Global automotive radar market size to reach USD 8.9 billion by 2024
Publisher : Fractovia | Published Date : 2016-12-02Request Sample
Rising safety concerns among consumers coupled with favorable government policies mandating the inclusion of safety & control systems in vehicles to minimize road accidents & casualties is projected to propel the automotive radar market size over the coming years. According to Global Market Insights, Inc., “Automotive Radar Industry Size worth USD 1.9 billion in 2015, is anticipated to reach USD 8.9 billion by 2024, registering a CAGR of 18.7% over 2016-2024.” According to Association for Safe International Road Travel (ASIRT), nearly 1.3 million people die in fatal road accidents each year. Prevention of such fatal road accidents has become a main cause of public concern across the globe. Use of ADAS (advanced driver assistance systems) in passenger cars, which help in providing car safety as well as road safety, is expected to provide significant growth avenues for the automotive radar industry.
As per Insurance Institute for Highway Safety, one in every three fatal accidents can be avoided if collision avoidance systems such as automotive radars are installed in passenger vehicles. Automotive radar provides safety features such as lane departure warning, forward collision warning alerts, collision detection, automatic emergency braking system, adaptive cruise control, blind spot detection, rear-cross traffic alerts, parking assistance, side-view assistance, etc. Growing awareness among the consumers about these safety features is anticipated to boost the demand for automotive radars over the coming eight years.
Germany Automotive Radar Market size, by application, 2013-2024 (USD Million)
Automotive radar market in adaptive cruise control systems industry accounted for over 36% of the overall revenue in 2015, and is expected to register a CAGR of 17.7% over 2016-2024. The growth can be credited to its ability to monitor and maintain user-specified distance between the automobiles. Its application in blind spot detection systems industry is expected to grow at a rate of 19.1% over the coming eight years. It makes the driver alert when another vehicle enters blind spot and provides more time for drivers to avoid collisions with the obstacles that are not clearly visible in the rear-view mirror.
Asia Pacific automotive radar market size is predicted to witness a substantial growth over the coming years due to high automobile production and sales. China, which accounted for over 45% of the overall revenue in 2015, is expected to contribute significantly towards the regional share over the coming years. Europe automotive radar market share is expected to witness significant gains of 17.5% over the coming eight years. The growth can be credited to presence of key automotive industries in the region. Germany market revenue is projected to surpass USD 500 million by 2024.
Key industry participants include Texas Instruments, Denso Corporation, Delphi Automotive, Infineon Technologies, TRW Automotive Company, Bosch Automotive Steering Private Limited, Fujitsu Limited, and Continental Corporation. The automotive radar market is characterized by frequent mergers & acquisitions as well as growth of next generation technology. Suppliers are focusing on developing cost-effective systems for mass-market automobiles, which can further catalyze industry growth.
