The worldwide market demand for automotive radar is anticipated to reach approximately US$ 15,803.3 Mn by the end of 2032, growing at a strong CAGR of 13.20% between 2022 and 2032. It is anticipated that technical innovation and the broadening range of applications would be the market’s main development factors.
Growing focus on active safety to decrease road accidents has shifted the focus of OEMs towards developing and incorporating new and advanced automotive radar systems. According to ‘Association for Safe International Road Travel’ (ASIRT), nearly 3,287 deaths per day are reported globally due to road accidents.
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Advancing automotive technology and concern to reduce road mishaps, has raised expectations for advance systems in vehicles such as automotive radar to improve vehicle safety. These systems transmits electromagnetic (EM) waves at microwave frequency and gather information with the help of electronic control unit about the obstacles within the vicinity of the vehicle.
As per the survey conducted by ‘Insurance Institute for Highway Safety’, one out of three lives can be saved by using radar system in the vehicle. Implementation of automotive radar systems in passenger and commercial vehicles started in early 90s, however owing to technological limitations, focus on further advancement slowed over the time. But, over the past decade, where active safety technology emerged as major hot spot for research, brought automotive radar system in the limelight again. Smaller devices with high operational frequency are being deployed so as to serve multiple applications.
Furthermore favorable macro-economic and supportive regulatory framework is expected to create significant opportunity over the next few years. Regulatory approval of upcoming radar technology such as 79 GHz band radar across emerging markets such as India, Mexico etc. can generate robust growth opportunities in the market.
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Global Automotive Radar Market: Drivers
No doubt, automotive safety regulations which emphasizes, and even mandates use of such advance safety technology across regions is expected to drive the demand. Favorable macro-economic environment such as growing urban population, increasing disposable income, improving employment rates and consumer confidence index across prominent economies such as U.S., Canada, Germany, France, China, South Korea and India is anticipate to propel market growth.
Additionally, increasing demand for advanced features such as cruise control will upsurge demand for automotive radars, thus driving the automotive radar market. Ongoing innovations in the functionality and designs have fuelled investments in the global automotive radar market.
Global Automotive Radar Market: Restraints
One of the major factor restricting the growth of the global automotive radar market particularly in emerging region is the high initial cost of the optical and mechanical parts including micro electro mechanical sensors (MEMS), micro mirrors over pressure or piezoelectric sensors. Moreover, technical issues such as risk of mutual interference are expected to moderately affect adoption of these technology.
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Global Automotive Radar Market: Key Players
Some of the key players identified in the global automotive radar market are as follows
- Delphi Automotive LLP
- Autoliv Inc.
- Denso Corp.
- OmniVision Technologies, Inc.
- Robert Bosch GmbH
- Texas Instruments Inc.
- Valeo Group
- ZF TRW
- SaberTek, Inc.
- Analog Devices, Inc.
Global Automotive Radar Market: Segmentation
By Type:
- Long Range RADAR (LRR)
- Short & Medium Range RADAR (S&MRR)
By Technology:
- Millimeter Wave Radar
- Ultrasonic Radar
- LiDAR (Light Detection and Ranging)
- Camera
By Frequency:
- 24 GHz
- 77 GHz
- 79 GHz
By Application:
- Adaptive Cruise Control (ACC)
- Autonomous Emergency Braking (AEB)
- Blind Spot Detection (BSD)
- Forward Collision Warning System
- Intelligent Park Assist
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