Automotive Radar Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

The Business Research Company's Automotive Radar Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UNITED KINGDOM, September 17, 2024 /EINPresswire.com/ -- The automotive radar market has experienced robust growth in recent years, expanding from $5.94 billion in 2023 to $7.02 billion in 2024 at a compound annual growth rate (CAGR) of 18.0%. The growth in the historic period can be attributed to increased focus on vehicle safety and collision avoidance, adoption of advanced driver assistance systems (ADAS) in vehicles, growth in the demand for adaptive cruise control and autonomous features, stringent safety regulations, growing demand for advanced safety features.

What Is The Estimated Market Size Of The Global Automotive Radar Market And Its Annual Growth Rate?
The automotive radar market is projected to continue its strong growth, reaching $13.18 billion in 2028 at a compound annual growth rate (CAGR) of 17.1%. The growth in the forecast period can be attributed to surge in demand for radar sensors in electric and autonomous vehicles, integration of 5g technology for faster and more reliable communication, increasing adoption of radar for pedestrian detection and urban driving, growth in the connected car ecosystem, expansion of the commercial vehicle market with radar-based safety systems.

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Growth Driver Of The Automotive Radar Market
The rising number of road accidents is expected to propel the growth of the automotive radar market going forward. Accidents caused due to traffic collisions, negligence, or other reasons leading to injury or death of persons involved are referred to as road accidents. Automotive radar is one of the several sensor systems for collision avoidance, and pedestrian and cyclist detection, and it complements vision-based cameras, which help to detect vehicles and help to reduce accidents.

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Which Market Players Are Driving The Automotive Radar Market Growth?
Key players in the automotive radar market include Analog Devices Inc., Autoliv Inc., Continental AG, DENSO Corporation, NXP Semiconductors, BorgWarner Inc., Robert Bosch GmbH, Texas Instruments.

What Are the Key Trends That Influence The Automotive Radar Market Size?
Technological innovations are the key trend gaining popularity in the automotive radar market. Major companies operating in the market are introducing new technologies to increase their market share.

How Is The Global Automotive Radar Market Segmented?
1) By Vehicle Type: Passenger Car, Commercial Vehicle
2) By Range: Long-Range Radar (LRR), Short And Medium-Range Radar (S&MRR)
3) By Frequency: 24 Ghz, 77 Ghz, 79 Ghz
4) By Application: Adaptive Cruise Control (ACC), Autonomous Emergency Braking (AEB), Blind Spot Detection (BSD), Forward Collision Warning System, Intelligent Park Assists, Other Applications

Geographical Insights: Asia-Pacific Leading The Automotive Radar Market
Asia-Pacific was region with the largest share in the automotive radar market in 2023.The regions covered in the automotive radar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Automotive Radar Market Definition
Automotive radar refers to several sensor systems that contain a transmitter and a receiver, which help to transfer data to camera-sensing systems. These radars operate on frequency-modulated continuous-wave (FMCW) radar technology. The automotive radar can detect the speed and range of objects in the vicinity of the car.

Automotive Radar Global Market Report 2024 from TBRC covers the following information:
•Market size data for the forecast period: Historical and Future
•Macroeconomic factors affecting the market in the short and long run
•Analysis of the macro and micro economic factors that have affected the market in the past five years
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

An overview of the global automotive radar market report covering trends, opportunities, strategies, and more
The Automotive Radar Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on automotive radar market size, automotive radar market drivers and trends, automotive radar market major players, automotive radar competitors' revenues, automotive radar market positioning, and automotive radar market growth across geographies. The automotive radar market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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The Business Research Company
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