According to a recent research report published by MarketsandMarkets, the Automotive RADAR Market is projected to grow at a CAGR of 23.81%, from USD 2.27 Billion in 2016 to USD 6.61 Billion by 2021. The report segments the market by range, application, frequency band, and vehicle type based on regions. A detailed study of various market leaders has been done and opportunity analysis has been provided in the report.
In terms of volume the market is expected to reach 153.3 million units by 2021. The major factors driving the growth of the Automotive RADAR Market are rising concerns pertaining to vehicle, driver, passenger and, pedestrian safety along with increased involvement of players across the ecosystem.
The short & medium range RADAR segment is estimated to have the largest market share, owing to the more applications in various driver assistance systems such as blind spot detection, cross traffic alert, and intelligent park assist. The application of these safety features requires at least two RADAR sensors. The demand for these safety features is growing due to the factors such as rising government regulations for vehicle safety and increase in adoption of automotive RADAR based ADAS technology by OEMs.
Adaptive cruise control incorporates long range radar sensors and is an advanced version of cruise control. In many countries, long range radar based on 7X-GHz frequency band was initially banned. However, due to the increased safety concerns, these are now available in all the major markets. As the basic cruise control feature is already present in most of the mid-priced and luxury vehicles, the market for ACC is further expected to grow at a higher rate.
North America was estimated to be the largest market, by value, for automotive RADAR systems in 2016, owing to the stringent safety regulations in the region. Increased awareness towards safety features has also fueled the demand in the region. The U.S. New Car Assessment Program (NCAP) has mandated autonomous emergency braking and lane departure warning system for five star rating for any passenger car. The U.S. National Highway Transport Safety Administration (NHTSA) is also studying the feasibility of lane departure warning and rear view camera system to make these technologies a mandate. All these regulations pertaining to vehicle safety are estimated to drive the growth of the Automotive RADAR Market in the region.
The report covers all the major players in the Automotive RADAR Market that includes companies such as Robert Bosch GmbH (Germany), HELLA KGaA (Germany), Continental AG (Germany), Denso Corporation (Japan), Delphi Automotive PLC (U.K.), and Autoliv Inc. (Sweden) among others.
You can read the report to learn more about this - Automotive RADAR Market - Global Forecast to 2021
