Automotive Radar Market Poised to Reach US$ 18.0 Billion by 2033 from an Initial Value of US$ 5.2 Billion in 2023

The automotive radar market is anticipated to expand its roots at a steady CAGR of 13.2% between 2023 and 2033. The market is expected to have a market share of US$ 18.0 billion by 2033, while it is likely to be valued at US$ 5.2 billion in 2023

• The market is growing as a result of the developing automotive sector and the dynamic research and development surrounding vehicle security and safety. In addition, it is anticipated that new features like parking assistance, blind spot detection, and autonomous driving would enhance the industry.
• As radar technology advances, new devices are expected to achieve performance levels comparable to LiDAR. For Level 3 autonomous vehicles to operate smoothly, an efficient radar system is necessary. In addition, the market for guided parking assistance is expanding.

Unlock growth potential with industry expertise. Download your market sample report now:
https://www.futuremarketinsights.com/reports/sample/rep-gb-1967

• The market is expanding as a result of an increase in the number of individuals purchasing automobiles with ADAS and autonomous driving modes as well as global government regulations requiring the installation of basic risk prevention measures.
• Sub-terahertz radar, road condition assessments, 4D radars, and the use of meta-materials in antennas are a few recent advancements in the field. Radar has improved connectivity thanks to these efficient communication components, which also produce superior imaging.
• It is projected that the industry will change due to increased bandwidth, sophisticated signal processing, and the incorporation of smart technologies like machine learning and artificial intelligence.

 Key Points

1. The United States market leads the automotive radar market in terms of market share in North America. The United States region held a market share of 27.8% in 2022. The growth in this region is attributed to the presence of autonomous automotive brands like Tesla and others, the higher per capita of an average American, and rapidly growing sales of cars in the region.
2. The German market is another important market in the European region. The market held a market share of 14.7% in 2022. The growth is attributed to the large production spaces, high-end research and development, and increased exports as Germany holds leading automotive groups like Audi, BMW, Mercedes-Benz, Opel, and Volkswagen AG.
3. The Indian automotive radar market thrives at a CAGR of 14.3% between 2023 and 2033. The growth is attributed to increased automotive sales, more companies entering the Indian passenger vehicle market, and higher security norms.
4. The Chinese market also thrives at a CAGR of 11.9% during the forecast period. Rising sales of autonomous cars and other vehicles cause flourishing growth.
5. Based on type, the short and medium-range radar segment leads the market, as it held a share of 47.3% in 2022.
6. Based on the application type, the FCWS segment leads the market, as it held a market share of 29.8% in 2022.

Didn’t find the data you are looking for? Our experts provide you customized reports:
https://www.futuremarketinsights.com/customization-available/rep-gb-1967

Competitive Landscape

The key vendors try to work on enhancing the network bandwidth, vivid imaging, and flexible functionality. The competitors also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.

Key Players

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

Recent Market Developments

• Denso Corp revisited the 24-Ghz Band Submillimeter-wave radar sensor that detects the rear of the vehicle and reduces the accident risks to the minimum.
• OmniVision Technologies, Inc introduced its integrated automotive imaging systems, including autonomous driving, e-mirrors, in-cabin monitoring, and surround view cameras.

Ask our expert Analyst now:
https://www.futuremarketinsights.com/ask-question/rep-gb-1967

Key Segments Covered

By Type:

• Long Range RADAR (LRR)
• Short & Medium Range RADAR (S&MRR)

By Technology:

• Millimeter Wave Radar
• Ultrasonic Radar
• LiDAR (Light Detection and Ranging)
• Camera

By Frequency:

• 24 GHz
• 77 GHz
• 79 GHz

By Application:

• Adaptive Cruise Control (ACC)
• Autonomous Emergency Braking (AEB)
• Blind Spot Detection (BSD)
• Forward Collision Warning System
• Intelligent Park Assist

Key Regions Covered:

• North America
  • United States
  • Canada
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Europe
  • Germany
  • United Kingdom
  • France
  • Spain
  • Russia
  • Rest of Europe
• Japan
• Asia Pacific Excluding Japan
  • China
  • India
  • Malaysia
  • Singapore
  • Australia
  • Rest of Asia Pacific Excluding Japan (APEJ)
• The Middle East and Africa
  • GCC Countries
  • Israel
  • South Africa
  • Middle East and Africa (MEA)

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:        

Nandini Singh Sawlani   

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube