6 Key Insights from Fact.MR’s Automotive Radar Market Forecast
Published : 28 Jul 2017 Industry: Automotive
According to a latest report published by Fact.MR, the global automotive radar market is set to reach US$ 7,260.8 Mn by 2022 up from US$ 2,000 Mn in 2017, registering a robust CAGR. As compared to other sensing technology, automotive radars show higher efficiency and functionality in extreme road conditions (extreme temperatures, critical weather and poor light). This, is turn, is supporting the rapid incorporation of automotive radar in vehicles. Automobile companies are steadily making the shift from manufacturing function-specific capabilities to developing self-driving technology, which is anticipated to increase the applicability of radar technology in the years to come.
As per Fact.MR’s study, demand for vehicles with cutting-edge safety features is gaining traction in emerging countries such as India and China, thereby creating lucrative opportunities for automotive radar manufacturers. Following are the key insights from Fact.MR’s forecast on the global automotive radar market;
- Demand for short-range radar to remain significantly high throughout the assessment period. Short-range radars are anticipated to command for nearly half of the market, in terms of revenue. Towards the end of 2022, nearly US$ 3,500 Mn worth short range radars are projected to be sold across the globe.
- By vehicle type, passenger will continue to be the most attractive segment of the market. By the 2022-end, this segment is expected to reach a market valuation of over US$ 5,300 Mn, expanding at exponential CAGR. The passenger car segment is likely to command for over two-third revenue share of the market in 2017. Meanwhile, the LCV segment is anticipated to hold position during the same period.
- Based of application, the adaptive cruise control segment will command for an impressive market share of over 43% by the 2017-end. Popularity of adaptive cruise control is on the rise as it is now considered to be an important safety feature of modern vehicles. The autonomous emergency braking segment is also coming into prominence of late and trend is likely to continue throughout the assessment period.
- By frequency type, automotive radar with 2x GHz frequency is currently at the forefront of the market in terms of revenue and is estimated to command for over one-half share by 2017-end. However, demand for the automotive radars with 7x GHz frequency is anticipated to outpace the former towards the end of 2022.
- Among regions, North America is expected to lead the global automotive radar market in terms of revenue throughout the forecast period.
- Denso Corporation, Continental AG, Analog Devices, Inc, Robert Bosch GmbH, ZF Friedrichshafen AG, Delphi Automotive PLC, NXP Semiconductors N.V., Infineon Technologies AG, Autoliv, Inc, Texas Instruments, Inc., and Hella KGaA Hueck & Co. are some of the top companies operating in the global market for automotive radar.