Automotive Radar Market Global Opportunities Demand And Forecast To 2024
Automotive radar market size is projected to surpass USD 5 billion by 2024. Growing adoption of automotive safety technologies and control systems have been driving the automotive radar industry demand. Increasing sales of motor vehicles, especially the luxury cars is expected to augment the revenue growth. Rapid improvement in the socio-economic conditions owing to rise in per capita income has been propelling the auto sales since the last few years.
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Increasing penetration of the automotive radars has been fueled by the introduction of several vehicle safety systems, as the radar devices play an important role in these systems. Growing implementation of advanced driver assistance systems (ADAS) in passenger cars is anticipated to foster automotive radar market trends over the forecast timeframe. ADAS being a complex system consist of advanced software and sophisticated electronics which complement each other to enhance the system functionalities, thus offering lifesaving advantages.
Automotive radars find prominent usability across the advent of self-driving cars. Increasing presence of the technology giants like Google and Baidu will pave the ways for the mainstream adoption of the self-driving cars. According to recent studies, majority of the road accidents are caused by the human errors occurred while driving the vehicles, so the autonomous driving tech is very likely to find mass adoption across several economies.
Considering the application segment, forward collision warning system (FCWS) is anticipated to account for over 25% of the automotive radar market share by 2024. Growing deployment of such warning systems which detect any chances of collision and help preventing the vehicle crashes will fuel the product demand. FCWS systems work by constantly monitoring the parameters such as the vehicle speed and the distance between the vehicles. In case the system detects any approaching crash, it produces warnings in the form of visual or audible alerts, so that drivers can presumably apply brakes on time before colliding with the rear end of other vehicle.
In addition, the vehicle manufacturers have started deploying these systems with automatic emergency braking systems to enhancing the system functionality and avoid any chance of rear-end crashes. For instance, automakers such as BMW, Audi, Ford, General Motors, and Tesla have committed to make the automatic emergency braking (AEB) a standard across all variants of their vehicle products. Such initiatives are expected to boost the product penetration further augmenting the FCWS application share.
North America automotive radar market is driven by stringent government regulations toward the vehicle safety. Most of the auto manufacturers in the region has been increasingly deploying the ADAS technology which has been supporting the regional growth. Moreover, growing funding toward research & development of autonomous cars will boost the regional outlook throughout the forecast period.
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Partial Chapter of the Table of Content
Chapter 4 Automotive Radar Market, Application Insights
4.1 Global automotive radar market share by application, 2015 & 2024
4.2 Adaptive Cruise Control (ACC)
4.2.1 ACC market estimates and forecast, 2013 - 2024
4.2.2 ACC market estimates and forecast, by region, 2013 - 2024
4.3 Blind Spot Detection (BSD)
4.3.1 BSD market estimates and forecast, 2013 - 2024
4.4 Forward Collision Warning System (FCWS)
4.4.1 FCWS market estimates and forecast, 2013 - 2024
4.4.2 FCWS market estimates and forecast, by region, 2013 - 2024
4.5 Lane Departure Warning System (LDWS)
4.5.1 LDWS market estimates and forecast, 2013 - 2024
4.5.2 LDWS market estimates and forecast, by region, 2013 - 2024
4.6 Parking Assistance (PA)
Charts & Figures
FIG. 1 Automotive radar market segmentation
FIG. 2 Global automotive radar market, 2013 - 2024 (USD Million)
FIG. 3 Industry ecosystem analysis
FIG. 4 Industry Impact forces
FIG. 5 Road traffic deaths by type of user
FIG. 6 Growth potential analysis
FIG. 7 Porter’s analysis
FIG. 8 Automotive radar company market share analysis, 2015
FIG. 9 PESTEL analysis
FIG. 10 Automotive radar market share by application, 2015 & 2024
FIG. 11 ACC market estimates and forecast (USD Million), 2013 - 2024
FIG. 12 BSD market estimates and forecast (USD Million), 2013 - 2024
FIG. 13 FCWS market estimates and forecast (USD Million), 2013 - 2024
FIG. 14 LDWS market estimates and forecast (USD Million), 2013 - 2024
FIG. 15 PA market estimates and forecast (USD Million), 2013 - 2024
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