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Global Automotive Radar Market to Grow at a CAGR of 12.70% During 2022-2027, Aided by the Rising Application of the Product in Autonomous Emergency Braking (AEB)

According to a new report by EMR titled, ‘Global Automotive Radar Market Report and Forecast 2022-2027’, the market attained a value of nearly USD 4.4 billion in 2021. The industry is further expected to grow at a CAGR of 12.70% between 2022 and 2027 to reach USD 8.9 billion by 2027.

The automotive radar industry is driven by the rising application of the product in autonomous emergency braking (AEB). This can be attributed to the growing popularity of the AEB, owing to its ability to reduce rear-end collisions by more than 30%. In addition, the growing efforts by the major AEB manufacturers to standardise the system in modern passenger cars are likely to propel the market. AEB is a potential active safety technology, which is likely to gain traction in the future. Over the forecast period, the modernisation of passenger cars is expected to provide impetus to the global automotive radar industry.

In April 2021, Continental AG (OTCMKTS: CTTAY) announced the development of the sixth generation of long-range radar and surround radar. Both radar sensors will share a software and hardware platform. The production is scheduled in 2023 and this development is likely to revolutionise the radar sensor technology. This technology is anticipated to facilitate the functions for higher level of automation. Moreover, the sixth-generation automotive radars will support a range of vehicular architectures.

In terms of region, Europe is likely to account for a significant share in the market, owing to the growing concerns pertaining to the safety of passengers. The rising investments by the major market players, coupled with the increased government efforts to address the long term goal of zero accidents are likely to augment the growth of the automotive radar industry in the region. The market will further be aided by the technological advancements in the automobile industry to enhance the safety of the driver and passengers.

Market Breakup by Range, Vehicle Type, Application, and Region:

  • The market is segmented based on range into long range radar and medium and short-range radar.
  • The different vehicle types include passenger cars and commercial vehicles.
  • The major applications of the product include adaptive cruise control (ACC), autonomous emergency braking (AEB), blind spot detection (BSD), forward collision warning (FCW), and intelligent park assist, and other ADAS systems.
  • Region-wise, the global market for automotive radar can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for automotive radar is being driven by the rising applications of the product in adaptive cruise control (ACC) and autonomous emergency braking (AEB) system.
  • The growing cases of road accidents, traffic congestion, and vehicular theft are likely to propel the market growth.
  • The growing popularity of radar systems in modern passenger cars, coupled with the favourable government policies to curb road accidents, is anticipated to augment the market.
  • The market is expected to be further aided by the advancements in the radar technology and automobile industry.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for automotive radar for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the ranges, vehicle types, applications, and major regions of automotive radar.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global automotive radar market are Continental AG, Denso Corporation, Hella KGaA Hueck & Co., Infineon Technologies AG, and Veoneer, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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