Westford, USA,, April 04, 2023 (GLOBE NEWSWIRE) -- The Automotive Radar Sensors market is poised to experience substantial growth in North America and Asia Pacific, with an expected reach of USD 5.5 billion by 2030 and a CAGR of 10.98% during the forecasted period (2022-2030). Factors fueling this growth include increasing demand for advanced driver assistance systems, rising adoption of autonomous vehicles, government regulations promoting vehicle safety, a growing focus on reducing accidents, advancements in radar sensor technology, and increasing demand for electric and hybrid vehicles. SkyQuest reports that the adoption rate of ADAS is expected to increase rapidly, with at least one ADAS feature being present in 70% of new cars sold in 2030, compared to only 10% in 2015. By 2030, ADAS technologies can potentially prevent up to 2.5 million accidents globally, saving 25,000 lives and preventing 250 million injuries.
According to SkyQuest's global research findings, electric vehicles with ADAS systems are projected to have a higher penetration rate than traditional vehicles, with 70% of all electric vehicles expected to be equipped with ADAS by 2027. This demand is driven by the need to enhance safety, reduce accidents, and improve the driving experience for consumers. ADAS features such as automatic emergency braking, adaptive cruise control, lane departure warning, and blind spot detection, among others, are being integrated into electric vehicles.
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Browse in-depth TOC on "Automotive Radar Sensors Market"
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In today's automotive industry, the automotive radar sensor market holds significant importance due to the surging demand for Advanced Driver Assistance Systems (ADAS) and the rising adoption of electric and hybrid vehicles. The utilization of radar sensors is critical in ADAS, aimed at enhancing road safety and minimizing accidents. As the world moves towards electrification and self-driving technology, radar sensors are becoming increasingly crucial in enabling such advancements and fostering innovation in the industry.
Prominent Players in Automotive Radar Sensors Market
- Robert Bosch GmbH
- Continental AG
- Denso Corporation
- Aptiv PLC
- Infineon Technologies AG
- Texas Instruments Inc.
- Autoliv Inc.
- Valeo S.A.
- Hella KGaA Hueck & Co.
- ZF Friedrichshafen AG
- Panasonic Corporation
- NXP Semiconductors N.V.
- Velodyne Lidar, Inc.
- STMicroelectronics N.V.
- Analog Devices, Inc.
- Harman International Industries, Inc.
- Renesas Electronics Corporation
- Hitachi Automotive Systems, Ltd.
- First Sensor AG
- Quanergy Systems, Inc.
Adaptive Cruise Control Application Segment to Drive Higher Sales as there is Increasing Demand for Advanced Safety Features
A recent analysis has revealed that the Adaptive Cruise Control Application segment played a crucial role in the rapid growth of the Automotive Radar Sensors market in 2021, with this trend anticipated to persist from 2022 to 2030 owing to the escalating demand for advanced safety features and the rising number of road accidents. SkyQuest's report indicates that ACC is among the most commonly adopted ADAS features, with 22% of vehicles in the US being equipped with the technology in 2019. The report further predicts that the market penetration of ACC is set to rise significantly, reaching 61% by 2025.
According to research analysis, Europe is expected to emerge as a prominent player in the Automotive Radar Sensors market from 2022 to 2030. SkyQuest's projection indicates that the region will register a CAGR of 20.82% during the forecast period. The growth in the region is being driven by the increasing adoption of advanced driver assistance systems, the development of autonomous vehicles, and the presence of top manufacturers and suppliers. Bosch recently announced the development of a new long-range radar sensor capable of detecting pedestrians and bicyclists at a range of up to 250 meters. The company plans to commence production of the sensor in 2022, with expectations for it to be utilized in Level 2 and Level 3 autonomous vehicles.
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Long-Range Type Segment to Exhibit Strong Growth Due to Increasing Adoption of Advanced Driver Assistance Systems
In 2021, the Long Range Type Component segment took the lead in the Automotive Radar Sensors market and is anticipated to maintain its dominant position from 2022 to 2030. According to SkyQuest's report, the long-range radar market is projected to register a CAGR of 18% from 2020 to 2030. The report highlights that the escalating adoption of advanced driver assistance systems and the surging demand for autonomous vehicles are fueling the expansion of the long-range radar market.
The Asia Pacific region has emerged as a major force in the Automotive Radar Sensors market and is expected to retain its dominant position by 2030. SkyQuest has projected significant growth for the Automotive Radar Sensors market in the Asia Pacific region, with a CAGR of 22.97% during the forecast period. The expansion can be attributed to the increasing demand for advanced driver assistance systems (ADAS), stringent government regulations mandating the use of safety technologies, and the development of autonomous driving technology in the region. According to SkyQuest, 70% of consumers in China and 63% in Japan are willing to pay for advanced safety features in their vehicles, such as adaptive cruise control, lane departure warning, and blind spot detection, all of which are enabled by automotive radar sensors. This highlights the growing awareness and demand for safety technologies in the region, driving the growth of the automotive radar sensor market.
A comprehensive analysis of the major players in the Automotive Radar Sensors market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and endeavors to develop innovative solutions to cater to the growing demand.
Key Developments in Automotive Radar Sensors Market
- Autotech solutions innovator, indie Semiconductor (Nasdaq: INDI), has acquired Silicon Radar GmbH, a German company specializing in advanced, integrated system-on-chips (SoCs) for automotive radar applications. indie's CEO, Donald McClymont highlighted the importance of radar as a fundamental sensor modality for ADAS and automotive safety applications, stating that the growing number of radars per vehicle requires high-performance, integrated semiconductors with low power consumption to support the increasing demand for resolution in both external and in-cabin radar system.
- Harman International, a subsidiary of Samsung Electronics, has acquired Caaresys, an Israeli company that develops vehicle passenger monitoring systems using low-emission radar technology. Caaresys provides mass production solutions for cabin monitoring, including vital signs sensing, passenger localization, and Child Presence Detection (CPD), and has partnered with leading OEMs. According to the company's statement, this acquisition will enhance Harman's automotive product portfolio and complement its Digital Cockpit and ADAS solutions.
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Key Questions Answered in Automotive Radar Sensors Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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