The automotive radar global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Automotive Radar Market, 2024 report by The Business Research Company offers
comprehensive insights into the current state of the market and highlights
future growth opportunities.
Market Size -
The automotive radar market size has grown rapidly in recent years. It will
grow from $5.94 billion in 2023 to $7.02 billion in 2024 at a compound annual
growth rate (CAGR) of 18.0%. The growth in the historic period can be
attributed to increased focus on vehicle safety and collision avoidance,
adoption of advanced driver assistance systems (adas) in vehicles, growth in
the demand for adaptive cruise control and autonomous features, stringent
safety regulations, growing demand for advanced safety features.
The automotive radar market size is expected to see rapid growth in the next
few years. It will grow to $13.18 billion in 2028 at a compound annual growth
rate (CAGR) of 17.1%. The growth in the
forecast period can be attributed to surge in demand for radar sensors in
electric and autonomous vehicles, integration of 5g technology for faster and
more reliable communication, increasing adoption of radar for pedestrian
detection and urban driving, growth in the connected car ecosystem, expansion
of the commercial vehicle market with radar-based safety systems. Major trends
in the forecast period include technological advancements in radar sensors for
improved accuracy, development of radar sensors with higher resolution and
improved range, integration of radar with other sensor technologies for
comprehensive sensing, emphasis on cybersecurity measures for secure radar
communication, collaboration between automakers and technology providers.
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Scope Of Automotive Radar Market
The Business Research Company's reports encompass a wide range of information,
including:
1. Market Size (Historic and Forecast): Analysis of the market's historical
performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market
landscape.
4. Key Segments: Breakdown of the market into its primary segments and their
respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and
geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting
the market.
Market Drivers -
The rising number of road accidents is expected to propel the growth of the
automotive radar market going forward. Accidents caused due to traffic
collisions, negligence, or other reasons leading to injury or death of persons
involved are referred to as road accidents. Automotive radar is one of the
several sensor systems for collision avoidance, and pedestrian and cyclist
detection, and it complements vision-based cameras, which help to detect
vehicles and help to reduce accidents. For instance, For instance, in December 2021, according to
United Nations, a US-based organisation, revealed that road accidents continue
to account for 1.3 million fatalities and 50 million injuries globally each
year. Alarmingly, current trends suggest that they are projected to result in
an additional estimated 13 million fatalities and 500 million injuries in the
coming decade.
Market Trends -
Product innovations have emerged as the key trend gaining popularity in the 5G
chipset market. The major players in the market are developing innovative
products for market growth. For instance, in June 2021, Samsung Electronics, a
South Korea-based electronics company, developed 3GPP Rel.16 compliant
chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G
technologies. The new chipsets consist of a second-generation 5G modem
System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit
(RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are
designed to increase power efficiency, boost performance, and reduce the size
of 5G solutions.
The automotive radar market covered in this report is segmented –
1) By Vehicle Type: Passenger Car, Commercial Vehicle
2) By Range: Long-Range Radar (Lrr), Short And Medium-Range Radar
(S&Mrr)
3) By Frequency: 24 Ghz, 77 Ghz, 79 Ghz
4) By Application: Adaptive Cruise Control (Acc), Autonomous Emergency Braking
(Aeb), Blind Spot Detection (Bsd), Forward Collision Warning System,
Intelligent Park Assists, Other Applications
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Regional Insights -
Asia-Pacific was region with the largest share in the automotive radar market
in 2023. The regions covered in the automotive radar market report are
Asia-Pacific, Western Europe, Eastern Europe, North America, South America,
Middle East, Africa
Key Companies -
Major companies operating in the automotive radar market report are Analog
Devices Inc., Autoliv Inc., Continental AG, DENSO Corporation, NXP
Semiconductors, BorgWarner Inc., Robert Bosch GmbH, Texas Instruments, Valeo
SA, Infineon Technologies AG, ZF Friedrichshafen AG, HELLA GmbH & Co. KGaA,
TE Connectivity Ltd., Aptiv plc, Onsemi, Veoneer Inc., Innoviz Technologies
Ltd., Delphi Technologies, Navtech Radar Ltd., Renesas Electronics Corporation,
Texas Instruments Incorporated, HELLA Aglaia Mobile Vision GmbH, LeddarTech
Inc., Quanergy Systems Inc., Novariant Inc., Wuhu Concete Technology Co Ltd.,
Magna International Inc., Ainstein, Ficosa International SA, Vayyar Imaging
Ltd.
Table of Contents
1. Executive Summary
2. Automotive Radar Market Report Structure
3. Automotive Radar Market Trends And Strategies
4. Automotive Radar Market – Macro Economic Scenario
5. Automotive Radar Market Size And Growth
…..
27. Automotive Radar Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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