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Automotive Radar Market to Reach $3.95 Billion by 2028; Soaring Investments in Research & Development to Boost Adoption & Favor Market Growth

January 06, 2022 | Automotive & Transportation

The global automotive radar market size is projected to showcase immense growth to reach USD 3.95 billion by 2028. Fortune Business Insights™ has provided this information in its report titled, “Automotive Radar Market Size, Share & COVID-19 Impact Analysis, By Range (Short-Range, Medium-Range, Long-Range), By Application (Adaptive Cruise Control (ACC), Autonomous Emergency Braking (AEB), Forward-Collision Warning System (FCWS), Blind Spot Detection (BSD), Intelligent Parking Assistance), and Regional Forecast, 2021-2028”, and observes that the market size stood at 2.01 billion in 2020 and reached USD 2.07 billion in 2021. It is expected to exhibit a CAGR of 9.7% between 2021 and 2028. The soaring investments in research and development activities to produce next-generation vehicles equipped with radar sensors are anticipated to boost the growth of the market.


COVID-19: Slowdown in Autonomous Vehicle Development & Testing to Restrict Market Growth


Disruptions caused by the global COVID-19 pandemic have impacted automotive demand and production severely. The pandemic has also led to funding delays in autonomous vehicle projects, resulting in the slowdown of development and testing. Citing an instance, Volvo delayed the launch of a new fully-autonomous Level 4 vehicle from 2024 to 2027. The factors mentioned above have impacted automotive radar demand significantly. 


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/automotive-radar-market-101688


ZF’s Launch of Next-Gen Mid-Range Radar to Incite Development


In September 2021, ZF unveiled the new mid-range radar in collaboration with Dongfeng Motor (China) to enhance the existing ZF co ASSIST semi-automated system and accelerate the development of next-generation ADAS safety functions on China’s Dongfeng Aelous Yixuan Max. The new product combines the S-Cam 4.8 camera by ZF for advanced driver assistance on the Dongfeng Aelous Yixuan Max’s system.


Strict Government Vehicle Safety Regulations to Favor Market Growth


The rising vehicle safety awareness amongst consumers is boosting the demand for advanced safety features on vehicles including blind-spot detection and cruise control. These features can help aid drivers and reduce accidents. The rising number of road fatalities has compelled the governments of various nations to implement strict regulations and promote vehicle safety systems’ development. These strict government regulations are expected to stimulate the global the market growth significantly.


Key Players Launch New Products to Attain Growth


The market comprises Autoliv Inc., Robert Bosch GmbH, NXP Semiconductors, and Continental AG as the top market players, amongst others. The key players emphasize intensive research and development to produce high-yielding and compact radar sensors. They focus on technological developments to improve the radar technology. They devise ingenious growth strategies including new product launches, technological developments, patents, collaborations, partnerships, acquisitions, mergers, and others to enhance their market positions. For instance, NXP Semiconductors launched a new radar sensor chipset solution suite in December 2020. The new product offering can surround vehicles in a safety cocoon on all sides and enable the imaging radar’s classification and identification capabilities.


Industry Developments-



  • July 2021 – Continental integrated AEye's long-range LiDAR technology to build the first full-stack automotive-grade system for Level 2+ up to Level 4 automated and autonomous driving applications.


List of Key Players Profiled in the Market Report:



  • Robert Bosch GmbH (Gerlingen, Germany)

  • Continental AG (Hanover, Germany)

  • Denso Corporation (Kariya, Japan)

  • Autoliv Inc. (Stockholm, Sweden)

  • Valeo SA (Paris, France)

  • Aptiv (Dublin, Ireland)

  • NXP Semiconductors (Eindhoven, Netherlands)

  • Texas Instruments Incorporated (Dallas, U.S.)

  • ZF Friedrichshafen AG (Friedrichshafen, Germany)

  • Infineon Technologies AG (Neubiberg, Germany)


Further Report Findings-



  • The market size in Asia Pacific stood at USD 1.27 billion in 2020 and is projected to dominate the global automotive radar market share. The increasing automobile sales due to rising disposable income levels across China, India, and other countries are anticipated to boost the market growth. Moreover, the growing consumer awareness for vehicle safety due to the increasing number of road accidents is predicted to fuel the growth of the market.

  • According to the segmentation based on range, the medium range segment is anticipated to witness the highest growth during the forecast period. The medium range radar is used in safety features such as lane change assist, cross-traffic alert, park assist, among others.


Table of Segmentation












































  ATTRIBUTE



  DETAILS



Study Period



2017-2028



Base Year



2020



Estimated Year



 2021



Forecast Period



2021-2028



Historical Period



2017-2019



Unit



Value (USD Billion) & Volume (Thousand Units)



Segmentation



By Range



  • Short Range

  • Medium Range

  • Long Range



By Application



  • Adaptive Cruise Control (ACC)

  • Autonomous Emergency Braking (AEB)

  • Forward-Collision Warning System (FCWS)

  • Blind Spot Detection (BSD)

  • Intelligent Parking Assistance



By Geography



  • North America (U.S., Canada, and Mexico)

  • Europe (U.K., Germany, France, and Rest of Europe)

  • Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia- Pacific)

  • Rest of the World


Automotive Radar Market
  • PDF
  • 2020
  • 2017-2019
  • 200

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

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