The Automotive RADAR Market is projected to grow at a CAGR of 23.81%, to reach USD 6.61 billion by 2021.
The focus on traffic congestion, infrastructure roadways, rising government regulations for vehicle safety, and an increase in adoption of automotive RADAR-based ADAS technology by OEMs are projected to drive the market for automotive RADAR systems. Another factor impacting the automotive RADAR market is the increase in the trend of autonomous and semi-autonomous vehicles, which uses automotive RADAR sensors.
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Continuous progression of safety regulations in regions such as North America and Europe would enhance the growth rate of driver assistance systems, eventually impacting the automotive RADAR market in the next five years. For instance, the Euro NCAP has mandated the safety assist features such as Lane Departure Warning (LDW) and Autonomous Emergency Braking (AEB), for the Euro NCAP 5 Star rating. In 2016, Volkswagen equipped Continental AG’s Long Range RADAR (LRR) sensor for pedestrian detection in the new Tiguan. It detects objects and especially pedestrians at a distance of up to 170 meters and warns the driver in time. Automatic braking is even initiated in an emergency. This function is now standard in the new VW Tiguan.
Europe and North America are estimated to be the fastest growing markets, in terms of volume and value, respectively. The Asia-Pacific region is estimated to be the most promising market for advanced driver assistance systems in the next five years owing to the improved standard of living and changing buyers’ preferences for safety and comfort. Additionally, upcoming future safety regulations in the Asian countries would also positively influence the automotive RADAR market for driver assistance systems such as lane departure warning system and autonomous emergency braking. The demand for luxury cars in the region has increased significantly over the past few years. For instance, according to Forbes publication, the sale of luxury cars by key manufacturers (Audi, BMW, Mercedes, and Volvo) in China increased from 15, 42,027 units in 2014 to 18, 89,739 units in 2015. All these luxury vehicles are equipped with the majority of automotive RADAR based ADAS features, which will accelerate the market for automotive RADAR market in the near future.
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The next emerging market is the adaptive cruise control system, as the OEMs are focusing on automotive radar technology advancement for increased vehicle safety. Adaptive cruise control system is estimated to have the second-highest growth potential in the ADAS market across the globe. It is projected to grow at a promising CAGR from 2016 to 2021. This growth can be attributed to the proven benefits of the system in vehicle safety. The U.S. National Transport Safety Board has included adaptive cruise control in its ten most wanted safety improvements in 2013. The European Parliament is also planning to make adaptive cruise control a mandate in the next few years. These regulations in developed regions are estimated to drive the growth of the adaptive cruise control market in the next few years.
The report covers all the major players in the automotive RADAR market that includes companies such as Robert Bosch GmbH (Germany), HELLA KGaA (Germany), Continental AG (Germany), Denso Corporation (Japan), Delphi Automotive PLC (U.K.), and Autoliv Inc. (Sweden) among others.
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