implementing various rules and providing financial incentives for the use of such systems. Renowned regional automakers are concentrating on technological advancements, which would propel sales of automotive radars.
Key Takeaways:
- Europe is expected to hold about 50% of share in the global automotive radar market.
- The USA is set to hold the lion’s share in the global automotive radar market throughout the estimated time frame.
- Germany is likely to dominate the Europe automotive radar market throughout the forecast period by holding a prominent revenue share.
- Based on range, the medium range segment is estimated to hold 60% of share in the global automotive radar market through 2033.
- By application, the adaptive cruise control category is predicted to account for 40% of share in the global automotive radar market in the evaluation period.
Growth Drivers:
- Introduction of advanced driver assistance systems for providing a safe driving experience is likely to drive demand for automotive radars.
- Development of new radar technologies such as frequency-modulated continuous wave (FMCW) radars is projected to augment sales.
Restraints:
- Demand for automotive radars is expected to be hampered by security concerns such as data theft.
- Combining self-driving and driver assistance systems in vehicles may make the roads less safe and lead to confusion, which may restrain growth.
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Competitive Landscape:
Leading companies are placing a strong emphasis on thorough research and development activities to create high-yielding and small radar sensors. They are also concentrating on technical advancements that will enhance radar technology. To strengthen their positions in the market, they are set to come up with innovative growth tactics such as introduction of new products, technical advancements, innovations, alliances, and collaborations.
For instance,
- In January 2023, NXP Semiconductors unveiled an innovative 28nm RFCMOS radar one-chip family that is a first for the sector. NXP’s high performance radar sensor and processing capabilities are combined into a single unit in the new SAF85xx one-chip family.
- In November 2022, with the release of a 4×4-channel, 76-81GHz transceiver made to fulfill the strict criteria of advanced driver assistance systems (ADAS), Renesas Electronics Corporation, a leading provider of advanced integrated solutions, announced that it is set to strengthen its position in the automotive radar industry.
Key Companies Profiled by Fact.MR
- Robert Bosch GmbH
- Continental AG
- Autoliv Inc.
- Delphi Technologies
- SaberTek, Inc.
- Analog Devices, Inc.
- Infineon Technologies AG
- Veoneer, Inc.
More Valuable Insights on Automotive Radar Market
In the latest study, Fact.MR offers a detailed study on global automotive radar market for the forecast period of 2023 to 2033. This study also highlights key drivers promoting the sales of automotive radar through detailed segmentation as follows:
By Range:
- Long
- Medium
- Short
By Vehicle Types:
- Commercial
- Passenger
By Application:
- Adaptive Cruise Control
- Autonomous Emergency Brakes
- Blind Spot Information
- Forward Collision Warning System
- Intelligent Park Assist
- Other
By Sales Channel:
- Original Equipment Manufacturer
- Aftermarket
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Key Questions Covered in the Automotive Radar Market Report
- What is the projected value of the automotive radar market in 2023?
- At what rate will the global automotive radar market grow until 2033?
- Which are the factors hampering the growth in the automotive radar market?
- Which region is expected to lead in the global automotive radar market during 2023 to 2033?
- Which are the factors driving the automotive radar market during the forecast period?
- What is the expected market value of the automotive radar market during the forecast period?
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