Automotive Radar Market Growing at Rapid Speed for the Next Few Years

Automotive radar market size is projected to reach $9,475.4 million by 2023 by P&S Intelligence.

Automotive radar are headway sensors that is used to locate other vehicles and objects in the vicinity of the system, where it is installed. It consists of a transmitter and a receiver. The transmitter transmits radio waves that hit an object and return back to the receiver. The steerable antennas receive signal from different direction and detect various objects, speed, distance, and direction. Major application of automotive radar includes blind spot detection (BSD), forward collision warning systems (FCW), adaptive cruise control (ACC), and autonomous emergency braking (AEB).

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According to a report published by P&S Intelligence, the automotive radar market is projected to grow at a high rate and its market value is expected to reach 4 times of what it was in 2016. The market growth is mainly driven by the growing focus on vehicle safety systems coupled with increasing vehicle production and sales, especially premium and luxury vehicles. Active government initiatives for increasing vehicle safety are expected to boost the market growth. Furthermore, with the decrease in radar prices, it has become possible for automakers to incorporate these safety systems in mid-priced vehicles. Thus, the market is expected to gain momentum in the coming years, driven mainly by the growing sales of mid-priced passenger cars.

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Geographically, North America is projected to witness a significant growth in the automotive radar market during the forecast period owing to the rising commercial vehicles sales. For instance, According to Organisation Internationale des Constructeurs d’Automobiles (OICA), U.S. and Canada commercial vehicles sales increased by 6.4% and 7.8% respectively in 2016 over the previous year. The market is currently influenced by the regulatory developments such as making automatic emergency braking as a standard feature for all vehicles by 2022.

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The key players in the automotive radar market are Continental AG, Denso Corporation, Robert Bosch GmbH, Infineon Technologies AG, Valeo SA, NXP Semiconductors N.V., HELLA KGaA Hueck & Co., Texas Instruments Incorporated, Autoliv Inc., and ZF Friedrichshafen AG.

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