The automotive radar market comprises radar sensors that assist driver assistance systems and autonomous driving functions in vehicles. Automotive radars are essential components in advanced driver-assistance systems (ADAS) such as adaptive cruise control, blind-spot detection, forward-collision warning, and automatic emergency braking systems. The growing demand for active and passive vehicle safety features across all vehicle categories has contributed hugely to the growth of the automotive radar market.
The Global automotive radar market is estimated to be valued at US$ 5.6 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the automotive radar market are Banner Engineering Corporation, Rockwell Automation Inc., Pepperl+Fuchs SE, Emerson Electric Company, Panasonic Industry Europe GmbH (Panasonic Corporation), Honeywell International Inc., Sick AG, Yokogawa Electric Corporation, Omron Corporation, ABB Ltd., General Electric Company, Schneider Electric SE, and Siemens AG. These players are focusing on developing advanced radar sensors with higher resolution, range, and accuracy to meet the evolving ADAS requirements.
The increasing demand for semi-autonomous and autonomous vehicles presents significant growth opportunities for automotive radar manufacturers. Continued technology advancements are expected to result in smaller, cheaper, and more reliable radars that can support higher levels of vehicle autonomy. Several automakers are also aiming to deploy LiDAR and radar sensors together to achieve redundant sensing for higher safety assurances.
The growing automotive production and vehicle parc across major economies will drive the demand for automotive radars from an aftermarket perspective as well. Automotive OEMs are also expected to ramp up the deployment of advanced driver assistance solutions such as automatic emergency braking and traffic jam assist, which will require radars. This, along with regulations mandating the inclusion of certain passive safety features, will push the global expansion of the automotive radar market during the forecast period.
Market drivers
Stringent safety regulations: Government regulations worldwide are mandating the inclusion of advanced driver assistance systems such as automatic emergency braking, lane keeping assist in new vehicles. This is driving the demand for reliable object detection sensors such as automotive radars.
PEST Analysis
Political: Any new road safety regulations for vehicles will positively impact the Automotive Radar Market Demand. Regulations related to driver assistance systems and autonomous vehicles will drive innovations.
Economic: Growing automobile industry and the rising demand for enhanced driving experience and safety features in vehicles encourage automobile manufacturers to adopt advanced driver assistance systems increasing the demand for automotive radars.
Social: Increasing consumer demand for safety, luxury, and comfort features in vehicles is a key factor for adoption of advanced driver assistance systems using automotive radars. More people are willing to pay extra for enhanced safety features.
Technological: Short-range radars are increasingly being used for adaptive cruise control and collision avoidance whereas long-range radars are adopted for lane change assistance and highway autonomous driving applications. Radar sensors are also being combined with cameras and LiDARs for higher resolution mapping and detection capabilities.
North America accounts for the largest share of the automotive radar market in terms of value owing to large vehicle production, high vehicle safety and features adoption rate. Growing demand for luxury vehicles in the US and Canada supplements the regional market growth.
Asia Pacific is the fastest growing region for automotive radar market driven by increasing automobile production in China and India to cater to the rising domestic demand. Government initiatives focusing on road safety along with growing consumer purchasing power support the adoption of advanced driver assistance systems in Asia Pacific.
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