Automotive Radar Sensors Is Fastest Growing Segment Fueling The Growth Of Automotive Radar Market

 

Automotive Radar Market

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 detecting objects in driving environments. It plays a vital role in advanced driver-assistance systems and autonomous driving by enhancing safety features. Radar sensors detect and measure the distance, angle, and speed of objects to help drivers avoid collisions.

 

Market key trends:

One of the key trends fueling the growth of the automotive radar market is the increasing adoption of advanced driver assistance systems. Automakers are integrating more advanced driver-assistance systems such as adaptive cruise control, blind spot detection, cross traffic alert, and automatic emergency braking in high-end as well as mainstream vehicles. Automotive radar sensors play a critical role in such systems by detecting other vehicles and objects on roads. The demand is further growing for autonomous vehicles with advanced self-driving capabilities, which is propelling original equipment manufacturers to equip vehicles with more sophisticated radar sensors. This rising integration of radar technology across different vehicle segments is expected to drive the automotive radar market.

 

Segment Analysis

The global automotive radar market is segmented by range, application, vehicle type, frequency, and region. Based on range, the long-range radar segment dominated the market in 2022 and is expected to continue its dominance over the forecast period owing to its ability to detect objects from over 75 meters away. Long-range radars are primarily used for adaptive cruise control 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 demand for advanced driver assistance systems. The market size for 2023 is US$ 4.86 billion.

 

Regional analysis: Asia Pacific dominated the global market in 2022 and is expected to continue its dominance over the forecast period owing to strong presence of automotive manufacturers in countries such as China, India, and Japan. Also, rapid urbanization and rising disposable income in emerging economies of the region drive the demand for vehicles equipped with advanced driver assistance systems.

 

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 GmbH and Continental AG captured over 50% of the global market share in 2022 owing to their technologically advanced and wide product portfolio.

Get More Insights Here

https://www.newsstatix.com/automotive-radar-market-size-share-growth-outlook-2023/

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