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Automotive Radar Sensors Is Fastest Growing Segment Fueling The Growth Of Automotive Radar Market

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Sumedha
Automotive Radar Sensors Is Fastest Growing Segment Fueling The Growth Of Automotive Radar Market

Market Overview:


The automotive radar market is estimated to be valued at US$ 4.86 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Automotive radar is a sensing technology used in various safety and autonomous driving applications in the automotive industry. It functions to detect obstacles on the road and assist drivers with advanced driver-assistance systems (ADAS) such as adaptive cruise control, autonomous emergency braking, blind-spot detection, lane change assist, and park assist.


Market Dynamics:

The growth of the global automotive radar market is driven by rising demand for advanced driver-assistance systems and autonomous vehicles. Growing consumer awareness about vehicle and passenger safety features is resulting in increased demand for vehicles equipped with radar technology. Furthermore, government regulations mandating safety features such as autonomous emergency braking and lane departure warning systems are also propelling market growth. For instance, the European Union has made AEBS mandatory for new car types from 2022 and all new cars from 2024. However, high production costs associated with radar systems limits the market expansion to some extent. Ongoing technological advancements to reduce costs will continue to provide growth opportunities for market players over the forecast period.


Automotive radar is a sensing technology used in various safety and autonomous driving applications in the automotive industry. It functions to detect obstacles on the road and assist drivers with advanced driver-assistance systems (ADAS) such as adaptive cruise control, autonomous emergency braking, blind-spot detection, lane change assist, and park assist.


Market Dynamics:

The growth of the global automotive radar market is driven by rising demand for advanced driver-assistance systems and autonomous vehicles. Growing consumer awareness about vehicle and passenger safety features is resulting in increased demand for vehicles equipped with radar technology. Furthermore, government regulations mandating safety features such as autonomous emergency braking and lane departure warning systems are also propelling market growth. For instance, the European Union has made AEBS mandatory for new car types from 2022 and all new cars from 2024. However, high production costs associated with radar systems limits the market expansion to some extent. Ongoing technological


SWOT Analysis


Strength: Automotive radar provides advanced driver assistance such as collision avoidance and mitigation systems. It improves vehicle and road safety significantly. The technology is maturing with continuous innovation and adoption in premium vehicles.

Weakness: Automotive radar systems are currently costly for mass adoption in mainstream vehicles. They also need continuous improvements to withstand harsh weather conditions. Dependency on semiconductors keeps the costs high.

Opportunity: With advancement in technology, radar sensors are becoming relatively affordable. Growing demand for advanced driving features and autonomous driving provides huge market opportunity. Rapid urbanization increases road congestion and accidents enhancing the need.

Threats: Stringent regulations around automotive radars pose challenges to industry. OEM adoption depends on consumer acceptance of advanced technologies in developing markets.


Key Takeaways


The Global Automotive Radar Market Share is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing demand for advanced driver assistance systems and autonomous driving technologies. Growing concerns around road safety, rising disposable income, and global automobile production are driving the market. Europe and North America dominate the automotive radar market currently due to presence of major automobile manufacturers and early adoption of technologies.


Regional analysis The Asia Pacific region is expected to grow at the fastest pace during the forecast period. Increasing automobile production in China and India coupled with government initiatives for adoption of advanced driver assistance systems are fueling the regional market. Japan is the largest market in the region.


Key players operating in the Automotive Radar are Robert Bosch GmbH (Germany), HELLA KGaA (Germany), Continental AG (Germany), Denso Corporation (Japan), Delphi Automotive PLC (U.K.), Autoliv Inc. (Sweden), and Valeo S.A. (France) are the system manufacturers and companies such as Infineon Technologies AG (Germany). Key players are focusing on partnerships, technological innovations and mergers & acquisitions to strengthen market presence.

Get More Insights Here

https://www.trendingwebwire.com/automotive-radar-market-size-share-growth-outlook-2023/


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