Global automotive radar market size is projected to reach $9,475.4 million by 2023, according to P&S Intelligence.
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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Insights on market segments
Based on range, the automotive radar market is categorized into long range radars, and medium and short-range radars. The fastest growth during the forecast period is expected from medium and short range radars. This category is also expected to hold the larger share in the market throughout the forecast period. This can be ascribed to the greater usage of medium and short-range radars in in numerous systems including cross traffic alert, park assist, and blind spot detection.
In terms of application, the automotive radar market is categorized into adaptive cruise control (ACC), forward collision warning system (FCW), autonomous emergency braking (AEB), blind spot detection (BSD), intelligent park assist (IPA), and others. The ACC application category is expected hold the largest share in the market, with more than 35% contribution in 2017. However, the fastest growth during the forecast period expected from the FCW category owing to its rapid penetration premium and mid-priced passenger cars.
Europe stands as the largest automotive radar market
Europe is estimated to hold the largest share in the automotive radar market, with more than 30.0% revenue contribution in 2017. Owing to the increasing stringency in vehicle safety norms, the automotive component manufacturers have diverted their focus toward the development of low-cost radar based safety systems in the region. In addition, the region is the hub of major premium vehicle manufacturers such as BMW, Mercedes Benz, AUDI, and Volkswagen group, giving impetus to the market growth there.
Competitive Landscape
The key players in the automotive radar industry 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.
