Automotive Radar Market is Expected to Witness a CAGR of 21.0% During the Forecast Period

Global automotive radar market size is projected to reach $9,475.4 million by 2023.

The market growth is mainly driven by the growing focus on vehicle safety systems coupled with increasing vehicle production and sales, especially premium and luxury vehicles. Active government initiatives for increasing vehicle safety are expected to boost the market growth.

Based on range, the automotive radar market is categorized into long range radars, and medium and short-range radars. The fastest growth during the forecast period is expected from medium and short range radars. This category is also expected to hold the larger share in the market throughout the forecast period.

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Europe is estimated to hold the largest share in the automotive radar market, with more than 30.0% revenue contribution in 2017. North America is estimated to be the second largest regional market for automotive radar. The automotive radar market in the region is mainly influenced by rising commercial vehicles sales and regulatory developments, such as making automatic emergency braking as a standard feature for all vehicles by 2022.Asia-Pacific is expected to be the fastest growing automotive radar market during the forecast period, owing to the growing installation of advanced safety features in passenger cars and increasing vehicle sales.

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The key players in the automotive radar industry are Continental AG, Denso Corporation, Robert Bosch GmbH, Infineon Technologies AG, Valeo SA, NXP Semiconductors N.V., HELLA KGaA Hueck & Co., Texas Instruments Incorporated, Autoliv Inc., and ZF Friedrichshafen AG.

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