Automotive radars are critical in detecting objects in different safety systems such as blind spot detection, automated emergency braking, pedestrian detection, and adaptive cruise control. A shift towards driverless vehicles is predicted to benefit the automotive radar market as radars play a key role in making an automobile completely autonomous. In addition to this, a focus on innovation, rising vehicle sales in the developing world, and an emphasis on safety and security are propelling the automotive radar market. The automotive radar market is expected to grow at an exponential CAGR of 19.5% from 2017 to 2026.
Long Range and Medium Range Radars Shoot Ahead in Automotive Radar Market
The long range and medium range radar segments have a revenue share of more than 4/5th of the global automotive radar market by range type in 2017. While the long range segment is projected to lose share going forward, the medium radar segment is on track to gain over the course of the forecast period. The long range segment should have a value of more than US$ 2.1 billion by the end of 2026 with the largest share contributed by Europe. Europe predominates in the medium range radar segment as well but companies could also seek to target North America in the automotive radar market.
Short Range Segment Losing Popularity in the Automotive Radar Market
The short range automotive radar segment has roughly a sixth of the revenue share in the automotive radar market but is anticipated to lose share in the next decade. Nonetheless, an absolute dollar opportunity of approx. US$ 610 million makes it unwise to ignore the short range segment of the automotive radar market entirely. Key stakeholders are advised to look at either North America or Europe for selling their short range radars as the two continents are on track to witness the highest CAGR for the period from 2017 to 2026.
Marginal Opportunity in Assisted and Semi-automated Segment in Automotive Radar Market
A similar opportunity exists in the assisted and semi-automated segments of the automotive radar market with the latter inching ahead. Both segments may lose BPS over the course of the study. Companies might want to focus their attention on Europe as the Europe assisted segment should be worth more than US$ 145 million by end 2026.
The report also offers insights and information on the basis of sales channel type. The report has segmented the global automotive radars market on the basis of OEM and aftermarket. Sales of automotive radars are quite significant from both sales channels, and it is highly likely that demand will continue to evolve during the assessment period as well.
Competition Dashboard in the Automotive Radar Market
Transparency Market Research has profiled some of the prominent companies actively involved in the automotive radar market. The companies are Robert Bosch GmbH, ZF Friedrichshafen AG, Autoliv Inc., Mando Corp., Denso Corporation, Continental AG, Magna International Inc., GM Cruise LLC., InnoSenT GmbH, and Baumer.
An increasing focus on safety features to curb a rising accident rate in emerging economies coupled with continuous innovations in radar technology is anticipated to fuel the automotive radar market. In addition, the falling prices of automobiles along with component cost should boost the automotive radar market. Automotive radars are essential in several safety systems such as pedestrian detection, cruise control, emergency braking, and blind spot detection. Transparency Market Research has prepared an exhaustive report titled ‘Automotive Radar Market- (Range Type- Long Range, Medium Range, Short Range; Vehicle Type- Assisted, Semi-automated, Conditional Automation, Highly Automated; Application Type - Adaptive Cruise Control, Autonomous Emergency Brake, Autonomous Park Assist, Blind Spot Information, Other Applications)- Global Industry Analysis, Size, Growth, Trends, Share and Forecast 2017-2026’.
Automotive Radar Market Taxonomy
- North America
- Latin America
- Long Range
- Medium Range
- Short Range
- Adaptive Cruise Control
- Autonomous Emergency Brake
- Autonomous Park Assist
- Blind Spot Information
- Other Applications
A key section of the report highlights the regional trends in that exist in the automotive radar market. Country-specific trends that have a direct impact on the global automotive radar market have been mentioned. There is an equal emphasis on both emerging and developed economies for companies that seek to target either of the two in the automotive radar market.
The automotive radar market report begins with an executive summary and an introduction that provides a bird’s eye view of the automotive radar market. The report consists of an extensive analysis of the automotive radar market expressed in terms of US dollars, primarily to cater to a global audience. Furthermore, this chapter includes the technological advancements along with an opportunity analysis of all the factors in the automotive radar market. An in-depth assessment of each market within the automotive radar market across diverse geographic regions can be gleaned from this section of the automotive radar market report. The market presence of important players has been discussed in the form of an attractiveness index.
In an ever-changing automotive industry, it is essential to conduct forecasts not only in terms of CAGR but also with other metrics such as absolute dollar opportunity and Y-o-Y growth rate to gauge the automotive radar market accurately. The final section of the automotive radar market report comprises the competitive landscape that can be expected in the automotive radar market. The competition landscape is presented in a concise yet comprehensive dashboard format that delivers all the necessary information pertaining to the immediate competition. A company overview, recent developments, strategies adopted, and key financials are some of the data points that report readers can hope to glean. It is possible to conduct an in-depth competition SWOT analysis from this section which could prove to be immensely helpful to both incumbents and new entrants seeking to tap the automotive radar market.
Logical and comprehensive research methodology carefully honed by TMR team
The research methodology pioneered by Transparency Market Research is amongst the best in the industry and has been devised after careful requirement analysis. The analyst team has years of experience in the automotive industry and they conduct intense primary and secondary research to prepare reports such as that on the automotive radar market. After the data is gathered, it is thoroughly validated with proprietary company tools for providing all the quantitative and qualitative insights of the automotive radar market.