Automotive Radar Market New Business Opportunities and Investment Research Report 2020 – 2024
Category: #reports  By Ronak Bora  Date: 2020-03-31
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Automotive Radar Market New Business Opportunities and Investment Research Report 2020 – 2024

Automotive radar market in adaptive cruise control systems industry accounted for over 36% of the overall revenue in 2015, and is expected to register a CAGR of 17.7% over 2016-2024. The growth can be credited to its ability to monitor and maintain user-specified distance between the automobiles. Its application in blind spot detection systems industry is expected to grow at a rate of 19.1% over the coming eight years. It makes the driver alert when another vehicle enters blind spot and provides more time for drivers to avoid collisions with the obstacles that are not clearly visible in the rear-view mirror.

Asia Pacific automotive radar market size is predicted to witness a substantial growth over the coming years due to high automobile production and sales. China, which accounted for over 45% of the overall revenue in 2015, is expected to contribute significantly towards the regional share over the coming years. Europe automotive radar market share is expected to witness significant gains of 17.5% over the coming eight years. The growth can be credited to presence of key automotive industries in the region. Germany market revenue is projected to surpass USD 500 million by 2024.

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Growing automotive sales, especially across the luxury car segment have also spurred industry revenue growth. Moreover, economic factors like low interest rates and rising consumer income have positively contributed towards surge in auto sales. Emergence of advanced driver assistance systems (ADAS) in passenger vehicles could also significantly impel automotive radar market trends.

Notably, sensor systems that offer enhanced safety features include forward collision warning system, autonomous braking, backup camera, adaptive cruise control, adaptive headlights, lane departure warning, blind spot detection, reverse sensors, parking assistance, and side-view assist. Rising consumer awareness regarding these features as well as high acceptance is estimated to drive global automotive radar market size over the forecast years.

However, high price associated with these systems over piezoelectric or pressure sensors could negatively impact automotive radar market growth. Advanced active sensing technology increase vehicle cost which in turn make it expensive for automakers as well as consumers. Autonomous and self-driving cars also mostly rely on multiple sensors that are expensive.

Nevertheless, falling sensor prices owing to use of microprocessor-derived manufacturing methods, improved fabrication techniques, and technological advancements could help overcome high technology cost hindrance by 2024 and help augment automotive radar industry outlook.

The adaptive cruise control (ACC) application segment accounted for over 35% of the overall automotive radar market share in 2015 and is anticipated to grow at 17.7% CAGR through 2024.

This growth can be attributed to the product’s ability to monitor and maintain a user-defined gap between the vehicles ahead. The technology complements vehicle styling and is mostly available in high-end luxury cars.

The blind spot detection (BSD) application segment is estimated to grow at 19.1% CAGR through 2024.

The growth of this segment can be credited to the fact that this technology warns users when a vehicle enters the blind spot, thereby giving more time to drivers for taking action against obstacles.

In terms of regional analysis, China is expected to drive Asia Pacific automotive radar market revenue share in the coming years. High vehicle production and sales across the region justifies the industry scenario. Moreover, leading automakers across APAC have started to integrate basic collision avoidance systems into their mass-market models.

For instance, Toyota has unveiled various technologies that include pre-crash braking packages, auto-adjust headlamp, auto-parking, and vehicle communication system which were slated to be incorporated into its 2015 models.

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Leading global suppliers are focusing more on developing economical systems that are viable for mass-market vehicles and could further catalyze the industry scenario. Additionally, insurance companies are taking significant interest in commercializing collision avoidance sensors in order to reduce the liability claims caused by road accidents. For instance, the U.S. FMCSA (Federal Motor Carrier Safety Administration) collaborated with the truck industry for testing and evaluating the use of on-board safety systems in order to reduce the severity and number of commercial motor vehicle crashes.

Advancements in image sensing technology and falling prices of cameras are also driving the demand for camera-based sensors worldwide. Increasing road fatalities and a shift towards self-driving cars could significantly boost demand for sensors and data processing devices in the coming years. According to a 2014 UN Road Safety Collaboration study, around 90% of traffic incidents are caused by human error. This is an issue that can be resolved using autonomous vehicles with intelligent sensors which will in turn foster automotive radar market outlook.

Table of Contents (ToC) of the report:

Chapter 3  Automotive Radar Industry Insights

3.1    Automotive radar industry segmentation

3.2    Industry size and future growth prospects, 2013 - 2024

3.3    Industry ecosystem analysis

3.4    Industry Impact forces

3.4.1    Growth drivers

3.4.1.1    Consumer need for safety

3.4.1.2    Enhanced automobile safety ratings

3.4.1.3    Growing sales of luxury cars

3.4.2    Industry pitfalls and challenges

3.4.2.1    High cost

3.5    Growth potential analysis

3.6    Porter’s analysis

3.7    Company market share analysis, 2015

3.8    PESTEL analysis

Chapter 4  Automotive Radar Application Insights

4.1    Global automotive radar market share by application, 2015 & 2024

4.2    Adaptive Cruise Control (ACC)

4.2.1    ACC market estimates and forecast, 2013 - 2024

4.2.2    ACC market estimates and forecast, by region, 2013 - 2024

4.3    Blind Spot Detection (BSD)

4.3.1    BSD market estimates and forecast, 2013 - 2024

4.4    Forward Collision Warning System (FCWS)

4.4.1    FCWS market estimates and forecast, 2013 - 2024

4.4.2    FCWS market estimates and forecast, by region, 2013 - 2024

4.5    Lane Departure Warning System (LDWS)

4.5.1    LDWS market estimates and forecast, 2013 - 2024

4.5.2    LDWS market estimates and forecast, by region, 2013 - 2024

4.6    Parking Assistance (PA)

4.6.1    PA market estimates and forecast, 2013 - 2024

4.6.2    PA market estimates and forecast, by region, 2013 - 2024

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About Author

Ronak Bora

Email: [email protected]   

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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