Automotive Radar Market Insights, Growth and Investment Feasibility By 2030

Written by mihir  »  Updated on: July 09th, 2024

Automotive Radar Market Insights, Growth and Investment Feasibility By 2030

Globally, road traffic fatalities continue to be a pressing concern, with approximately 1.35 million deaths reported annually, prompting heightened focus on vehicle safety. By 2030, road traffic crashes are projected to become the seventh leading cause of death worldwide, underscoring the critical need for enhanced safety features in automobiles.

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Rising Demand for Safety Features and Automotive Radars

Consumer awareness regarding vehicle safety has surged, catalyzing a robust demand for safety features in vehicles. Technologies such as adaptive cruise control and autonomous emergency braking are increasingly becoming standard in modern vehicles, fostering the growth of the automotive radar market. According to the World Health Organization, the African region exhibits the highest road traffic fatality rate at 26.6, followed by Europe at 9.3, highlighting significant opportunities for automakers to leverage the automotive radar market in these regions.

Financial Schemes Driving Premium Vehicle Sales

The automotive market is witnessing a notable rise in premium vehicle sales, with projected demands reaching 566 billion by 2026. This surge is largely attributed to favorable financial schemes offered by banks and financial institutions, providing substantial funding for premium vehicle purchases. The increasing adoption of premium vehicles is expected to significantly bolster the installation of automotive radar systems, further propelling market growth.

Urbanization and Technological Integration

Urban sprawls and the development of hub-and-spoke architectures have intensified commutation between rural and urban areas. This trend has led to a substantial increase in vehicle registrations, with a growing number of vehicles equipped with advanced safety features like adaptive cruise control and lane change assist. Technological innovations, including the integration of AI in automotive radar systems and the preference for wireless communication, are further enhancing vehicle safety and driving market expansion.

Challenges and Opportunities

Despite technological advancements, the automotive radar market faces challenges such as high installation costs and complexities associated with sensor servicing. The COVID-19 pandemic has also impacted the automotive industry, temporarily dampening demand for automotive radar systems. However, favorable government regulations in regions like Europe, emphasizing stringent vehicle safety standards, are expected to bolster market dominance in the automotive radar sector.

Segmentation and Market Dynamics

The automotive radar market is segmented based on radar range, frequency (24GHz, 79GHz), vehicle type, and application. Medium-range radars, integral to safety systems offering park assists and traffic alerts, are witnessing increased demand. Meanwhile, long-range radars, crucial for applications like adaptive cruise control, are gaining traction, particularly in mid- and entry-level vehicles. The shift towards radar systems operating at 79GHz is expected to dominate the market due to their superior capabilities in blind spot monitoring and comprehensive vehicle mapping.

Future Outlook and Strategic Collaborations

Key industry players such as NXP Semiconductors, Robert Bosch GmbH, Autoliv Inc, and Continental AG are focusing on developing compact and high-performance automotive radar systems. Strategic partnerships and collaborations, such as the alliance between NXP Semiconductors and Hawkeye Technology, are anticipated to accelerate market growth. Moreover, collaborations with premium automakers underscore a rapid integration of automotive radar systems into future vehicle models.

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