The global automotive radar market is projected to grow from USD 6.6 billion in 2024 to USD 33.6 billion by 2030, registering a CAGR of 31.1%. The increasing demand for advanced driver assistance systems (ADAS) and autonomous vehicles rely heavily on radar technology for functions such as collision avoidance, adaptive cruise control, and parking assistance. Stringent safety regulations and the push for safer roadways have accelerated the adoption of radar systems in vehicles. Additionally, technological advancements in radar sensors, such as improved accuracy, range, resolution, and decreasing costs, have made radar solutions more attractive for automakers. The growing trend of connected vehicles and integrating radar with other sensor technologies, like cameras and LiDAR, to enhance overall system reliability and performance further propel market growth.
OPPORTUNITY: 4D imaging radar
4D imaging radar is an attractive opportunity, as it can offer better safety to the vehicle by providing precise information on range, velocity, elevation, and others. This can be attributed to its ability to capture 4D data points per frame. The use of dense and high-resolution point clouds will significantly affect the development of object classification, detection, and tracking based on radar data. 4D imaging radar does not have any performance limitations based on the weather and light conditions. This is not properly addressed by normal radar, which has led to LiDAR technology occupying the market. Object detection and classification will play a crucial role in offering safety to vehicles. The application of 4D imaging radar is expected to offer better performance for the detection and classification of objects, and this is likely to create opportunities in the automotive radar market.
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CHALLENGE: Competition from alternate technologies
The automotive radar market faces significant competition from alternative technologies, each with its own strengths and applications. These alternative technologies include LiDAR. Even though automotive radar offers many benefits for driver assistance systems and autonomous vehicles, some factors limit its adoption. LiDAR is known for its high granularity and exceptional accuracy. It emits laser pulses and meticulously measures the time it takes for the light to return. This results in highly accurate 3D point clouds, making LiDAR ideal for applications demanding precise spatial information. Its accuracy can reach centimeter-level precision, providing intricate details about the environment.LiDAR excels in short to medium-range applications. Its effective range is limited by the speed of light, typically up to a few kilometers. While some LiDAR systems have extended ranges, they are less common and may come at a higher cost. Therefore, it is well-suited for applications like autonomous vehicles, environmental monitoring, and infrastructure assessment. LiDAR sensors, typically mounted on a vehicle’s roof or sides, emit laser pulses that bounce off objects, and the time it takes for the light to return is used to calculate distances. This, coupled with data from other sensors like GPS and cameras, creates a real-time 3D map of the surroundings.
Europe region holds the largest share of the Automotive RADAR Market.
The European automotive radar market is growing due to the region’s stringent safety regulations and a strong emphasis on vehicle safety standards. The European Union (EU) has implemented rigorous safety mandates that require new vehicles to be equipped with advanced driver assistance systems (ADAS), which heavily rely on radar technology. For instance, the General Safety Regulation, which came into effect in 2022, mandates the inclusion of features such as automatic emergency braking, lane keeping assistance, and advanced emergency braking systems in all new cars. These regulations are designed to reduce traffic accidents and enhance road safety, significantly driving the demand for automotive radar systems. Germany is projected to be the largest European market due to the high demand for high-end premium cars equipped with ADAS features and technologies such as adaptive cruise control, adaptive braking system, blind spot detection, forward collision system, and lane departure warning, which all depends heavily on radar system for efficient functioning. In February 2024, Audi announced that it would update its Q2 SUV model with a new infotainment system and safety features, including ADAS. The vehicle is set to launch in the mid of 2024. Thus, rising government regulation towards safety and launching new vehicles will drive the automotive radar sensor market in Europe during the forecast period.
Key Market Players:
The automotive radar market is dominated by established players such as Robert Bosch GmbH (Germany), Continental AG (Germany), Aptiv (Ireland), Denso Corporation (Japan), and NXP Semiconductors (Netherlands).
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