DUBLIN, Nov. 17, 2020 /PRNewswire/ — The “Automotive Radar Market Research Report: By Vehicle Autonomy, Range, Vehicle Type, Application – Global Industry Analysis and Growth Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
The global automotive radar market, which valued $5,839.0 million in 2019, is projected to grow at a CAGR of 8.4% between 2020 and 2030 (forecast period).
This is because most of the advanced systems being incorporated in vehicles, such as adaptive cruise control (ACC) and blind spot detection system, depend on radars.
Semi-Autonomous Vehicle Radars to Generate Higher Revenue till 2030
Till 2030, higher revenue to the automotive radar market would be contributed by the semi-autonomous bifurcation. This is because fully autonomous vehicles won’t be available for purchase till 2023; thus, the total sales of semi-autonomous vehicles would be higher till 2030, which is why these automobiles would generate the larger requirement for radars.
The short & medium bifurcation dominated the automotive radar market during the historical period (2016-2019). This is ascribed to the fact that more such radars are utilized in automobiles, compared to long-range radars. For instance, in a level 2 semi-autonomous vehicle, only one long-range radar is integrated, while the number of short- & medium-range radars is three.
During the forecast period, the passenger car bifurcation would experience growth at the higher CAGR, of 9.0%, in the automotive radar market, as such automobiles accounted for the majority produced and sold. Moreover, passenger cars are the first to be experimented upon and equipped with new automotive technologies, which is why the requirement for radars is higher for passenger cars.
The ACC category dominated the automotive radar market in 2019, as a result of the ability of radars to work under extreme weather conditions, which does not let the functioning of ACC systems get hampered, thus continuing to offer the vehicle, passengers, and pedestrians the intended level of safety.
In the past, North America generated the highest revenue in the automotive radar market, because of the rapid advancements in the technology of autonomous vehicles by the major automobile manufacturers, as well as the incentives being offered and policies being implemented by the government for the uptake of such components.
Asia-Pacific (APAC) would witness the fastest advance in the market in the coming years, led by China, which boasts the largest automobile production capacity and technological enhancement rate in the region. Moreover, with the rising purchasing power and surging funding for the development of advanced vehicle safety features in India and China, the popularity of premium vehicles is increasing, thus propelling the procurement of radars here.
Market Competition Is Being Shaped by Partnerships
Automotive radar market players are entering into partnerships, as such moves give them the ability to:
- Leverage each other’s technology to come up with improved radars
- Demonstrate the functioning and safety of autonomous driving systems
- Design and test radar systems
- Increase their presence outside their home country
- Improve the reliability, safety, and efficiency of autonomous vehicles
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