Increasing technology penetration in the automobile industry will dynamically impact Automotive Radar Market size over the coming years. Rising concerns over passenger and vehicle safety will build huge growth opportunities for the automotive radar industry. As per Association for Safety International Road Travel (ASIRT), on an annual basis approximately 1.3 million people die as a result of road accidents. To reduce these fatal accidents, cars are featured with collision prevention systems, which in turn will fuel global industry growth trends. According to Global Market Insights, Inc., “Automotive radar market size is anticipated to register an annual growth rate of 18.7% over the period of 2016-2024.” As per the Insurance Institute for Highway Safety, one of the three fatal accidents can be dodged if collision avoidance systems are incorporated into the vehicles. This will in turn generate heavy surge in the automotive radar business space over the coming years.
Favorable government norms towards preventing fatal accidents will play a vital role in influencing the automotive radar industry trends. For example, the U.S. National Highway Traffic Safety Administration announced the deployment of Automatic Emergency Braking Systems (AEBS) in cars with model year 2018, to prevent road crashes. Moreover, shifting consumer preferences towards safer and technically sound vehicles has led the manufacturers to launch automobiles featured with safety equipment. In addition to this, the growing trend of IOT, which is poised to revolutionize the automotive space will further fuel the technology deployment in vehicles. Automotive electronics market will be another business space gaining heavy momentum over the coming years.
Germany Automotive Radar Market size, by application, 2013-2024 (USD Million)
Automotive radar finds applications across a broad spectrum of automobile systems such as Adaptive Cruise Control (ACC), Lane Departure Warning System (LDWS), Blind Spot Detection (BSD), Forward Collision Warning System (FCWS), and Parking Assistance (PA) system. Automotive radar market size in adaptive cruise control (ACC) application is projected to grow at a CAGR of 17.7% over the forecast period, driven by its ability to monitor the specified gap between vehicles.
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Blind spot detection (BSD) is another lucrative application area of automotive radar market. Automotive radar industry share in BSD industry is anticipated to grow at a rate of 19.1% over the coming seven years, owing to the collision sensing capability of this system, in case some other vehicle enters the blind spot. Automotive radar market size is also witnessing a favorable growth in forward collision warning system (FCWS), owing to the rising norms pertaining to the vehicle safety.
Asia Pacific automotive radar industry will attain significant growth over the estimated period, driven by the rapid expansion of the automotive industry across this region. China is likely to be the major revenue pocket for APAC, having accounted for 45% of the overall revenue in 2015. Europe market share is anticipated to record a CAGR of 17.5% over the forecast timeframe.
The automotive radar industry will witness innovative technological developments and strategic collaborations & partnerships over the coming years. Market players will focus towards improving their product and solution portfolios with respect to the cost features, to sustain the competitive business scenario. Key automotive radar industry participants include Valeo, ZF TRW Automotive, Hella, Fujitsu, Delphi Automotive LLP, Texas Instruments, Robert Bosch GmbH.
Author Name : Ojaswita Kutepatil