February 24, 2024
Automotive Radar Market

Artificial Intelligence Is Expected To Boost The Growth Of The Global Automotive Radar Market

Market Overview:

The global Automotive Radar Market is estimated to be valued at US$ 4.86 Billion in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Automotive radar systems are sensors that use radio waves to detect the location and velocity of nearby vehicles or obstacles. They help improve safety features like collision avoidance systems, adaptive cruise control, blind spot detection, and lane change assistance. As autonomous vehicles continue to become more advanced with features like automated emergency braking and adaptive cruise control, radar systems play a crucial role in mapping out environments around vehicles and detecting potential hazards. With new technologies like artificial intelligence, radar systems are also gaining enhanced computational abilities to interpret situations better.

Market key trends:

One of the key trends in the automotive radar market is the rise of artificial intelligence and machine learning capabilities. Major players are integrating AI functionalities into radar systems to improve object recognition and detection abilities. AI-powered radar can learn over time to better identify objects and situations based on accumulated real-world data. This helps enhance the accuracy of advanced driver assistance systems. Additionally, AI is allowing radar sensors to work together with camera and lidar systems in environment perception for higher levels of vehicle autonomy. The integration of AI is expected to make radar a more intelligent sensing solution going forward.

Porter’s Analysis

Threat of new entrants: The high R&D and capital investment required to enter the automotive radar market poses significant barriers for new players. Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of a large number of established automotive radar manufacturers in the market. Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the availability of alternative raw material and component suppliers in the market. Threat of new substitutes: The threat of substitutes is low as automotive radar offers enhanced safety features over traditional substitutes such as cameras. Competitive rivalry: Competition is intense among the major players operating in the automotive radar market.

Key Takeaways

The Global Automotive Radar Market Share is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing focus on vehicle and passenger safety features.

The Asia Pacific region is expected to dominate the global automotive radar market during the forecast period. The growth of the automotive radar market in the Asia Pacific region can be attributed to the increasing automotive production and sales in countries such as China, Japan, and India.

Key players operating in the automotive radar market are Robert Bosch GmbH (Germany), HELLA KGaA (Germany), Continental AG (Germany), Denso Corporation (Japan), Delphi Automotive PLC (U.K.), Autoliv Inc. (Sweden), and Valeo S.A. (France). Infineon Technologies AG (Germany) is a key sensor manufacturer for automotive radar systems.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it