Global Automotive Radar Market Size to exceed $5bn by 2024
Published Date: September 5, 2019 Authors: Ankita Bhutani, Preeti Wadhwani
Automotive Radar Market size is set to exceed USD 5 billion by 2024; according to a new research report by Global Market Insights, Inc.
The automotive radar market growth is attributed to the rising number of vehicle accidents and supportive government initiatives for the deployment of vehicle safety and control systems to avert road casualties.
According to the NHSTA, in 2016, there were around 7 million traffic crashes, in which around 37,461 people were killed. The radar technology is gaining popularity in the automotive sector as radars are primary sensors used in adaptive cruise control and one of the critical components in autonomous driving systems such as blind-spot monitoring, forward collision warning, and lane departure warning systems. The high-frequency radar systems operating in the band 79GHz are gaining traction as they have greater capability to enable fully autonomous driving.
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The FCWS market is expected to hold a market share of over 25% by 2024 due to the growing need for such warning systems to prevent road accidents. These systems monitor the vehicle’s speed and the distance between vehicles, giving a warning in the form of visual or audible alerts to the driver about the impending crash. The vehicle manufacturing companies are deploying forward-collision warning systems with automatic emergency braking systems to reduce rear-end crashes. To support the implementation of these systems, the NHSTA along with automakers including BMW, Audi, Ford, General Motors, and Tesla has committed to make the Automatic Emergency Braking (AEB) standard.
Browse key industry insights spread across 88 pages with 44 market data tables & 28 figures & charts from the report, “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” in detail along with the table of contents:
The North America automotive radar market is expected to grow at a CAGR of above 15% over the forecast timeline. The market growth is attributed to continuous growth of the automobile industry and supportive government initiatives for the safety of vehicles. For instance, in January 2016, the U.S. government planned to invest USD 4 billion in autonomous cars for the next ten years. The funding amount will be used for the development of safe vehicle automation through real-world pilot projects. The growing usage of the ADAS technology by original equipment manufacturers will also support market growth in the region.
The automotive radar industry competition is characterized by the presence of several car manufacturing companies and original equipment manufacturers, who are entering into a partnership to jointly offer new solutions to their customers. The technology companies are introducing new sensors and modules for enhancing vehicle safety. In July 2015, Continental AG integrated the 77 GHz RADAR technology from Freescale Semiconductors (U.S.) into its next-generation short- and mid-range automotive RADAR modules.
Some of the major companies in the market are Analog Devices, Robert Bosch, Autoliv, Continental, Denso Corporation, Fujitsu, Infineon Technologies, NXP, STMicroelectronics, Delphi Automotive LLP, Texas Instruments, Valeo, and ZF TRW Automotive.
The automotive radar market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2013 to 2024, for the following segments:
- Adaptive Cruise Control (ACC)
- Blind Spot Detection (BSD)
- Lane Departure Warning System (LDWS)
- Parking Assistance (PA)
- Forward Collision Warning System (FCWS)
The above information has been provided for the following regions and countries:
- North America
- Latin America
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