Dublin, Aug. 08, 2022 (GLOBE NEWSWIRE) -- The "Automotive RADAR Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030" report has been added to ResearchAndMarkets.com's offering.
The automotive radar market is expected to grow at a CAGR of 24% during the forecast period of 2022 to 2030. The market reached about $ 6.5 billion in 2021.
Safety Features as Prime Priority As Governments Focus on Safety Regulations
Consumers are becoming more conscious of the importance of vehicle safety, which has resulted in an increased demand for safety systems, including as cruise control and blind-spot detection, that can assist drivers and cut down on the number of accidents that occur. In addition, numerous governments have been driven to enact tough rules and aggressively support the development of car safety systems as a direct result of the alarming increase in the number of fatalities that have been caused by automotive accidents. As a consequence of this, the broad use of technology based on radar in automobiles is predicted to become increasingly commonplace within the period of time covered by this projection.
Convenience Factor Remains as the Key Driver
At this point in time, customers have a rather strong preference for comfort when driving. Manufacturers are beginning to install safety features in high-end vehicles that make use of automotive radars. These features include adaptive cruise control and parking assistance systems. These technologies were previously only available in luxury vehicles. Nevertheless, the driver has the ability to override the system at any time. Other systems, such as those that support the driver in maintaining lateral control of the vehicle, such as a night vision system and others, are currently undergoing a phase of continual development. These systems make use of automotive radar, which can detect the area immediately surrounding the car with a high level of accuracy and precision.
In addition, during the past few years, there has been a considerable growth in the demand for driver assistance applications. This may be attributed to an increase in the spending power of consumers, which in turn has led customers to shift toward more comfortable driving experiences.
In addition to this, the average income of consumers has grown as a direct result of the improved economic conditions in a number of industrialised nations, including the United States of America and a number of European countries. The increased level of convenience provided by radar-assisted systems for automobiles is anticipated to be a primary factor in driving expansion of the automotive RADAR market over the period covered by this analysis.
4D Radar To Grow Fastest During the Forecast Period
4D radar is expected to grow at the fastest pace with highest CAGR of 25% during the forecast period of 2022 to 2030. 4D radar maps 3D objects using echolocation and time-of-flight. It's being tested to map items in an autonomous vehicle's route. 4D radar can determine when a vehicle is travelling and how fast in all weather and environmental circumstances, unlike Lidar, regular radar, and cameras.
Medium Range Held the Largest Share While Long-Range Promising Significant Opportunities
In 2021 medium-range radar held the greatest share of the market, and significant increase in this segment is anticipated for the projected period. These systems come equipped with safety systems to provide a variety of features, some of which include park assist, cross-traffic alert, and lane change assist, amongst others. The domination of this market sector can be attributed to a number of factors, including a decline in costs and an increased requirement to improve functionality by employing more than two radars. On the other hand, the most common application for long-range radars is in adaptive cruise control (ACC). Therefore, it is anticipated that the growth of this category will be driven by the increased acceptance of ACC features in small and economical vehicles.
Market Segmentation
By Dimension (2020-2030; US$ Million)
- 2D
- 3D
- 4D
By Application (2020-2030; US$ Million)
- Adaptive Cruise Control (ACC)
- Autonomous Emergency Braking (AEB)
- Blind Spot Detection (BSD)
- Forward Collision Warning System
- Intelligent Park Assist
- Other ADAS Applications
By Frequency (2020-2030; US$ Million)
- 24 GHz
- 77 GHz
- 79 GHz
By Range (2020-2030; US$ Million)
- Long Range RADAR (LRR)
- Short & Medium Range RADAR (S&MRR)
By Vehicle Type (2020-2030; US$ Million)
- Commercial Vehicles
- Economic Passenger Vehicle
- Luxury Passenger Vehicle
- Mid-Price Passenger Vehicle
Region Segment
Key Topics Covered:
1. Preface
2. Executive Summary
3. Automotive RADAR Market: Business Outlook & Market Dynamics
4. Automotive RADAR Market: By Dimension
5. Automotive RADAR Market: By Application
6. Automotive RADAR Market: By Frequency
7. Automotive RADAR Market: By Range
8. Automotive RADAR Market: By Vehicle Type
9. North America Automotive RADAR Market
10. UK and European Union Automotive RADAR Market
11. Asia Automotive RADAR Market
12. Latin America Automotive RADAR Market
13. Middle East and Africa Automotive RADAR Market
Companies Mentioned
- Robert Bosch GmbH
- NXP Semiconductors
- Continental AG
- Autoliv Inc.
For more information about this report visit https://www.researchandmarkets.com/r/1715ti
