Automotive Radar Sensors Market size to increase by USD 6.51 billion between 2023 to 2028, Market Segmentation by Type and Geography, Technavio
NEW YORK, April 15, 2024 /PRNewswire/ -- The global automotive radar sensors market size is estimated to grow by USD 6.51 bn from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of over 14.01% during the forecast period. The automotive radar sensors market encompasses radar sensors used in vehicles and infrastructure for functions like ADAS/AD systems, Intelligent Park Assist, and collision prevention. Malicious actors can intercept signals, launch DoS attacks, or inject malware, compromising privacy, disrupting operations, and impairing safety-critical functions. Key technologies include short, mid, and long-range radar, 24 GHz, 77-79GHz frequencies, and innovative production processes. Growing consumer demand for autonomous driving and Industry 4.0 applications expands market potential.
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The Type segment emerges as the fastest-growing segment in the automotive radar sensors market
The Automotive Radar Sensors market encompasses various technologies, including Optical imaging, Video, Ultrasonic, Infrared, LIDAR, and different radar types such as Short range, Mid range, and Long range. These sensors play a crucial role in Advanced Driver Assistance Systems (ADAS/AD) and autonomous driving features like Intelligent Park Assist, Lane change assistance, Collision prevention, and High-frequency components. Mid-range radar sensors, operating at 24 GHz, are gaining popularity due to their balance between performance and affordability. Major players like Bosch, Continental AG, and Denso Corp are investing in R&D. Other technologies like Cameras, Ultrasound, Moisture sensors, and DRIVE PILOT are also utilized. The market is driven by consumer demand, smartphone penetration, and the growth of autonomous cars and consumer electronic devices. Long-range radar sensors, using 77-GHz and 79GHz frequencies, offer high-resolution tracking and detection capabilities. The market also includes innovative packaging concepts and cutting-edge production processes. The radar technology is also used in biomedical applications. The range and technology advancements continue to shape the autonomous car market, with features like collision mitigation (CM) and parking assistance (PA) becoming increasingly common.
The European automotive radar sensors market experiences significant growth, driven by consumer demand for advanced driver-assistance systems (ADAS) and autonomous vehicles. Cameras, ultrasound, and moisture sensors complement radar technology in these applications. The European Union's mandate for automated emergency braking systems boosts demand. Key players include Continental AG, Robert Bosch GmbH, and Valeo, focusing on radar-based solutions. Autonomous driving at Level 3 and beyond increases the need for powerful radar sensors. Radar technology, including DRIVE PILOT, enables automation and collision prevention. High-frequency components, innovative packaging concepts, and cutting-edge production processes enhance radar sensor capabilities. Beyond automotive applications, radar sensors find use in biomedical, range and technology, and security and surveillance industries. Long-range radar sensors, such as those operating at 77-GHz and 79GHz frequencies, provide detection capabilities for corner radar and high-resolution tracking. The autonomous car market, smartphone penetration, and consumer electronic devices contribute to the increasing demand for radar sensors in various sectors, including smart grids, smart homes, smart water networks, intelligent transport, and infrastructure. Technology innovation and electrification further fuel market growth in the automotive industry.
Commenting on the market trends, a Senior Analyst of Technavio, stated," The automotive radar sensors market is experiencing significant growth due to increasing adoption in modern vehicles and stringent regulations. Radar sensors, including short-range and long-range varieties, are essential for advanced safety systems such as collision avoidance and driver safety. However, these systems operate independently, limiting their effectiveness and creating a need for improved information exchange among sensors. Key applications include passenger vehicles, commercial vehicles, and infrastructure projects. Other related technologies include optical imaging, video, ultrasonic, infrared, LIDAR, and ADAS/AD systems."
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Analyst Review
The Automotive Radar Sensors market is experiencing significant growth due to the increasing demand for Advanced Driver-Assistance Systems (ADAS) and autonomous driving technologies in both Passenger Vehicles and Commercial Vehicles. Radar sensors, including Short Range Radar, Mid Range Radar, and Long Range Radar, are essential components in these systems, providing real-time data on vehicle proximity and speed. Technology innovation in the form of high-frequency components and the integration of other sensors such as Optical Imaging, Video, Ultrasonic, Infrared, LIDAR, and Electrification are driving market expansion. Consumer demand for safety features like Lane Change Assistance and Collision Prevention is also fueling market growth. The automotive industry, particularly Industry 4.0, is embracing these advancements, leading to increased automation and mobility solutions. The market is expected to continue its upward trend as the focus on safety and efficiency in transportation remains a top priority.
Market Overview
The Automotive Radar Sensors market is experiencing significant growth due to the increasing demand for advanced driver assistance systems (ADAS) and autonomous vehicles. Radar sensors play a crucial role in these technologies, providing real-time information about the vehicle's surroundings. The market is driven by factors such as government regulations, increasing consumer preference for safety features, and technological advancements. Radar sensors use electromagnetic waves to detect objects and measure their distance, velocity, and angle. They are used for various applications, including adaptive cruise control, collision avoidance, and lane departure warning systems. The market is competitive, with key players including Robert Bosch GmbH, Continental AG, and Infineon Technologies AG. The future of the market looks promising, with the development of solid-state radar sensors and the integration of radar with other sensors such as LiDAR and cameras. The global Automotive Radar Sensors market size is projected to reach USD 35.2 billion by 2026, growing at a CAGR of 20.2% during the forecast period.
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About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Website: www.technavio.com/
SOURCE Technavio
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