Global Automotive Radar Market Size Was Worth USD 4800.0 Million in 2020 and Is Projected to Grow to USD 27225.1 Million by 2030

Automotive Radar: Introduction

The detection of speed and range of objects that are in the vicinity of automobiles is made possible by the installation of radars in automobiles. The radar is composed of receiver and transmitter in which the transmitter has the function of transmitting radio waves which block the object and then bounce back at the receiver, which is then analyzing the speed, direction, and the length of distance from the object. The automotive radar is used in security and intelligent systems for parking, autonomous emergency brake systems, and various other systems in automobiles.

The Global Automotive Radar Market Forecast: 

The market for automotive radar was estimated at USD 4800.0 Million in 2020 and is expected to hit USD 27225.1 Million in 2030. This is growing at an average CAGR of 19.0% from 2021 to 2030.

The Global Automotive Radar Market Overview: 

The market for automotive radars is growing at an impressive rate due to the increasing demand for more advanced driver-assistance systems (ADAS) for all kinds of vehicles. The huge demand for the driverless autonomous vehicle, which is a futuristic concept around the world, is driving the market for automotive radars due to its low-cost and high-performance safety add-ons for automobile systems. This radar technology, when used in conjunction with high-resolution cameras and sensors, is currently being integrated into the Level 5 fully autonomous passenger cars manufactured by Tesla. The most significant obstacle to the vehicle radar industry is the use of lasers in its system, LIDAR, which is dependent on a more precise monitoring system and offers better accuracy in recognition than radar.

North America held the highest market share of 35.3% in 2018 in the global market for automotive radars, closely followed by the European region, which had 28.5% market share. APAC is the most lucrative due to its significant expansion in the automobile industry and its rapid progress towards autonomous cars that drive themselves, along with rising issues and regulations of the government regarding security systems for vehicles, is growing at the highest CAGR of 30.2% over the forecast time. China, Japan, and India are among the major contributors to this region.

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Market Drivers:

Increasing R&D Investment to Propel the Adoption of Automotive Radars

Leading carmakers are focusing on creating next-generation cars which will be fitted with up to 10 radar sensors. This allows a radar-based 360-degree surround view, which is crucial for advanced drivers assistance and semi-autonomous operation. Thus, the need for multi-functional radar systems in the auto industry has been growing by leaps and bounds. The increasing demands have caused a surge in R&D in the area of radar systems in the automotive industry.

For example, in august 2020, Huawei invested more money in their R&D center for optoelectronics located in Wuhan, China, with a goal of developing low-cost LiDAR technologies and radar sensors. Thus, more investments in enhancing the capabilities of the sensor and the functional capabilities of the automotive radars, as well as cutting the price of radar technology, are expected to propel the development of the market.

Stringent Government Regulations Regarding Vehicle Safety Systems to Augment Growth

The rising awareness about the safety of vehicles among people has resulted in a growing demand for safety features like cruise control and blind-spot detection, which will help drivers and decrease the chance of accidents. Additionally, the alarming rise in deaths due to vehicle accidents has led diverse governments to enforce stricter regulations and actively promote the development of safety systems. Therefore, as a way to improve safety in vehicles, the wide adoption of radar-based technology in cars is anticipated during the forecast time. 

Restraining Factors:

Security Risks Associated with Radar-Based Technology to Limit Adoption

Automotive radar is based on a specific signal structure. But, they do not have any authenticating element that makes the technology vulnerable to a spoofing attack. An effective spoofing attempt can significantly affect the safety of the occupants of vehicles by causing the vehicle to slow down, change direction, or crash by breaking through radar targets in an extremely short time.

The radar technology currently in use is largely based on frequency-modulated continuous-wave radar (FMCW). With the rising number of vehicles that are equipped with radar sensors, FMCW radar interference in high traffic areas is likely to present a challenge since it could cause significant performance loss. Therefore, security concerns related to radars for vehicles like spoofing and interference could hinder the widespread use of this technology in the forecast time.

The Key Market Segmentation of the Global Automotive Radar Market: 

Global Automotive Radar Market can be divided into Vehicle Types, Frequency Types, Frequency-Range, Applications, and Geographical landscapes, etc. 

Automotive Radar Market Segmentation By Vehicle Type:

Mid-Price Passenger Vehicle

Luxury Passenger Vehicle

Economic Passenger Vehicle

Commercial Vehicles

Automotive Radar Market Segmentation By Frequency Type:

7X-GHZ Systems

2X-GHZ Systems

Automotive Radar Market Segmentation By Frequency-Range:

Long Range Radar

Short & Medium Range Radar

Automotive Radar Market Segmentation By Application:

Intelligent Parking Assistance

FCWS

BSD

AEB

ACC

Automotive Radar Market Segmentation By Geographical Landscape:

North America

Europe

Asia Pacific

South America

Middle East and Africa

Major Key Players in the Global Automotive Radar Market Are:

• ANHEUSER-BUSCH INBEV
• BEIJING ENTERPRISES HOLDINGS LTD (BEIJING HEINEKEN HOLDING NV. (HEINEKEN N.V.)
• SQUATTERS PUB AND BEERS
• SIERRA NEVADA BREWING CO
• DOGFISH HEAD CRAFT BREWERY, INC.
• THE BOSTON BEER COMPANY, INC.
• NITED BREWERIES LIMITED
• YANJING BREWERY CO., LTD.)
• CARLSBERG GROUP
• DIAGEO PLC

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