The global automotive radar market is anticipated to reach USD 9 billion by 2024. Introduction of fully automated cars and their growing importance in the automotive security & assembly industry can drive this market during the forecast period (2016-2024). Supportive governmental initiatives that mandate the integration of security & control systems in vehicles may positively affect market demand. These mandates aim at reducing the number of road mishaps and associated casualties.
High sales of motor vehicles, particularly luxury vehicles, have also stimulated revenues considerably. Factors propelling the demand for motor vehicles are high consumer disposable incomes and low rates of interest. The introduction of Advanced Driver Assistance Systems (ADAS) in cars may create potential growth opportunities in the global Automotive Radar Market.
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Automotive radars help reduce traffic jams by helping drivers with effective decision support. They help minimize human errors while driving thereby reducing the ratio of road accidents in the long run. This in turn decreases the extensive economic losses & fatalities associated with it. Moreover, these radars indirectly boost fuel efficiency by streamlining traffic control. This can augment market demand from 2016 to 2024.
Automotive radars can withstand extreme conditions, such as bad weather, fluctuating temperatures, and even bad light. Such attributes make these devices the most preferred product in the automotive industry. This is expected to positively impact the global Automotive Radar Market in the forthcoming years. Advanced Driver Assistance Systems (ADAS) are based on automotive radars systems.
Depending on application and range coverage, these radars belong to three main categories, namely Short Range Radar (SRR), Medium Range Radar (MRR), and Long Range Radar (LRR). Long-range radars are mainly utilized for Adaptive Cruise Control (ACC) and they deliver better functional efficiency as against LiDARs and camera system. Due to its potential for distance & velocity detection, the LRR segment may expand substantially in the years to come. The SRR systems are the “ultrasonic” radars that have a detection capability of less than 5 meters. They are mostly used in side impact and blind spot detections. Moreover, these radars offer parking assistance solutions.
Based on ranges, automotive radars are further categorized as ultra-wide band (UWB) and Narrowband (NB). These devices offer high accuracy in object tracking and detection. Furthermore, they ensure greater self-sufficiency while driving by providing 3-dimensional digital modeling simultaneously. These devices can witness robust demand over the next eight years due to their superior functional efficiency and excellent performance.
Geographically, the worldwide Automotive Radar Market is divided into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. Europe may expand considerably during the forecast period. The presence of a large pool of automotive manufacturing firms in the region can drive this market.
The Asia-Pacific region is propelled by factors, such as low manufacturing costs and high sales of automobiles. Research & development initiatives in the U.S. can contribute significantly to the North America market. Major players in the global industry are Delphi Automotive PLC.; Continental A. G.; Fujitsu Ten Ltd.; Hella KGaA Hueck & Co.; and Robert Bosch GmbH.