Global Automotive Radar Market

Global Automotive Radar Market Size, Share, Growth Analysis, By Application(Adaptive Cruise Control (ACC), Autonomous Emergency Braking (AEB)), By Frequency(24 GHz, 77 GHz), By Vehicle Type(Passenger car, and Commercial Vehicles) - Industry Forecast 2024-2031

Report ID: SQMIG25A2193 | Region: Global | Published Date: April, 2024
Pages: 223 | Tables: 94 | Figures: 67

Global Automotive Radar Market News

  • In January 2024, Texas Instruments, headquartered in Dallas, unveiled innovative semiconductor solutions aimed at enhancing automotive safety and intelligence. These semiconductors represent a breakthrough in radar sensor technology, offering the industry's first radar sensor chips tailored for satellite radar architectures. Among these advancements is the AWR2544 77GHz millimeter-wave radar sensor chip, designed to elevate autonomy levels by enhancing sensor fusion and decision-making capabilities within advanced driver assistance systems (ADAS). The company showcased these cutting-edge technologies at the 2024 CES conference in Las Vegas.  
  • In November 2023, Radar Auto, the electric outdoor lifestyle vehicle brand under Geely, introduced its RD6 electric pickup truck in Laos, marking its debut in Southeast Asia. The launch event took place at Radar's inaugural flagship store in Vientiane, Laos, on November 21. This move signifies Radar Auto's entry into the global market, where it will compete with other international pickup truck brands. 
  • In September 2023, during the IAA Mobility 2023 event in Munich, Mobileye and Valeo unveiled an exciting collaboration: a new partnership aimed at developing software-defined imaging radars renowned for their superior performance in driver assistance and automated driving functions of the future.
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Global Automotive Radar market size was valued at USD 4.40 billion in 2022 and is poised to grow from USD 4.86 billion in 2023 to USD 10.81 billion by 2031, growing at a CAGR of 10.5% in the forecast period (2024-2031).

The competitive environment of the global Automotive Radar Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry. 'Continental AG', 'Denso Corporation', 'Hella KGaA Hueck & Co.', 'Infineon Technologies AG', 'Veoneer, Inc.', 'Autoliv, Inc.', 'NXP Semiconductors', 'Valeo Group', 'ZF Friedrichshafen AG', 'Texas Instruments', 'Others'

The anticipated surge in sales and demand for passenger vehicles within developing countries stands poised to fuel substantial market growth throughout the forecast period. Countries such as India, China, Japan, and South Korea are projected to significantly contribute to the escalating demand for passenger vehicles. This surge aligns with increasing investments in Research and Development by key industry players within these regions, fostering technological advancements in radar systems integrated into passenger vehicles.

The global surge in road accidents has fueled a pronounced uptick in the demand for safety enhancements within vehicles such as but not limited to parking assistance, collision avoidance systems, lane departure warnings, traction control, electronic stability control, tire pressure monitors, airbags, and telematics. This heightened emphasis on safety features stems from the pressing need to mitigate the escalating number of accidents worldwide.

North America is poised to exhibit lucrative growth in the market throughout the forecast period, primarily attributed to the continuous technological advancements of RADAR sensors by automotive manufacturers within the region, particularly in the realm of Advanced Driver Assistance Systems (ADAS). The steady evolution and innovation of sensor-based technologies in the automotive sector have led to an escalating adoption rate. As a result, the demand for integrated, advanced driver assistance systems that harness the combined capabilities of RADAR sensors is expected to soar, further propelling market expansion in North America.

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