Automotive Radar Market - Size, Share, Outlook, and Opportunity
Analysis, 2018-2026
Automotive radars are used for detecting objects on the road and sensing distances
between vehicles in real-time. These radars help enhance driving efficiency and road
safety. Automotive radars contain a receiver and transmitter, and is used for sending
and receiving waves for detecting the distance, speed, and directions of objects.
Collision detection, warning and mitigation, collision avoidance, blind spot monitoring
and detection, lane change assistance, lane departure warning system, rear
cross-traffic alerts, and vulnerable road user detection are some of the applications
of automotive radar systems.
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Increasing concern regarding safety is one of the major factors driving growth
of the automotive radar market.
Increasing demand for advanced safety system, comfort, and convenience systems,
and increasing number of road accidents are expected to fuel growth of the
automotive radar market. For instance, according to World Health Organization
(WHO), an estimated 1.25 million road accidents were reported worldwide in
2013,out of which around 93% road traffic deaths were reported in low- and
middle-income economies and over 50 million people were injured due to road
accidents. Radar sensors are responsible for collecting vital information such as
range, angle, and Doppler velocity, which is then used to determine the driving
situation and warn drivers regarding potential collisions to avoid blind spot crashes.
Thus, automotive radars increase safety, lower the risk of road accidents, and help
manage road traffic, which in turn, influencing vehicle manufacturers to integrate
advanced radar systems in vehicles. These factors are thus, expected to propel
growth of the automotive radar market in the near future.
High cost of automotive radars is one of the major factors restraining growth
of the market
The key factor restraining growth of the automotive radar market is the high cost of
these radar systems. For instance, according to the Coherent Market Insights, in
2017, the costs for 24GHz, 77GHz, and 79GHz automotive millimetre-wave radar
sensor modules were around US$ 50, US$ 150-220, and US$ 100-200, respectively.
The cost of radars vary based on the range of detection, namely short range,
medium range, and long range. Automakers thus refrain from using radar sensors in
their vehicles, as it increases the overall cost of the vehicle, which negatively impacts
sales and overall revenue. This in turn, is hampering growth of the market for
automotive radars.
Global Automotive Radar Market: Regional Insights
The market for automotive radar in Europe accounted for the largest share in 2017
and is expected to retain its dominance over the forecast period (2018 – 2026). This
growth is attributed to increasing stringency of vehicle safety norms for both active
and passive safety standards on vehicles, by the European Commission (EC). For
instance, the European commission set up General Safety Regulation (EC
661/2009), which mandates the use of electrical safety, electronic stability control,
advanced emergency braking, tyre pressure monitoring, driver safety-belt reminder
for trucks and buses. This, in turn, is expected to increase the installation of safety
systems in vehicles, which is further expected to propel growth of the automotive
radar market in Europe.
Global Automotive Radar Market: Competitive Landscape
Key players operating in the global automotive radar market include Continental AG,
Denso Corporation, Robert Bosch GmbH, Infineon Technologies AG, Valeo, NXP
Semiconductors, HELLA KGaA Hueck & Co., Texas Instruments Incorporated (TI),
Autoliv Inc., and ZF Friedrichshafen AG.
Major players are adopting product development strategies for strengthening their
foothold in the market. For instance, in 2017, DENSO Corporation developed
24-GHz submillimeter-wave rear and side radar sensor to help enhance vehicle
safety systems. This sensor is part of the automotive system, which helps drivers
identify and navigate around other vehicles when changing lanes or reversing out of
a parking space, and controls the autonomous emergency braking function to avoid
imminent collisions. Thus, in turn, is expected to offers Denso Corporation a
competitive edge in the global market.
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The research report on Automotive Radar Market is segmented By Range Type, Frequency Type, Vehicles, Distribution Channel, Region - Size, Share, Outlook, and Opportunity Analysis, 2018-2026