Global Radar Sensor Market - Forecasts from 2024 to 2029

Global Radar Sensor Market - Forecasts from 2024 to 2029

The global radar sensor market is estimated to grow at a CAGR of 17.51% to reach US$30.536 billion in 2029 from US$13.627 billion in 2024.

Radar sensors are one type of sensor used for multiple purposes like detecting, locating, and tracking objects thus, has a vast utilization in many industries including automotive, aerospace industry, military & security applications to list a few. The increasing use of advanced driver assistance systems (ADAS) and autonomous vehicles in the automotive industry is one of the major growth drivers for the global radar sensor market. Radar sensors are important for the safety of a vehicle, as they allow it to implement functions like adaptive cruise control collision avoidance with guided parking assistance.

Additionally, an increase in the use of various radar sensors, particularly across A&D (Aerospace and Defense) and Automotive industries is expected to bolster the market for radar sensors. Furthermore, the manufacturers are focusing much more on radar sensor technology and new product innovation which will create lucrative opportunities for market growth in future-proof years. North America will also hold a substantial market share as options for new technological advancements have taken place earlier, and growing investment rates by government organizations and leading industry players are likely to fuel the growth of the global market.

GLOBAL RADAR SENSOR MARKET DRIVERS:

The expanding automotive industry is expected to bolster the radar sensor market.

The market potential for ADAS has been increased to mid-range automobiles because of the recent attention on safety globally, such as the issuance of new regulatory guidance and standards for automated vehicles - Automated Automobiles 3.0 by the NHTSA which resulted in a rise in manufacturing volume. Hence, radar sensors are being employed by a large number of companies.

As per the data published by the Federal Highway Administration, vehicle registration increased in the nation accounting for 99,946,870 automobile registrations while all motor vehicle registrations were 283,400,986 in 2022. Further California state has the highest number of all motor vehicle registrations with 31,119,113 registrations in 2022. This significant increase in registration can be attributed to the rise in the use of radar sensors for consumer safety in automotive vehicles.

In addition, market players are collaborations to develop radar sensor technology in automotive focused on introducing new advanced innovations and vehicle features utilizing this technology leading to market expansion in the years to come. For instance, in September 2023, Mobileye and Valeo announced a collaboration to develop high-definition imaging radars for next-generation driver help and automated driving features. The association focuses on offering software-defined, best-in-class imaging radars for progressed hands-off ADAS systems and eyes-off automated driving features on interstateways and urban roads.

Global Radar Sensor Market Geographical Outlook:

The North America region would dominate the radar sensor market share.

North America is predicted to hold a major part of the market share for the projection period owing to the early adoption of emerging technologies and huge spending on R&D in multiple industries. Additionally, Canada and the US are the leading countries that contribute huge spending on military and defense to support the expansion of the radar sensor market. The requirement for radar sensors in the United States is on the rise due to the increase of automation at a rapid pace including the rise of Industry 4.0, and the fast growth of autonomous driving, which in turn creates a growing need for presence and motion detection for better safety and control.

The increasing 5G and IoT development, along with the growing R&D spending in radar technology also drive growth of the Indian Radar sensor market. For instance, in March 2024, Raytheon successfully demonstrated its Lower Tier Air and Missile Defense Sensor (LTAMDS) to the U.S. Army in a recently held live-fire event. Supporting the progress, 360-degree radar is used to find and close complex targets with military commanders from seven countries present at its first trial. The fourth live-fire Radar Demo Demonstrates LTAMDS execution and integration with the Integrated Battle Command System (IBCS). This growth in the aerospace and defense industry, and radar sensor technology would positively impact the regional market.

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Report Coverage:

Historical data & forecasts from 2022 to 2029
Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
Competitive Positioning, Strategies, and Market Share Analysis
Revenue Growth and Forecast Assessment of segments and regions including countries
Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)

Market Segmentation:

Global Radar Sensor Market is segmented and analyzed as below:

By Type of Radar System

Bistatic Radar
Continuous Wave Radar
Instrumentation Radar
Weather Radar
Others

By Application

Automotive
Aerospace & Defense
Security & Surveillance
Industrial
Others

By Geography

North America
United States
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Others
Middle East and Africa
UAE
Israel
Saudi Arabia
Others
Asia Pacific
Japan
China
India
South Korea
Thailand
Taiwan
Indonesia
Others