by Automotive RADAR market size is forecasted to grow from $18.04 Bn in 2024 to $298.86 Bn by 2034, with a CAGR of 32.4%.
Automotive RADAR Market Key Takeaways
- Asia Pacific dominated the global automotive RADAR market in 2023, holding the largest market share.
- Europe is projected to grow at the fastest CAGR during the forecast period.
- The Short & Medium Range RADAR (S&MRR) segment led the market by range in 2023.
- Intelligent Park Assist accounted for over 52% of the revenue share by application in 2023.
- Adaptive cruise control (ACC) is anticipated to experience the fastest CAGR by application during the forecast period.
The automotive RADAR market is experiencing significant growth, with Asia Pacific holding the largest market share in 2023 and Europe expected to witness the highest CAGR during the forecast period. The Short & Medium Range RADAR (S&MRR) segment led the market by range, while intelligent park assist contributed over 52% of the revenue share. Adaptive cruise control (ACC) is projected to grow fastest, driven by advancements in autonomous and driver-assistance technologies.
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Market Scope
| Report Highlights | Details |
| Market Size by 2034 | USD 298.86 Billion |
| Market Size in 2023 | USD 13.37 Billion |
| Market Size in 2024 | USD 18.04 Billion |
| Growth Rate from 2024 to 2034 | CAGR of 32.4% |
| Largest Market | Europe |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2023 |
| Forecast Period | 2024 to 2034 |
| Segments Covered | Frequency, Range, Vehicle Type, Application, Regional Outlook |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Key Drivers
Opportunities
- Rising demand for autonomous vehicles and ADAS technologies.
- Integration of RADAR with AI for enhanced object detection and predictive analytics.
- Increasing adoption of electric vehicles boosting the need for advanced safety systems.
Challenges
- High production and installation costs of RADAR systems.
- Regulatory complexities and standardization issues across regions.
- Potential interference from other sensors affects system efficiency.
Regional Insights
Asia Pacific dominated the automotive RADAR market in 2023, driven by the rising adoption of ADAS technologies and increasing vehicle production in countries like China, Japan, and India. Europe is expected to witness the fastest growth due to stringent government regulations on vehicle safety and the rising adoption of autonomous driving systems. North America remains a significant market, fueled by technological advancements and the demand for premium vehicles with advanced safety features.
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Market Key Players
- NXP Semiconductors
- Texas Instruments
- Robert Bosch GmbH
- ZF Friedrichshafen
- Valeo
- Analog
Recent News
In November 2024, the U.S. National Highway Traffic Safety Administration announced that by 2029, all new vehicles must be equipped with Automatic Emergency Braking (AEB) systems capable of operating at speeds up to 62 mph and detecting pedestrians. This mandate is expected to significantly boost the adoption of advanced automotive radar technologies.
Market Segmentation
By Frequency
- 24 GHz
- 77 GHz
- 79GHz
By Range
- Short & Medium Range RADAR (S&MRR)
- Long Range RADAR (LRR)
By Vehicle Type
- Commercial Vehicle
- Passenger Vehicle
By Application
- Autonomous Emergency Braking (AEB)
- Adaptive Cruise Control (ACC)
- Forward Collision Warning System
- Intelligent Park Assist
- Blind Spot Detection (BSD)
- Others ADAS Applications
