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Automotive RADAR Market Size will Hit US$ 8.30 Bn by 2027

/EIN News/ -- The global automotive RADAR market size is expected to hit around US$ 8.30 billion by 2027, with a 11.4% of growth during the forecast period 2020 to 2027.

OTTAWA, Oct. 27, 2020 (GLOBE NEWSWIRE) -- According to Precedence Research, the global automotive RADAR market size was valued at US$ 3.50 billion in 2019.

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Automotive RADAR consists of receiver and transmitter that is used to locate the objects in the vehicle’s surrounding. The transmitter sends out radio signals that hit the target and bounce back to the receiver. By measuring the time taken by the signal to reflect back used to measure the speed, distance, and direction of the target object. There are generally three types of RADAR systems used for automotive application that are short range, medium range, and long range. Different range of RADARs have different application such as long range used for measuring speed and distance, medium range for detecting objects within field of view, and short range for sensing objects - for example parking assistance.

Growth Factors

Stringent norms along with favorable initiatives for the adoption of RADAR system for promotion of vehicle safety system drive the market growth for automotive RADAR system. In addition, declining prices of automotive electronic products along with advancements in automotive technology are likely to propel the demand for automotive RADAR. The implementation of RADAR technology in automotive sector boosts its safety by accurate detection of the objects surrounding the vehicle. World Health Organization (WHO) has declared that if the vehicle safety standards were not improved by 2030, road accidents will be the seventh major cause for death across the world. Approximately 90% of the road traffic crashes happen in developing nations that accounts for 54% of the total vehicle population across the globe. Thus, manufacturers find magnificent opportunity to flourish in these regions.

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Report Highlights

  • Europe is the most prominent revenue shareholder in the global automotive RADAR market in 2019 and expected to flourish significantly in the coming years. The accelerated growth of the region is primarily due to the presence of dominant vehicle manufacturing companies in the region. The automakers in the Germany held nearly 70% of shares in the premium vehicle manufacturing sector.
  • The Asia Pacific poised to grow at a prominent rate over the forecast period owing to rising automobile sales along with high disposable income in the region. In addition, growing awareness for vehicle safety and its resultant benefits are the major factors expected to propel the market growth.
  • By range, Short & Medium Range RADAR (S&MRR) dominated the global automotive RADAR market in 2019 and predicted to exhibit the fastest growth over the forecast period. This is attributed to the declining prices of the system along with requirement of more than two systems to enhance vehicle performance.
  • Passenger cars segment expected to offer higher growth as compared to commercial vehicles in the vehicle type segment. The prime factor responsible for the high growth of passenger cars is increased demand and production. As per OICA, passenger cars account for nearly 75% production share in the global automotive production.
  • In terms of application, intelligent park assist led the global automotive RADAR market in 2019 due to the increasing application for parking sensors to prevent the back side collision. However, adaptive cruise control projected to grow at the fastest rate in the coming years.

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Regional Snapshots

Europe dominated the global automotive RADAR market in 2019 with significant revenue share. The region is the automotive hub and home for several automotive giants. Germany held nearly 70% of shares in the production of global premium vehicles. Furthermore, significant adoption of green mobility and electric vehicles in the region boosts the demand for automotive RADARs. However, the Asia Pacific expected to register the rapid growth rate over the forecast period owing to significant adoption of green revolution across various industries including transportation & mobility along with increased consumer awareness related to environment degradation.

Key Players & Strategies

The global automotive RADAR market offer high competition among industry participants owing to increased investment in product development and enhancement. For instance, in July 2015, Continental AG successfully incorporated the 77GHz RADAR technology in the company’s next-generation mid and short range automotive RADAR modules from U.S. based semiconductor company, Freescale Semiconductors. The RADAR was built on existing MR2001 scalable RADAR transceiver chipset and S32R RADAR microcontroller, which was applicable for ADAS system. Furthermore, the market players also focus significantly on the inorganic growth strategies to gain traction in the market. For example, in 2016, Infineon Technologies AG acquired a semiconductor company based in the Netherlands, Innoluce BV. The acquisition is expected to reduce the RADAR system size and its manufacturing costs.

Some of the key players operating in the market are Continental AG, Autoliv Inc., DENSO Corporation, Delphi Automotive Company, NXP Semiconductors, Texas Instruments, Robert Bosch GmbH, ZF Friedrichshafen, Valeo, and Analog among the others.

Market Segmentation

By Frequency

  • 24 GHz
  • 77 GHz
  • 79 GHz

By Range

  • Short & Medium Range RADAR (S&MRR)
  • Long Range RADAR (LRR)

By Vehicle Type

  • Commercial Vehicle
  • Passenger Vehicle

By Application

  • Autonomous Emergency Braking (AEB)
  • Adaptive Cruise Control (ACC)
  • Forward Collision Warning System
  • Intelligent Park Assist
  • Blind Spot Detection (BSD)
  • Others ADAS Applications

By Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World

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