The
global automotive radar market is expected to reach USD
12.16 billion by 2025, growing at a CAGR of 20.8%, according to a study
conducted by Grand View Research, Inc. The growing focus on active safety
features, innovations in the radar technology, decreasing prices of components,
and increasing sales of vehicles are the propelling factors for market growth.
Radars play a vital role in detecting objects in various safety systems
including adaptive cruise control, pedestrian detection system, blind spot
detection, and automated emergency braking.
In
order to achieve complete vehicle autonomy, it is essential for automakers to
focus on the enhancement of the radar technology and subsequently on the
reduction in the size of radar systems. One of the major hurdles hampering the
growth of automotive radars is the lack of uniform frequency allocation across
the globe. Moreover, the use of higher frequency band is likely to lead to
higher resolution benefits and promote the use of a single technology for all
applications, thereby reducing the risk of mutual interference. The European
Commission has already initiated the 79 GHz project for vehicular radars, which
has been the foundation for the future development of the automotive radar
market.
The
market is characterized by the presence of prominent automotive electronics
manufacturers including Continental AG, Robert Bosch GmbH, Infineon
Technologies AG, and Texas Instruments, among others. Strong R&D
capabilities have led to the development of application-oriented radars.
Additionally, they have assisted radar manufacturers in complying with
different frequency standards present in different countries.
According
to the World Health Organization, globally 1.25 million people suffer from
death due to road traffic crashes each year. Road accidents are likely to
become the seventh leading cause of death by 2030 if appropriate measures to
increase vehicle safety are not taken. Thus, the need to protect drivers and
passengers from potential accidents would play an important role in determining
the growth of the automotive radar market.
U.S. automotive
radar market, by application, 2014 - 2025 (USD Million)
Browse full research report on Automotive
Radar Market:
Further key findings from the study
suggest:
- Medium
& short range radar is the fastest growing segment in terms of range,
owing to their growing use in numerous applications, such as blind spot
detection, lane change assist, and park assist, among others.
- In
terms of vehicle types, the passenger car segment is projected to drive
the market, owing to the rising radar-based safety systems in mid-priced
passenger cars.
- Adaptive
Cruise Control (ACC) is projected to hold the largest market size by 2025
owing to rising safety concerns among growing automotive markets such as
India and China.
- Increasing
efforts from the National Highway Traffic Safety Administration (NHTSA),
the Insurance Institute for Highway Safety, and prominent automakers
operating in the U.S. for mandating the installation of AEBs in all cars
by 2022 are likely to boost the automotive radar market.
- The
European region held the largest market size in 2016, which is attributed
to the increased stringency in safety norms and NCAP rating.
- The
Asia Pacific region is projected to grow at the highest CAGR owing to the
rapid adoption of radar-based safety features and increasing vehicle
production.
Access
Press Release By Grand View Research: http://www.grandviewresearch.com/press-release/global-automotive-radar-market
About
Grand View Research, Inc:
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, the company offers market intelligence
studies ensuring relevant and fact-based research across a range of industries
including technology, chemicals, materials, healthcare and energy.
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