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Global Automotive Radar Market - Highly Automated Radar Segment to Boom During the Forecast Period, Observes TMR

Posted on Dec 27, 2017

Rising concerns regarding driver, passenger, pedestrian, and vehicular safety as well as greater involvement of all stakeholders in the industry are responsible for the surging growth of the automotive radar market. The shift towards autonomous and driverless vehicles also plays a key role in this. The automotive radar market is characterized by the presence of a number of prominent players including InnoSenT GmbH, Baumer, GM Cruise LLC., Magna International Inc., Denso Corporation, Continental AG, Mando Corp., ZF Friedrichshafen AG, Autoliv Inc., and Robert Bosch GmbH. Transparency Market Research expects the automotive radar market to be worth almost US$ 4.9 billion by the year 2026.

The long range segment had a revenue share approaching that of 50% in the automotive radar market by range type. An absolute dollar opportunity of slightly under US$ 1.7 billion between 2017 and 2026 is waiting to be tapped in the long range segment of the automotive radar market. Europe accounts for the largest regional contribution in the long range automotive radar segment and is followed at a considerable distance by APEJ with the latter anticipated to grow with the highest CAGR. The medium range automotive radar segment is on track to gain market share over the course of the forecast period and companies are advised to invest in this lucrative segment of the automotive radar market.

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The highly automated radar segment is predicted to gain massive share over the duration of the study making it well worth the while of companies looking to enter the automotive radar market. Europe alone represents a market size of slightly over US$ 800 million in the highly automated segment of the automotive radar market at the end of 2026. There is a close battle for second place in the highly automated segment between North America and APEJ with the former inching ahead in 2026. However, APEJ is predicted to witness a higher CAGR for the period analyzed

The adaptive cruise control segment has a sizeable revenue share in the automotive radar market but is unlikely to grow in the near future. The adaptive cruise control segment may be worth just under US$ 1.6 billion by 2026 with the bulk of demand being from Europe. The Europe adaptive cruise control segment is assessed to be larger than both North American and APEJ combined at the end of 2026 making it unsurprising if companies decide to overlook the latter in favor of the former. On the basis of sales type, the market has been segmented into OEM and aftermarket. Sales through both these channels is likely to remain significant during the assessment period.

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