Market Overview:
The global Automotive Radar Market is estimated to be valued at US$ 4.86 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Automotive radar is a sensor technology used in vehicles for collision avoidance and adaptive cruise control systems. It detects nearby vehicles, pedestrians, cyclists, and other obstacles on the road. The technology helps improve vehicle safety and driver assistance features.
Market key trends:
One of the key trends in the automotive radar market is the development of frequency modulated continuous wave (FMCW) radar technology. FMCW radar transmits a continuous sinusoidal waveform of which the frequency increases or decreases over time. It offers improved object detection capabilities compared to pulse radar. The technology enables vehicles to detect smaller objects at longer distances. It delivers high-resolution imaging and supports emerging driver assistance applications such as blind spot detection, cross traffic alert, and intelligent park assist. FMCW radar is increasingly being adopted by major automakers for its precision and accuracy.
SWOT Analysis
Strength: Automotive radar provides enhanced vehicle safety features like collision warning and automatic emergency braking. It can detect and monitor objects around vehicles in all weather and light conditions.
Weakness: High implementation costs involved in integrating automotive radar technology. Consumers in price sensitive markets may hesitate to pay higher prices for vehicles equipped with advanced driver assistance systems.
Opportunity: Growing demand for advanced driver assistance systems and autonomous driving functionalities provides opportunities for wider adoption of automotive radar. Stringent safety regulations being enforced will further drive the market.
Threats: Technology developments like lidar are emerging as potential substitutes that can perform similar sensing functionalities. Data security and privacy issues also pose threats due to the connectivity features of advanced driver assistance systems.
Key Takeaways
The Global Automotive Radar Market Share is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing vehicle safety regulations and demand for autonomous driving technologies.
Regional analysis: The Asia Pacific region dominates the global automotive radar market currently due to high vehicle production in countries like China, Japan and India. This is expected to continue with the region’s market size reaching US$ 2.12 billion by 2030. Europe is also expected to grow at a significant pace, exhibiting a CAGR of 11% during the forecast period with countries like Germany, France and UK emerging as major markets.
Key players: Key players operating in the Automotive Radar market are Robert Bosch GmbH (Germany), HELLA KGaA (Germany), Continental AG (Germany), Denso Corporation (Japan), Delphi Automotive PLC (U.K.), Autoliv Inc. (Sweden), and Valeo S.A. (France) are the system manufacturers and companies such as Infineon Technologies AG (Germany). Robert Bosch, Continental and Denso capture over 50% of the global market currently due to their comprehensive product portfolios and large scale operations.