Automotive Radar Market to Grow at a CAGR of 14.9% to reach US$ 11,640.77 Million from 2020 to 2027

Automotive Radar Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Range (Long Range Radar (LRR), Medium Range Radar (MRR), Short Range Radar (SRR)), Frequency (24GHz, 77GHz, 79GHz), Application (Adaptive Cruise Control, Autonomous Emergency Braking, Blind Spot Detection, Forward Collision Warning System, Intelligent Park Assist, Others), and Vehicle Type (Passenger Cars, Light Commercial Vehicles, and Medium and Heavy Commercial Vehicles)

Publication Month: Feb 2021 | Report Code: TIPTE100000609 | No. of Pages: No. of Pages189 | Category: Automotive and Transportation | Status: Published

The automotive radar market was valued at US$ 5,019.01 million in 2019 and is projected to reach US$ 11,640.77 million by 2027; it is expected to grow at a CAGR of 14.9% during 2020–2027.

The automotive radar market is driven by various factors such as increasing government regulations concerning vehicle safety, rising adoption of premium vehicles, as well as a growing number of radars used in a vehicle. Moreover, the rising production and adoption of electric vehicles (EV) are further expected to support the growth of the automotive radar market. It is anticipated that in the coming years, autonomous driving will be the growing trend. To attain this, several vision technologies have increased intending to deliver functionality as well as safety to the vehicle's drivers and passengers. Radar systems are considered the most established and trusted technologies among the automotive industry's various vision technologies. At present, several vehicle manufacturers provide 'level 3' automation, wherein drivers are on standby for a certain time. These vehicles are integrated with nearly five radar systems, including SSR and LLR, for applications such as emergency braking or adaptive cruise control.

Impact of COVID-19 Pandemic on Automotive Radar Market

The North American region is greatly influenced by the presence of the US owing to its considerable adoption of passenger vehicles per capita and large presence of automobile manufacturing capabilities in the country. Though the US witnessed a notable surge in the number of COVID-19 cases, the lack of stringent government measures and restrictions slightly impacted the overall automotive industry; hence the market experienced a moderate impact from the pandemic. Additionally, the ongoing US and China trade war influenced the availability of materials and components for various automotive OEMs following the pandemic. Moreover, as Mexico and Canada witnessed a decline in the demand for automotive sales, they also witnessed a notable decline in their overall market growth for various automotive components, including radars.

Lucrative Regions in Automotive Radar Market

Lucrative Regions in Automotive Radar Market

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Market Insights–Automotive Radar Market

Rising Number of Road Accidents and Fatalities Fuels Market Growth

Road traffic injuries are a key public health concern faced by governments, and the increasing prevalence of the same hinders the development of countries. According to the data by the World Health Organization (WHO), ~1.35 million people die each year because of road traffic accidents, which also lead to considerable economic loss at macro as well as micro level. According to the WHO, road traffic injuries cost most countries 3% of their Gross Domestic Product (GDP). To create awareness about road safety and rising death count due to road accidents, many national and international organizations are running awareness campaign around the globe. For instance, the WHO has been promoting safe system campaign with a mission to create awareness about road safety measures. In addition to various international organization (such as WHO), governments of various countries are also promoting and implementing laws and regulations to reduce road accidents. These activities involve promoting the incorporation of advanced automotive radar systems in vehicles. The radar systems facilitate advanced cruise control, collision warning, and lane change assistance; the systems also help drivers in getting alerts about the unseen incidents. Radar-based OEMs have been striving to develop advanced radar solutions. For instance, the business unit of Continental AG i.e. ADAS operating in North America reached the milestone production of 30 million radar sensors in August 2020. The company aims to promote “Safely There” campaign to raise awareness about various automotive safety technologies. Similar to Continental AG, other OEMs are also investing in R&D to develop advanced solutions for tapping the growing opportunities in the automotive radar market.

Range-Based Insights

Based on range, the automotive radar market is segmented into long range radar (LRR), medium range radar (MRR), and short range radar (SRR). The short range radar segment led the global automotive radar market. Short range radar helps driver to detect and avoid danger around the vicinity of the vehicle. High performance 24 GHz radar sensor is installed at both ends of the rear bumper.

Automotive Radar Market, by Range (% Share)

Automotive Radar Market, by Range (% Share)

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Frequency-Based Insights

Based on frequency, the automotive radar market is segmented into 24 GHz, 77 GHz, and 79 GHz. 24 GHz segment led the market in 2019 and is expected to lose its dominance to 77 GHZ during the forecast period. The share of 24 GHz frequency is projected to decline owing to its replacement by 79 GHz high-resolution short range radar for blind-spot monitoring. 79 GHz allows mapping of the complete vehicle surroundings.

Application-Based Insights

Based on application, the automotive radar market is bifurcated into adaptive cruise control, autonomous emergency braking, blind spot detection, forward collision warning system, intelligent park assist, and others. The market for the intelligent park assist segment is projected to grow at the highest CAGR during the forecast period.

Vehicle Type-Based Insights

Based on vehicle type, the automotive radar market is segmented into passenger cars, light commercial vehicle, and medium and heavy commercial vehicle. The passenger cars segment led the market in 2019. One of the primary reasons for the growth of this segment is increasing awareness for vehicle safety among mid-priced car owners. Also, the rising demand for passenger vehicles, particularly among the middle-class population, boosts the growth of automotive radars in passenger cars.

Strategic Insights

Report CoverageDetails
Market Size Value inUS$ 5,019.01 Million in 2019
Market Size Value byUS$ 11,640.77 Million by 2027
Growth rateCAGR of 14.9% from 2020-2027
Forecast Period2020-2027
Base Year2020
No. of Pages189
No. of Tables102
No. of Charts & Figures93
Historical data availableYes
Segments coveredRange , Frequency , Application , and Vehicle Type
Regional scopeNorth America; Europe; Asia Pacific; Latin America; MEA
Country scopeUS, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
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Players operating in the automotive radar market are mainly focusing on the development of advanced and efficient products.

  • In 2021, Aptiv Plc introduced next generation level 1–3 capable ADAS platform. This ADS solution is cost effective and efficient.
  • In 2020, Hella Gmbh & Co. KGAA installed 24 GHz radar sensor technology on Suzuki's new flagship models, enabling safety-relevant driver assistance functions such as "Blind Spot Monitor" and "Rear Cross Traffic Alert"

The global automotive radar market has been segmented as follows:

Automotive Radar Market– by Range

  • Long Range Radar (LRR)
  • Mid Range Radar (MRR)
  • Short Range Radar (SRR)

Automotive Radar Market– by Frequency

  • 24 GHz
  • 77 GHz
  • 79 GHz

Automotive Radar Market– by Application

  • Adaptive Cruise Control
  • Autonomous Emergency Braking
  • Blind Spot Detection
  • Forward Collision Warning System
  • Intelligent Park Assist
  • Others

Automotive Radar Market– by Vehicle Type

  • Passenger Cars
  • Light Commercial Vehicle
  • Medium and Heavy Commercial Vehicle

Automotive Radar Market–by Geography

  • North America

    • US
    • Canada
    • Mexico
  • Europe

    • Germany
    • France
    • Italy
    • UK
    • Russia
    • Rest of Europe
  • Asia Pacific (APAC)

    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Middle East and Africa (MEA)

    • Turkey
    • South Africa
    • Rest of MEA
  • South America (SAM)

    • Brazil
    • Argentina
    • Rest of SAM

Automotive Radar Market–Company Profiles

  • Continental AG
  • Denso Corporation
  • Aptiv plc
  • Robert Bosch GmbH
  • ZF Friedrichshafen AG
  • Veoneer Inc.
  • Nidec Elesys Corporation
  • TungThih Electronic Co., Ltd.

Frequently Asked Questions

In terms of revenue share, Asia Pacific held the largest share of global automotive radar market in 2019 and it is anticipated to continue its dominance over the forecast period of 2020 to 2027. Europe is the second largest revenue contributor, followed by North America in 2019. The presence of developed countries such as US and Canada coupled with automobile industry vertical is responsible for high adoption of automotive radar solutions in the region.
The rising road accidents coupled with growing demand for semi autonomous passenger cars are some of the key driving factors for global automotive radar market. The increasing demand of automotive radar to minimize road accidents and continuous promotion by government of different countries to use semi autonomous vehicle is helping in the market growth.
Based on range, the automotive radar market is segmented into long range radar (LRR), medium range radar (MRR) and short range radar (SRR). Presently, short range radar (SRR) segment led the automotive radar market. However, medium range radar (MRR) being demanded by auto carmakers.

The List of Companies -  Automotive Radar Market

  1. Continental AG
  2. Denso Corporation
  3. Aptiv plc
  5. Robert Bosch GmbH
  7. ZF Friedrichshafen AG
  8. Veoneer Inc.
  9. Nidec Elesys Corporation
  10. TungThih Electronic Co., Ltd.
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Automotive Radar Market.

  • Highlights key business priorities in order to assist companies to realign their business strategies.

  • The key findings and recommendations highlight crucial progressive industry trends in the global Automotive Radar Market, thereby allowing players across the value chain to develop effective long-term strategies.

  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.

  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.

  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution.
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