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The size of the global automotive RADAR market is expected to reach approximately $ 8.30 billion by 2027, with an 11.4% growth during the forecast period from 2020 to 2027.
OTTAWA, October 27, 2020 (GLOBE NEWSWIRE) – According to Precedence Research, the size of the global automotive RADAR market was valued at $ 3.50 billion in 2019.
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The automotive RADAR consists of a receiver and a transmitter used to locate objects in the vicinity of the vehicle. The transmitter sends radio signals that hit the target and bounce back to the receiver. Measuring the time it takes for 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 applications which are short range, medium range and long range. Different ranges of RADARs have different applications such as long range used to measure speed and distance, medium range for object detection in the field of view and short range for object detection such as parking assist.
Growth factors
Strict regulations coupled with favorable initiatives for RADAR adoption to promote vehicle safety system drive market growth for automotive RADAR system. Additionally, falling prices for automotive electronic products coupled with advances in automotive technology are likely to drive demand for automotive RADARs. Implementation of RADAR technology in the automotive sector increases its safety by accurately detecting objects surrounding the vehicle. The World Health Organization (WHO) has stated that if vehicle safety standards are not improved by 2030, road accidents will be the seventh leading cause of death in the world. About 90% of road accidents occur in developing countries which account for 54% of the total vehicle population worldwide. Therefore, producers find a magnificent opportunity to thrive in these regions.
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Highlights of the report
- Europe is the largest revenue shareholder in the global automotive RADAR market in 2019 and is expected to grow significantly in the coming years. The accelerated growth of the region is mainly due to the presence of dominant vehicle manufacturers in the region. German carmakers held nearly 70% of the shares in the premium vehicle manufacturing sector.
- Asia Pacific was poised to grow at a notable pace over the forecast period due to increased auto sales and high disposable income in the region. Furthermore, the growing awareness for vehicle safety and the benefits that come with it are the main factors that should drive the growth of the market.
- By range, short and medium range RADAR (S & MRR) dominated the global automotive RADAR market in 2019 and was expected to show the fastest growth over the forecast period. This is attributed to declining system prices and the need for more than two systems to improve vehicle performance.
- The passenger car segment is expected to deliver higher growth than commercial vehicles in the vehicle types segment. The main factor responsible for the high growth of passenger cars is the increase in demand and production. According to OICA, passenger cars account for nearly 75% of the production share in global automotive production.
- In terms of application, intelligent parking assistance led the global automotive RADAR market in 2019 due to the increasing application of parking sensors to prevent rear-side collision. However, adaptive cruise control is expected to grow at the fastest pace over the next few years.
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Regional snapshots
Europe dominated the global automotive RADAR market in 2019 with a significant revenue share. The region is the automotive hub and home to many automotive giants. Germany held nearly 70% of the shares in global premium vehicle manufacturing. Furthermore, the significant adoption of green mobility and electric vehicles in the region increases the demand for automotive RADARs. However, Asia Pacific expects to record the rapid rate of growth over the forecast period due to the significant adoption of the green revolution in various sectors, including transportation and mobility, along with increased consumer awareness related to environmental degradation.
Key players and strategies
The global automotive RADAR market offers high competition among industry participants due to increased investment in product development and improvement. For example, in July 2015, Continental AG successfully incorporated 77GHz RADAR technology into the company’s next-generation medium and short-range automotive RADAR modules from US semiconductor company Freescale Semiconductors. The RADAR was built on the existing MR2001 scalable RADAR transceiver chipset and the RADAR S32R microcontroller, applicable to the ADAS system. Furthermore, market players also significantly focus on 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 size of the RADAR system and its manufacturing costs.
Some of the major 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 others.
Market segmentation
By frequency
By interval
- Short and 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)
- Front collision warning system
- Intelligent Park Assist
- Blind Spot Detection (BSD)
- Other ADAS applications
According to Regional Outlook
- North America
- Europe
- Asia Pacific
- Rest of the world
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