Automotive Millimeter Wave Radar IC Market Statistics, Trends, and Key Players by 2031

The Automotive Millimeter Wave Radar IC Market is expected to register a CAGR of 14.2% during 2023–2031. The rise in focus towards improving the safety of personal and vehicles is likely to remain a key trend in the market.

Automotive Millimeter Wave Radar IC Market Analysis

• The Automotive Millimeter Wave Radar IC Market is expected to experience considerable growth during the analyzed timeframe owing to rise in government regulations concerning vehicle safety, rising adoption of premium vehicles, growing number of radars used in a vehicle. Moreover, the increase in production and adoption of electric vehicles (EVs) are further expected to support the growth of the Automotive Millimeter Wave Radar IC Market.
• Increasing focus on electric vehicles and innovation in millimeter wave radar ICS are expected to be the key opportunity in the automotive millimeter wave radar IC market.

Automotive Millimeter Wave Radar IC Market Overview

• The high demand for RADAR technology in the automotive industry, owing to the benefits associated with it, including all-weather performance, direct velocity measurement, non-line-of-sight detection, affordability, and others, is projected to drive the market during the forecast period.
• The automotive millimeter-wave radar IC market application includes adaptive cruise control, blind spot detection (BSD), forward collision warning, parking assist, automatic emergency braking system (AEBS), and other features.
• In the automotive industry, millimeter-wave radar is employed for the accurate sensing of location, velocity, and angle with no interference.

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Automotive Millimeter Wave Radar IC Market: Strategic Insights

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Automotive Millimeter Wave Radar IC Market Drivers and Opportunities

Increase in the number of Road Accidents to Favor the Market

• Road traffic injuries are a key public concern faced by governments across the globe, and the increasing prevalence of the road accidents drives the development of market in those countries. According to the data by the World Health Organization (WHO), nearly 1.19 million people die due to road accidents.
• Most of the accidents on the road are occur in developing and developed economies are due to human driving errors. Therefore, the increase in frequency of road accidents across the globe owing to human errors increased the demand for RADAR technology which in turn is projected to boost the Automotive Millimeter Wave Radar IC Market from 2025 to 2031.

Rising Demand for Advanced Imaging Radar

• With the mounting number of level 2+ vehicles on the road, the need for advanced and more accurate automotive radar sensors is increasing. This acts as a huge opportunity for OEMs to offer basic-level radar sensors and hence automotive millimeter wave radar IC. For instance, Xilinx and Continental announced the first production-ready 4D imaging radar.
• Theoretically, 4D imaging radar uses echolocation (a mechanism that is observed in dolphins, bats, and several humans) and the time-of-flight measurement principle to capture a space in 3D. Furthermore, these radar systems are designed to fulfill the imaging requirements within the time scale of a fast-moving automobile or a zooming drone.

Automotive Millimeter Wave Radar IC Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Automotive Millimeter Wave Radar IC Market analysis are product type, technology, and application.

• Based on product type, the Automotive Millimeter Wave Radar IC Market is divided into 24 Ghz, 77 Ghz, Others.
• On the basis of technology, the market is divided into Gaas, Rf, Cmos, Sige, and Bicmos.
• Based on application, the Automotive Millimeter Wave Radar IC Market is divided into adaptive cruise control, blind spot detection, forward collision warning, parking assist, automatic emergency braking system, and others.

Automotive Millimeter Wave Radar IC Market Share Analysis by Geography

• Automotive Millimeter Wave Radar IC Market Report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
• Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering Automotive Millimeter Wave Radar IC Market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
• Also, the report covers PEST analysis, which involves the study of major factors that influence the Automotive Millimeter Wave Radar IC Market in these regions.

Automotive Millimeter Wave Radar IC Market Regional Insights

The regional trends and factors influencing the Automotive Millimeter Wave Radar IC Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Automotive Millimeter Wave Radar IC Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Automotive Millimeter Wave Radar IC Market Report Scope

Automotive Millimeter Wave Radar IC Market Players Density: Understanding Its Impact on Business Dynamics

The Automotive Millimeter Wave Radar IC Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Automotive Millimeter Wave Radar IC Market News and Recent Developments

The Automotive Millimeter Wave Radar IC Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Automotive Millimeter Wave Radar IC Market are listed below:

• Asahi Kasei Microdevices unveils radar technology for car safety and elder care at ces, the ak581x, akm's new 60 ghz millimeter-wave radar transceiver integrated circuit (ic), delivers accurate, high-resolution detection with automotive-level reliability. When paired with pentosanes 's innovative software, it can wirelessly detect children left behind in cars within seconds, aiming to exceed current vehicle regulations and standards for child presence detection (cpd) globally. (Source: Asahi Kasei Microdevices, Company Website, January 2024)
• Fujitsu develops pioneering millimeter-wave chip technology for 5g radio units multibeam multiplexing technology enables high-speed, high-capacity communications over 10gbps and reduces power consumption by 30% fujitsu limited announced the development of a new millimeter-wave chip for 5g that supports multibeam multiplexing (excluding polarization multiplexing (1)), enabling up to four beams to be multiplexed by a single millimeter-wave chip for the radio units (ru) of 5g base stations. (Source: Fujitsu, Company Website, August 2023)

Automotive Millimeter Wave Radar IC Market Report Coverage and Deliverables

The “Automotive Millimeter Wave Radar IC Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Automotive Millimeter Wave Radar IC Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Automotive Millimeter Wave Radar IC Market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Automotive Millimeter Wave Radar IC Market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Automotive Millimeter Wave Radar IC Market
• Detailed company profiles