Automotive RADAR Market to Exceed $6.61 Billion by 2021

(IT-NEWSWIRE.COM, May 13, 2020 ) The Automotive RADAR Market size is projected to grow at the CAGR of 23.81% during the forecast period, to reach the USD 6.61 billion by 2021.

Rising concerns pertaining to vehicle, driver, passenger and, pedestrian safety along with increased involvement of players across the ecosystem have fueled the growth of the market globally. The growing trend of autonomous vehicles is also a major factor that has contributed to the growth of this market.

The automotive RADAR market consists of various major systems and chip manufacturers. Companies such as 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), NXP Semiconductors N.V. (The Netherlands) are the chip manufacturers in this market.

Opportunities:

• Rising trend of autonomous cars
• Low penetration in developing markets
• Sensor fusion

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The adaptive cruise control system is estimated to have the highest growth potential which will further boost the demand for the automotive radar market. This growth can be attributed to the proven benefits of the system in vehicle safety, increased autonomous level, etc. National Transport Safety Board, U.S. has included adaptive cruise control in its ten most wanted safety improvements in 2013. Under the Euro NCAP rating system also, these advanced systems will help to get a better rating if it is incorporated in the vehicle.

The 7X-GHz RADAR sensor in the segment- by frequency band, is estimated to lead the global automotive radar market during the forecast period. The high demand for the 7X-GHz RADAR sensor can be attributed to the advantages offered by these sensors in various ADAS applications. 7X-GHz RADAR sensors are used in adaptive cruise control, emergency braking system, and collision avoidance system among others. The market for these technologies is on the rise due to its better resolution and range capability.

Europe region is estimated to be the largest market for automotive RADARs during the review period due to the presence of Germany, an early adopter of various advanced technologies in the world. Furthermore, the technology adoption rate is also high in other countries from this region such as the U.K., Belgium, Netherland, etc. The region has some of the most stringent vehicle safety regulations which boost the market for advanced driver assistance technologies.

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North America was estimated to be the largest market, by value, for automotive RADAR systems in 2016, owing to the stringent safety regulations in the region. Increased awareness of safety features has also fueled the demand in the region. The U.S. New Car Assessment Program (NCAP) has mandated autonomous emergency braking and lane departure warning system for a five-star rating for any passenger car. The U.S. National Highway Transport Safety Administration (NHTSA) is also studying the feasibility of lane departure warning and rearview camera system to make these technologies a mandate. All these regulations pertaining to vehicle safety are estimated to drive the growth of the automotive RADAR market in the region.

Target Audience:

• ADAS system manufacturers
• Automobile OEMs
• Automotive Parts Manufacturers' Association (APMA)
• Manufacturers of the automotive RADAR microprocessors
• Manufacturers of the automotive RADAR systems
• RADAR hardware suppliers
• RADAR software suppliers
• RADAR system integrators

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Mr. Aashish Mehra

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Automotive RADAR Market to Exceed $6.61 Billion by 2021