Automotive Radar Market Size By Application (Adaptive Cruise Control (ACC), Blind Spot Detection (BSD), Lane Departure Warning System (LDWS), Parking Assistance (PA), Forward Collision Warning System (FCWS)), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2016 – 2024
Published Date: Sep 2016 | Report ID: GMI768 | Authors: Ankita Bhutani, Preeti Wadhwani
Automotive Radar Market size estimated at around USD 1 billion in 2015, growing at a CAGR of over 15% from 2016 to 2024.
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The automotive radar market growth is attributed to the rising investments in the countries including China, Japan, Germany, the UK, India, and the U.S. for the development of the automobile industry. For instance, in February 2016, the UK Connected Intelligent Transport Environment (UK-CITE) project received USD 28.8 million from the government’s intelligent mobility fund. The funding amount was used to develop the next generation of autonomous vehicles. According to the IBEF, the passenger vehicle production in India is expected to increase from 3.4 million in FY 2016 to 10 million in FY2020. Such a profound growth of the automobile sector will lead to the demand for automotive radar systems to support functions such as navigation, surveillance, and traffic monitoring. Radar-enabled driver assistance systems provide deep insights about vehicles’ surroundings and help drivers to identify potential hazards in advance. With the rising awareness about passenger & vehicle safety, the demand for automotive radar modules and sensors will accelerate over the forecast timeline.
|Base Year:||2015||Market Size in 2015:||1 Billion (USD)|
|Historical Data for:||2013 to 2015||Forecast Period:||2016 to 2024|
|Forecast Period 2016 to 2024 CAGR:||15%||2024 Value Projection:||5 Billion (USD)|
|Pages:||88||Tables, Charts & Figures:||72|
|Geographies covered (6):||U.S., Germany, France, China, Japan, Brazil|
|Segments covered:||Application, and Region|
|Companies covered (14):||Analog Devices, Autoliv, Continental, Delphi Automotive LLP, Denso Corporation, Fujitsu, Hella, Infineon Technologies, NXP, Robert Bosch, STMicroelectronics, Texas Instruments, Valeo, ZF TRW Automotive|
|Pitfalls & Challenges:||
U.S. Automotive Radar Industry Size, By Application, 2015 & 2024 (USD Million)
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The parking assistance systems segment will grow at a CAGR of above 15% from 2016 to 2024 due to the growing automotive applications of radar technology including parking assistance, guidance, and reverse warnings. The parking sensors provide real-time alerts to drivers for obstacles, while parking. As soon as the driver activates radar park assistant, proximity sensors calculate the parking maneuver. By following instructions given by the parking assistant, the driver can park his vehicle in the free/allotted parking bay. Huge investments for the development of smart transportation systems will increase the demand for automotive radars to make automated parking possible and assist drivers in parking their vehicles.
The Asia Pacific automotive radar market growth is driven by the rising initiatives and investments in the automobile industry and an increase in the number of vehicle accidents. It is estimated that around 35 cities in China have approximately 1 million cars on the road, due to which 75% of the roads suffer traffic congestion and accidents. In 2016, around 260,000 travelers in China lost their lives due to auto accidents. To ensure vehicle and driver safety, car manufacturers are deploying automotive radar sensors, which will guide the driver along the route. Companies operating in the market are offering their next-generation transport technologies to improve traffic and foster the overall convenience of transport.
Competitive Market Share
The automotive radar industry comprises established and emerging companies that are investing in their R&D activities to develop new solutions. Some companies are also focusing on geographic expansion to gain a foothold in international markets. For instance, in September 2016, German company Continental expanded its ADAS systems business unit in Asia. The company’s new business unit in China helped in the development of algorithms and components for automated driving systems.
Some of the major companies in the market are Analog Devices, Autoliv, Continental, Delphi Automotive LLP, Denso Corporation, Fujitsu, Infineon Technologies, NXP, Robert Bosch, STMicroelectronics, Texas Instruments, Valeo, and ZF TRW Automotive.
The radar technology is driving the evolution of automotive sensing from a warning to safety systems. Radar systems are acting as important sensors for reliable autonomous vehicle operations and playing a major role in ensuring the safety of vehicles. As the adoption of sensor-based technologies in the automotive sector is increasing, the demand for ADAS systems with integrated radar capabilities will also rise. The rapid growth of the autonomous vehicles market will also support market growth over the forecast timeline.
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