Global Market Insights

Global automotive radar market size is estimated to exceed USD 5 billion by 2023.

Press Release   •   May 23, 2016 01:21 EDT

Global automotive radar market size is estimated to exceed USD 5 billion by 2023. The advent of self-driven cars is anticipated to drive industry growth over the forecast period. Favorable automotive radar market forecast, regarding price is also predicted to propel global demand from 2016 to 2023.

Asia Pacific automotive radar market share is anticipated to witness considerable gains, driven by strong outlook in the application industries. The rise in demand can be credited to low manufacturing cost accompanied by surging automotive sales across the region. Europe is predicted to continue its dominance owing to presence of large number of automotive companies.

U.S. automotive radar market size is expected to witness considerable growth over the forecast period. Surging research and development activities is expected to drive growth.

Millimeter-wave radar market is expected to be driven by features such as high resistance from light as well as weather conditions. These devices are likely to perform better when compared to LiDAR and camera systems. It also possesses high capabilities for distance and velocity detection and is thus estimated to experience high growth.

The segment includes 77GHz and 24GHz chips. 24GHz chips are predicted to find application in numerous systems such as traffic jam assist, lane change assist (LCA), and rear pre-crash system (RPS). It also helps in alerting drivers about the vehicles behind while changing and passing through lanes. 77GHz chips are mainly used in autonomous emergency braking (AEB) and adaptive cruise control (ACC) systems. ACC systems rely on long-range, medium and short range devices to manage vehicle speed. Lack of object recognition and classification capabilities may hamper automotive radar market growth over the next few years.

Global LiDAR market size is expected to be valued at over USD 1 billion by 2023. Based on range, these devices can also be segmented into ultra-wideband (UWB) as well as narrowband (NB). These systems offer simultaneous 3D digital modeling that facilitates autonomous driving; they are anticipated to deliver superior performance in object tracking and deliver high precision during object detection. These systems along with millimeter-wave technology are predicted to witness significant growth prospects owing to the superior performance delivered by these systems.

Stop & Go ACC systems have a 77GHz radar in the center and two 24GHz on either sides. They help in detecting distance of around 100 meters to 150 meters away from the car.

Various companies are now focusing on development of next generation products such as 79GHz devices, which are capable of detecting bicycles and pedestrians and deliver superior accuracy. These devices are likely to assist vehicles in executing autonomous and semi-autonomous decision while driving. Surging security needs from regulatory bodies and consumers is anticipated to positively impact the industry. Camera-based systems are likely to witness substantial growth, due to increasing government regulations for mandating the incorporation of these devices into vehicles. Rapid advancements are likely to fuel the demand for automatic emergency braking as well as distance warning systems.

Automotive radar includes millimeter-wave radar, ultrasonic radar, and LiDAR. Ultrasonic radar systems have the detection capacity less than five meters, these are mainly used in parking assistance systems. Stringent government regulations regarding automotive safety are likely to fuel the automotive radar market over the forecast period. These devices are likely to prove successful in side impact and blind spot detection. Incorporation of this equipment in vehicles is forecast to minimize human error and thus enable in avoiding accidents.

The technology works by emitting radio-frequency electromagnetic waves that are reflected back by the objects or vehicles in the vicinity. ECU (Electronic Control Unit) determines the distance and speed, and also warns the driver in case of emergency.

Key industry participants accounting for majority of the overall automotive radar market share include Autoliv, Bosch, Continental Automotive, Delphi, Denso, Fujitsu Ten, Hella, TRW (ZF), and Valeo.

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