Automotive Radar Market size worth $8.98bn by 2024
Published Date: September 19, 2016 Authors: Ankita Bhutani, Preeti Wadhwani
Automotive Radar Market size is expected to reach USD 8.98 billion by 2024; according to a new research report by Global Market Insights, Inc.
Favorable government initiatives that mandate the incorporation of safety and control systems into automobiles to reduce the number of road accidents and related casualties will drive demand. Growing sales of motor vehicles, especially luxury cars have significantly spurred revenue growth. Economic factors such as low interest rates and rise in disposable income have positively contributed towards increase in auto sales. Introduction of advanced driver assistance systems (ADAS) in passenger cars could offer significant growth opportunity for the automotive radar market size.
High frequency radar systems in the 79GHz band tend to perform better than the standard 24 GHz and 76 GHz bands as they offer greater capability and reduces device size. Sensing technologies enable lane keeping, driver assistance and forward collision warning alerts. Additionally, they constitute for advanced systems such as automatic emergency braking. The automotive radar market share is characterized by outsourcing of manufacturing process to low-cost countries to leverage low labor costs.
The U.S. FMCSA (Federal Motor Carrier Safety Administration) has collaborated with the truck industry for testing and evaluating the use of on-board safety systems in order to reduce the severity and number of commercial motor vehicle crashes. Innovation in image sensing technology and falling prices of cameras are driving the adoption of camera-based sensors worldwide.
The shift towards self-driving cars could significantly boost revenue as more sensors and data processing devices are required to make autonomous decisions. According to a 2014 UN Road Safety Collaboration study, 90% of traffic incidents are caused by human error. Autonomous vehicles with intelligent sensors can help overcome the problem.
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 (U.S., Germany, France, China, Japan, Brazil), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Key insights from the report include:
- ACC (adaptive cruise control) accounts for 34% of the automotive market share and is expected to grow at 17.7% from 2016 to 2024. The capability of monitoring as well as maintaining user-specified gap between the vehicles will surge demand.
- BSD (blind spot detection) system generates alert signals whenever other vehicle arrives into the blind region providing more time for drivers to react against obstacles that are not clearly visible in the rearview mirror.
- China accounted for more than 45% of the overall Asia Pacific automotive radar market share in 2015. Growth across the region can be dedicated to potential automotive sales as well as production through 2024.
- Germany automotive radar market size was valued is forecast to exceed USD 500 million by 2024. Existence of major automobile manufactures in the region will drive growth prospects.
- Sensor manufacturers establish relationships with several wafer foundries, test and assembly subcontractors to enhance cost effectiveness and provide flexibility in meeting the manufacturing needs.
- Key automotive radar market players are NXP, Infineon, and STM. Other major players in the industry include Valeo, ZF TRW Automotive, Texas Instruments, Hella, Robert Bosch, Fujitsu, Delphi Automotive, Denso, Autoliv, and Continental.
Automotive radar market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2013 to 2024, for the following segments:
Automotive Radar Market, By Application
- Adaptive Cruise Control (ACC)
- Blind Spot Detection (BSD)
- Lane Departure Warning System (LDWS)
- Parking Assistance (PA)
- Forward Collision Warning System (FCWS)
The above information is provided on a regional basis for the following:
- North America
- Asia Pacific
- Latin America