Skip to main content

Automotive Radar Market Estimated to Expand at a Robust CAGR By 2032

 Growing focus on active safety to decrease road accidents has shifted the focus of OEMs towards developing and incorporating new and advanced automotive radar systems. According to ‘Association for Safe International Road Travel’ (ASIRT), nearly 3,287 deaths per day are reported globally due to road accidents. Advancing automotive technology and concern to reduce road mishaps, has raised expectations for advance systems in vehicles such as automotive radar to improve vehicle safety. These systems transmits electromagnetic (EM) waves at microwave frequency and gather information with the help of electronic control unit about the obstacles within the vicinity of the vehicle.

In 2022, the market for automotive radar is projected to be worth $4,614.5 million. It is anticipated that technical innovation and the broadening range of applications would be the market’s main development factors. The worldwide market demand for automotive radar is anticipated to reach approximately US$ 15,803.3 Mn by the end of 2032, growing at a strong CAGR of 13.20% between 2022 and 2032.

As per the survey conducted by ‘Insurance Institute for Highway Safety’, one out of three lives can be saved by using radar system in the vehicle. Implementation of automotive radar systems in passenger and commercial vehicles started in early 90s, however owing to technological limitations, focus on further advancement slowed over the time. But, over the past decade, where active safety technology emerged as major hot spot for research, brought automotive radar system in the limelight again. Smaller devices with high operational frequency are being deployed so as to serve multiple applications. Furthermore favorable macro-economic and supportive regulatory framework is expected to create significant opportunity over the next few years. Regulatory approval of upcoming radar technology such as 79 GHz band radar across emerging markets such as India, Mexico etc. can generate robust growth opportunities in the market.

Global Automotive Radar Market: Drivers

No doubt, automotive safety regulations which emphasizes, and even mandates use of such advance safety technology across regions is expected to drive the demand. Favorable macro-economic environment such as growing urban population, increasing disposable income, improving employment rates and consumer confidence index across prominent economies such as U.S., Canada, Germany, France, China, South Korea and India is anticipate to propel market growth.

Additionally, increasing demand for advanced features such as cruise control will upsurge demand for automotive radars, thus driving the automotive radar market. Ongoing innovations in the functionality and designs have fuelled investments in the global automotive radar market.

Global Automotive Radar Market: Restraints

One of the major factor restricting the growth of the global automotive radar market particularly in emerging region is the high initial cost of the optical and mechanical parts including micro electro mechanical sensors (MEMS), micro mirrors over pressure or piezoelectric sensors. Moreover, technical issues such as risk of mutual interference are expected to moderately affect adoption of these technology.

Global Automotive Radar Market: Segmentation

The global automotive radar market can be segmented on the basis of type, frequency, technology, application and regions. On the basis of frequency, the market can be segmented into 24 GHz system, 77 GHz system and 79 GHz system.

By type automotive cruise control (long-range radar) and anti-collision (short-range radar) are the commonly known automotive radar systems. On the basis of application, the automotive radar market can be segmented into forward collision warning system, lane departure warning system, parking assistance, adaptive cruise control (ACC) and blind spot detection. On the basis of technology, the global automotive radar market can be segmented into millimeter wave radar, ultrasonic radar, LiDAR (Light Detection and Ranging) and camera.

Global Automotive Radar Market: Region Wise Outlook

On the basis of regions, Europe is expected to be the most promising region due to presence of giant OEMs. Furthermore, the European Commission’s 79 GHz project to use short range radar equipment for European countries, fueled penetration of automotive radar systems in the European market. As far as adoption of these advanced gadgets is concerned, North America is expected to be the next big market. Asia Pacific is projected to grow at a significant rate during the forecast period and unfold new opportunities for the market. Low manufacturing cost together with increasing automotive sales is expected to drive the growth of automotive radar market in Asia Pacific. Middle East & Africa is anticipated to exhibit positive growth potential during the forecast period.

Global Automotive Radar Market: Key Players
Some of the key players identified in the global automotive radar market are as follows

  • Delphi Automotive LLP
  • Autoliv Inc.
  • Denso Corp.
  • OmniVision Technologies, Inc.
  • Robert Bosch GmbH
  • Texas Instruments Inc.
  • Valeo Group
  • ZF TRW
  • SaberTek, Inc.
  • Analog Devices, Inc.

For More Info@ https://www.futuremarketinsights.com/reports/automotive-radar-market

Comments

Popular posts from this blog

Medical Gloves Market Trends, Growth, Future Demand, Analysis and Forecast by 2032

 The medical gloves market has witnessed significant growth and evolution, especially in recent years, due to the global healthcare challenges, including the COVID-19 pandemic. Medical gloves are crucial protective equipment used by healthcare professionals to prevent the transmission of infections, maintain hygiene standards, and ensure the safety of both patients and medical personnel. This market encompasses a wide range of glove types, including latex, nitrile, vinyl, and others, each with its unique features and applications. One of the key drivers of the medical gloves market is the increasing focus on infection prevention and control in healthcare settings. The heightened awareness of the importance of hand hygiene, especially in the wake of the pandemic, has led to a surge in demand for medical gloves worldwide. Healthcare facilities, including hospitals, clinics, and laboratories, require a steady and reliable supply of gloves to maintain safety protocols an...

Sales of Commercial Aircraft Video Surveillance Systems to Decelerate in 2020 as COVID 19 Pandemic Takes its Toll on Global Market

  Market Introduction Future Market Insights, in its recent study on the  Commercial Aircraft Video Surveillance Systems market,  offers a detailed value-volume analysis of the Commercial Aircraft Video Surveillance Systems market on the basis of various segments such as product type, application, aircraft type, assembly and region. In terms of product type, cabin surveillance systems is projected to be a lucrative segment in terms of growth opportunities and are mostly being installed in the line fit assembly applications in the commercial aircraft video surveillance systems. To Get the Sample Copy of Report visit @ https://www.futuremarketinsights.com/reports/sample/rep-gb-5202 There has been significant growth in the number of freighter planes due to expanding e-commerce and pharmaceutical sectors and outperforming global trade growth. From a macroeconomic point of view, demand for commercial aircrafts is anticipated to more than double in the next two decade...

Dural Graft Market Future Trends, Industry Size and Forecast to 2032

 The Dural Graft market is a dynamic and vital sector within the medical device industry, contributing significantly to the advancement of neurosurgery and the treatment of various neurological conditions. Dural grafts, also known as dural substitutes or patches, are crucial in repairing and reinforcing the dura mater, the protective membrane surrounding the brain and spinal cord. As of 2033, this market is experiencing substantial growth due to an increased demand for neurosurgical procedures and a surge in innovative technologies and materials. One of the key drivers of the Dural Graft market's growth is the rising incidence of neurological disorders and traumatic brain injuries. With an aging population and a greater understanding of neurological conditions, more individuals require neurosurgical interventions, driving up the demand for dural grafts. These grafts are instrumental in providing structural support and sealing cerebrospinal fluid leaks after surgerie...