Global Automotive Radar Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Automotive Radar Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Automobile radar can detect the distance, speed and direction of objects by managing the direction of the radio waves that send and receive radio waves. Automotive radar is divided into three categories, namely long-range radar, short-range radar and medium-range radar. To measure distance and speed with other vehicles, long-range radar is used. The mid-range radar is used to detect objects in a wider field of view. In addition, short-range radar is also used to sense objects near the vehicle, such as parking.

Market Overview:

The latest research study on the global Automotive Radar market finds that the global Automotive Radar market reached a value of USD 6917.62 million in 2022. It’s expected that the market will achieve USD 18066.49 million by 2028, exhibiting a CAGR of 17.35% during the forecast period.

Influence of COVID-19 Outbreak on Automotive Radar Industry Development

The raging COVID-19 plunged the global economic environment into depression. The impact of COVID-19 on the automotive radar industry will involve all entities in the industry chain. The company's management efficiency has declined, commuting has been severely hindered, production and R&D plans have been severely hindered, network expansion has been delayed, marketing has been delayed, brand adjustments have been forced, market sales have declined, and company and employee revenue have declined.

Europe, North America and China are the main consumer regions of automobiles. As Europe, North America and China are also the hardest hit areas of COVID-19, it will seriously affect the sales of automotive radar. Due to the outbreak of COVID-19 and poor logistics operations, the automotive radar market is facing greater pressure. At the same time, the uncertainty of the global epidemic will further strengthen the control measures of various countries, and the operating efficiency of affiliated companies is much worse than in the past.

For the automotive radar market, the most direct impact is undoubtedly the sharp decline in sales in recent months. Because of the greater risk of infection with COVID-19, people prefer to stay in a safe place and reduce the number of trips. Therefore, the demand for automobiles is reduced, and the demand for automotive radars is naturally reduced.

Opportunities

Due to the increasing number of road traffic accidents worldwide, the demand for safety features such as parking assistance, collision avoidance systems, lane departure warning, traction control, electronic stability control, tire pressure monitors, airbags and telematics is increasing. Advanced driver assistance systems can detect and classify certain objects on the road and alert drivers to road conditions. In addition, these systems can also automatically slow down or stop the vehicle according to road conditions.

In addition, it has been observed that the death rate has greatly increased due to traffic accidents. In a report released by the World Health Organization (WHO) on December 7, 2018, people were killed in traffic accidents every 24 seconds, and the number of people killed in traffic accidents reached 1.35 million every year. The report pointed out that the main cause of death for children and young people aged 5 to 29 is traffic accidents. These factors have led to an increase in demand for vehicle safety functions. Automotive companies are developing and introducing safety features to meet customer needs. Therefore, the high demand for safety functions (such as advanced driver assistance systems) has driven the growth of the automotive radar market.

As the purchasing power increases, consumers' demand for comfort while driving increases. The application of safety functions using automatic radar (such as adaptive cruise control and parking assist systems) can provide driver comfort. In addition, in recent years, due to the increased purchasing power of consumers, the demand for driver assistance applications has increased significantly, and has affected consumers' demand for comfortable driving. In addition, as consumers' per capita income has increased, the development of advanced driver assistance systems has ultimately driven the growth of the automotive radar market.

Region Overview:

Europe had the highest growth rate of all regions.

Company Overview:

Continental AG is one of the major players operating in the Automotive Radar market, holding a share of 20.89% in 2020.

Continental manufactures tires, automotive parts, and industrial products. The Company produces passenger cars, trucks, commercial vehicles, bicycle tires, braking systems, shock absorbers, hoses, drive belts, conveyor belting, transmission products, and sealing systems. Continental markets its products worldwide.

Valeo designs and manufactures automobile components. The Company offers clutches, engine cooling parts, lighting, electrical systems, windshield wipers, motors and actuators, security systems, electronics, and connective systems. Valeo serves automotive industry worldwide.

Segmentation Overview:

Among different product types, Short Range Radar & Mid-Range Radar (S&MRR) segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Adaptive Cruise Control segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Automotive Radar market covered in Chapter 3:

Hella KGaA Hueck＆Co.
Aptiv PLC
Valeo SA
ZF Friedrichshafen AG
Denso Corporation
Veoneer
Continental AG
Robert Bosch GmbH

In Chapter 4 and Chapter 14.2, on the basis of types, the Automotive Radar market from 2018 to 2029 is primarily split into:

Short Range Radar & Mid-Range Radar (S&MRR)
Long Range Radar (LRR)

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Automotive Radar market from 2018 to 2029 covers:

Adaptive Cruise Control (ACC)
Autonomous Emergency Braking (AEB)
Blind Spot Detection (BSD)
Forward Collision Warning (FCW)
Intelligent Park Assist
Other ADAS Systems

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)