The global automotive radar market is expected to grow from $5 billion in 2023 to $12 billion by the end of 2033, with a CAGR of 9.1%. The use of automotive radars in passenger vehicles is growing due to the strong demand for automobiles with improved safety, comfort, and driving capabilities.
Automotive radars are special sensors in vehicles that use radio waves to detect nearby objects. They are crucial for advanced safety features and self-driving technology. Unlike cameras, radars work well in any weather and have a longer reach. They are also cost-effective compared to technologies like LiDAR. Radars are great at tracking multiple objects at once, which is vital for features like adaptive cruise control. They are sturdy and less likely to get damaged than other sensors.
Get Free Sample Copy of This Report:
The automotive radar market is expanding primarily due to rising demand for advanced driver assistance systems (ADAS) and self-driving technologies. Stricter safety standards, combined with a growing emphasis on decreasing accidents and improving road safety, have accelerated the introduction of radar systems in automobiles.
However, the radar has difficulty distinguishing between different items, such as cars, people, and stationary objects. Despite significant advancements in radar technology, it is still difficult to detect and pinpoint distant objects. This is especially tricky in busy city areas or bad weather.
Key Takeaways:
- Europe holds a 50% share of the global market because of the increase in government policies supporting intelligent and environmentally friendly transportation to lessen environmental effects.
- The US market is expected to be a lucrative market due to a rise in roadside fatalities and substantial research and development efforts. Additionally, there is an increasing demand for automotive radars in hybrid electric vehicles.
- The expansion of the market in Germany can be attributed to advancements in smart transportation, a surge in the production of both commercial and passenger vehicles, and government regulations focused on improving vehicle safety standards.
Stricter safety regulations emphasizing accident reduction, and the superior all-weather performance along with cost-effectiveness of radar compared to alternatives is driving the market growth - Says FACTMR Expert
Market Competition
Prominent players in this intensely competitive industry are prioritising quality control procedures to raise product standards and ensure the delivery of functional automotive radar systems. Major manufacturers are focussing their efforts on developing high-performance radar systems specifically for automotive applications.
• Continental unveiled the 6th edition of its long-range and surround radar systems at the Auto Shanghai show in 2021. The systems use a common hardware and software platform, reducing complexity and production costs.
Winning strategies:
- Top players in the market should focus on using radar technology at higher frequencies, like 77 GHz. This allows for sharper and more accurate detection of objects. This upgrade is vital for making advanced safety systems and self-driving cars safer and more reliable.
- A successful approach in the automotive radar market is to ensure radar systems meet the safety standards set by Euro NCAP. This builds trust with safety-conscious consumers and automakers, making it a great strategy.
- Leading companies in the automotive radar industry should provide radar systems that can switch between different modes - like FMCW and pulsed radar. This flexibility is important for handling various driving situations.
Country-wise Insights
What Chances Exist for US Automotive Radar Suppliers?
In hybrid electric vehicles, there is an increasing demand for automotive radars.
The rise in traffic-related fatalities and active R&D programs have a beneficial effect on market expansion in the US. In the United States, rising demand for automotive radars in hybrid electric vehicles and stricter automobile safety laws are driving up market value.
Old Source: https://www.globenewswire.com/news-release/2023/10/18/2762780/0/en/Automotive-Radar-Market-Expected-to-Reach-US-12-Billion-by-2033-Fact-MR-Report.html
Comments
0 comment