Millimeter Wave Radar Market Size, Share & COVID-19 Impact Analysis, By Vehicle Type (Passenger Cars, and Commercial Vehicles), By Technology (Silicon-Germanium BiCMOS, RF CMOS, and GaAs), By Frequency Band (24 GHz and 77 GHz & Others), and Regional Forecast, 2021-2028

The global millimeter wave radar market size was USD 567.2 million in 2020. The market is expected to grow from USD 572.1 million in 2021 to USD 1,401.4 million in 2028 at a CAGR of 13.7% in the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with the market witnessing a negative impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of 5.2% in 2020 as compared to the average year-on-year growth during 2017-2019. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.

The millimeter wave radar system in automobiles uses high frequency and highly directional electromagnetic waves to map the vehicle’s surrounding environment. Automotive millimeter wave radars are considerably smaller and more easily integrated into the vehicle design. It is used in various applications, such as alerting drivers to potential dangers and even measuring distance and maintaining intervals between nearby vehicles. Increasing installation in vehicles to reduce traffic accidents and improve autonomous driving will lead to the wider use of automotive millimeter wave radars.

Increased Automation of Production Line due to COVID-19 will Fuel Growth

Penetration of millimeter wave technology in the automotive industry will increase primarily due to the rapid growth of the supporting 5G infrastructure in important regions since the pandemic. For instance, in November 2020, the Federal Communications Commission (FCC) voted to reallocate part of the 5.9 GHz Safety Spectrum previously reserved for Dedicated Short Range Communications (DSRC). This will accelerate the development of cellular vehicle-to-everything (C-V2X) systems.

5G will enable much lower latency, improved speeds, and greater capacity. In terms of C-V2X applications, this will result in improved safety features and a greater number of vehicles simultaneously communicating without interruptions in service. With the increasing focus on communication between vehicles, pedestrians, and even road infrastructure, numerous OEMs are running C-V2X pilot programs with the aim of commercial deployment from 2022. These factors, in turn, will lead to increasing demand for millimeter wave technology. Hence, the pandemic has accelerated the growth of the market.

LATEST TRENDS

Intelligent Vehicular Networks Will Positively Influence Growth

In the Internet of Vehicles (IoV) network, a huge amount of data is generated and sent to the cloud through the sensors installed in the vehicles. High-speed mmWave links are essential to enabling this communication for IoV. With the increasing adoption of cellular vehicle-to-everything, several telecommunication standards organizations have allocated specific millimeter wave radar frequency bands for the 5G communication system.

For instance, in 2020, in South Korea, BMW, SK Telecom, and Ericsson deployed the first 5G compatible vehicular network where the 28 GHz band was used to stream video from vehicles equipped with cameras. Hence, these factors will positively influence the growth of the market.

DRIVING FACTORS

High Benefits of MWR Will Drive Growth of Market

Millimeter wave radar (MWR) offers stable detection performance. It is not affected by the surface shape and color of the measured object and has strong adaptability to atmospheric turbulence. It provides a long detection range; the general detection range is 150m-200m, which can meet environmental monitoring requirements within a large range in high-speed driving. Furthermore, it has a strong penetrating ability, ensuring the regular operation of vehicles under various weather conditions. Hence, these factors will drive the growth of the market.

Increasing Development of Automotive Radar Enhances Advanced Driver Assistance Systems Will Augment Market Growth

Radars are crucial components of advanced driver assistance systems. They are instrumental in ADAS applications such as blind-spot detection, adaptive cruise control, lane change assist, automatic braking, and cross-traffic alert. ADAS is helping to decrease driver error and hence reduce crashes and fatalities. Furthermore, mmWave sensors are also necessary for autonomous driving. They complement the other subsystems such as ADAS video cameras and ultrasonic sensors and help create a more composite view around the vehicle.

These factors will fuel the development of mmWave radar technology.

RESTRAINING FACTORS

Challenges such as Vulnerability to External Interferences to Restrain Growth

The presence of electromagnetic hotspots can cause interference with the system and lead to malfunction. Additionally, mmWave radars are vulnerable to meteorological and atmospheric parameters. The radar has to be able to bounce off other vehicles. Pollutants or other atmospheric particles can disrupt the process of real-time threat identification. These factors will restrain the millimeter wave radar market growth.

SEGMENTATION

By Vehicle Type Analysis

Passenger Car Segment to Hold Largest Share Owing to High Demand among Consumers

By vehicle type, the market is segmented into passenger car and commercial vehicle.

The passenger car segment held the largest share of the market, which can be attributed to the increasing demand for advanced driving assistance systems among consumers and decreasing component costs. The commercial vehicle segment is anticipated to show substantial growth in the market owing to the benefits of the short-range accuracy provided by millimeter wave technology that can be effectively used in autonomous driving functions such as platooning.

By Frequency Band Analysis

77 GHz & Others Segment to Hold Largest Share Due to Advanced Features

By frequency band, this market is segmented into 24 GHz and 77 GHz & others.

The 24 GHz segment held the largest share of the market in 2020, owing to greater widespread adoption based on existing spectrum regulations and standards. The 77 GHz & Others segment is expected to grow at a higher CAGR during the forecast period. This can be attributed to the increasing need for high-range resolution and accuracy necessary for developing ADAS algorithms and enabling autonomous driving features.

By Technology Analysis

GaAs Segment Dominated in 2020 Propelled by Early Implementation and High Efficient Performance

By technology, this market is segmented into GaAs, Silicon Germanium BiCMOS, and RF CMOS.

As per the market analysis, the GaAs segment held the largest share of the market in 2020, owing to its low weight, flexibility, and highly efficient performance. The Silicon-Germanium BiCMOS segment is expected to exhibit exponential growth in the market as it offers both high performance (achieved by GaAs) and high-level integration & cost efficiency (offered by CMOS).

REGIONAL INSIGHTS

North America held the largest millimeter wave radar market share and was valued at USD 294.9 million in 2020. Several major players offering millimeter wave-based products such as Eravant, Keysight Technologies, and L3HARRIS TECHNOLOGIES are headquartered in this region. Furthermore, higher adoption of millimeter wave technology in telecommunications and public transport applications will drive the growth of the market in this region.

Europe is also expected to show considerable growth in the market. Factors such as regulatory harmonization in terms of spectrum allocation and extensive investment in time trial and deployment of 5G networks will propel the growth of the market in this region.

Asia Pacific is anticipated to exhibit substantial growth in the market during the forecast period. Increasing the implementation of millimeter wave radar technology in countries such as Japan and China with an aim to improve transportation efficiency and mitigate serious traffic accidents will fuel the growth of the market in this region.

KEY INDUSTRY PLAYERS

Strategic Partnerships to Strengthen Leading Position of Robert Bosch GmbH in Market

Early investment in R&D, strategic partnerships, and extensive product portfolio have enabled Robert Bosch GmbH to strengthen its leading position as a key player in the market. For instance, in March 2021, Bosch announced a partnership with GlobalFoundries (GF) to develop and produce next-generation automotive radars. Using GlobalFoundries’ 22FDX RF solution, the companies will jointly develop a millimeter wave automotive radar system-on-chip (SoC) for ADAS applications. Hence, these factors will enable Bosch to capture a larger share of the market.

LIST OF KEY COMPANIES PROFILED:

• Bridegewave Communications (California, U.S.)


• E-Band Communications (California, U.S.)


• Siklu Communication Ltd (California, U.S.)


• L3 Technologies Inc. (Florida, U.S.)


• NEC Corporation (Tokyo, Japan)


• Smiths Group Plc. (London, U.K.)


• ELVA-1 (Stockholm, Sweden)


• Continental AG (Hanover, Germany)


• Robert Bosch GmbH (Gerlingen, Germany)


• Denso Corporation (Aichi, Japan)

KEY INDUSTRY DEVELOPMENTS:

• March 2021 – Keysight Technologies announced a partnership with a view to establish a millimeter wave radar laboratory in Suzhou, China, designed to help promote the development of autonomous driving technologies.


• February 2021 – Arrow Electronics and Jorjin Technologies launched an integrated millimeter-wave (mmWave) radar-sensing solution based on Infineon's XENSIV mmWave radar chip. It enables engineers to rapidly deploy the detecting and tracking capability of micro and macro motions.

REPORT COVERAGE

The millimeter wave radar market report covers a detailed analysis of the industry and focuses on key aspects, such as leading companies, product types, and leading applications of the product. Besides this, it offers insights into the key market trends and highlights key industry developments. In addition to the aforementioned factors, the report delivers an in-depth market analysis of several key factors that have contributed to its growth in recent years.

Report Scope & Segmentation