The global automotive radar market is projected to grow from USD 6.6 Billion in 2024 to USD 33.6 Billion by 2030, registering a CAGR of 31.1%. The development and commercialization of autonomous and semi-autonomous vehicles rely heavily on radar systems for environmental sensing and object detection. As the industry moves towards higher levels of vehicle automation, the demand for advanced radar systems is expected to rise significantly. Moreover, The growing awareness regarding road safety and the need to reduce accidents encourages the adoption of radar-based safety systems in vehicles. Consumers are increasingly opting for vehicles equipped with advanced safety features.
The electric segment of the automotive radar market is expected to grow at a faster rate during the forecast period, driven by the surging sales of EVs, which increasingly come equipped with ADAS. EVs are a foundational platform for autonomous vehicles, which rely heavily on radar for precise navigation and safety. Recent developments illustrate this trend, such as Nissan (Japan) will be unveiling a new autonomous test vehicle in June 2024 based on its Leaf EV. This vehicle will include 10 radars, 14 cameras, and 6 LiDARs, marking the beginning of Nissan's roadmap for paid autonomous driving systems by March 2028. These advancements highlight the growing demand for sophisticated radar systems in EVs. As EV adoption accelerates, the integration of advanced radar technologies is set to expand significantly, ensuring enhanced safety and performance. The automotive radar market is expected to grow in tandem with the rise of EVs in the coming years.
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By range, Medium-range radar holds the second largest market share during the forecast period. Continuous advancements in radar technology have improved performance and reduced the costs of MRR systems. This has made it more feasible for manufacturers to integrate these systems into light commercial vehicles without significantly increasing the overall vehicle cost. Vehicle models such as the Ford F-Series Duty Truck, Ram ProMaster, and Mercedes-Benz Sprinter are equipped with MRR. Advancement in light commercial vehicles toward safety would also drive the demand for MRR. From a technical perspective, MRR systems offer good resolution and accuracy, and they can detect and track multiple objects simultaneously. This capability is crucial for making informed decisions in complex driving scenarios, such as navigating through intersections or overtaking other vehicles on the highway. Due to such features, demand for medium-range radar will drive the market during the forecast period.
By Vehicle, Heavy commercial vehicle will grow at higher CAGR during the forecast period. Automotive radar enhances safety and efficiency in heavy commercial vehicles through various functions, with BSD and ACC. These functions are crucial in preventing accidents and optimizing fleet efficiency in logistics and supply chain operations. Also, when combined with lane keep assist and lane departure warning systems, BSD enhances driver awareness, thereby minimizing the probability of collisions caused by blind spot-related incidents. Advanced Radar Sensor ARS540 Long Range Radar and Advanced Radar Sensor ARS51x Long Range Radar are some of the radars offered by Continental AG (Germany) for commercial vehicles. These product ranges by OEM highlight the growing demand for advanced radar systems in heavy commercial vehicles.
The Asia Pacific region is projected to grow at the highest CAGR, driven by several key factors. China's position as the largest vehicle manufacturer globally significantly contributes to this trend, alongside a growing consumer demand for enhanced vehicle safety features in the region. Additionally, major automotive radar providers like Continental AG (Germany), Robert Bosch GmbH (Germany), and Denso Corporation (Japan) are strategically expanding their presence in the Asia Pacific market to meet this rising demand. Bosch has decided to stop developing LiDAR sensors for high-end autonomous vehicles by restructuring their R&D centers in India from September 2023. Instead, it will be focusing on mmWave radar and other sensor technologies. Such development will drive the automotive radar market in Asia Pacific region during the forecast period.
Key Market Players:
The automotive radar market is dominated by established players such as Robert Bosch GmbH (Germany), Continental AG (Germany), Aptiv (Ireland), Denso Corporation (Japan), and NXP Semiconductors (Netherlands).
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