The Automotive Radar Market Is Estimated To Record a CAGR of Around 31.75% During The Forecast Period
Evolve Business Intelligence has published a research report on the Global Automotive Radar Market, 2024–2034. The global Automotive Radar Market is projected to exhibit a CAGR of around 31.75% during the forecast period of 2024 to 2034.
Evolve Business Intelligence has recognized the following companies as the key players in the global Automotive Radar Market: Continental AG, Autoliv Inc., DENSO Corporation, Delphi Automotive Company, NXP Semiconductors, Texas Instruments, Robert Bosch GmbH, ZF Friedrichshafen, Valeo and Analog.
Market Highlights
The Global Automotive Radar Market is projected to be valued at USD 35.86 Billion by 2034, recording a CAGR of around 31.75% during the forecast period. The Automotive Radar Market is a rapidly growing segment within the automotive industry, driven by the increasing adoption of Advanced Driver Assistance Systems (ADAS) and autonomous driving technologies. Radar sensors are essential for detecting objects, measuring distances, and ensuring vehicle safety in various driving conditions.
The Automotive Radar Market is expected to witness strong growth due to the increasing penetration of ADAS in mid-range and budget cars, the push for autonomous driving, and continuous advancements in radar technology.
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Segmental Analysis
The global Automotive Radar Market has been segmented based on Range, Vehicle Type and Application.
Based on Range, the Automotive Radar Market is segmented into Short & Medium Range RADAR (S&MRR), Long Range RADAR. The Short & Medium Range RADAR is anticipated to dominate the market.
Based on Vehicle Type, the global Automotive Radar Market has been Commercial Vehicle and Passenger Vehicle. The Passenger Vehicle segment is anticipated to dominate the market.
Based on Application, the global Automotive Radar Market has been divided Adaptive Cruise Control (ACC), Autonomous Emergency Braking (AEB), Blind Spot Detection (BSD), Forward Collision Warning (FCW), Intelligent Park Assist, Others. The Adaptive Cruise Control (ACC) segment is anticipated to dominate the market.
Regional Analysis
The Automotive Radar Market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, & Africa. In North America region, the United States is a leading market, driven by strong demand for advanced safety features and the presence of major automotive technology companies and investments in autonomous driving and the development of advanced ADAS are fueling market growth. Europe has a mature automotive market with a strong emphasis on safety and countries like Germany are at the forefront of ADAS adoption, driven by stringent safety regulations and the presence of leading automotive manufacturers. In Asia-Pacific region, countries like China, Japan, and India are experiencing significant increases in automotive production and demand for ADAS technologies. China, in particular, is heavily investing in autonomous driving, leading to a surge in radar system adoption. In Latin America region, Brazil and Mexico are implementing NCAP ratings that encourage radar-based ADAS adoption and Countries like Chile and Brazil are incentivizing EVs, leading to increased radar sensor adoption. In Middle East and Africa region, Dubai and Saudi Arabia are investing in autonomous vehicle technology and connected vehicle infrastructure.