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.
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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.