Report : Automotive Radar Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Range (Long Range Radar (LRR), Medium Range Radar (MRR), Short Range Radar (SRR)), Frequency (24GHz, 77GHz, 79GHz), Application (Adaptive Cruise Control, Autonomous Emergency Braking, Blind Spot Detection, Forward Collision Warning System, Intelligent Park Assist, Others), and Vehicle Type (Passenger Cars, Light Commercial Vehicles, and Medium and Heavy Commercial Vehicles)
According to our latest market study on “Automotive Radar Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Range (Long Range Radar (LRR), Medium Range Radar(MRR), Short Range Radar (SRR)); Frequency (24 GHz, 77 GHz, 79 GHz); Application (Adaptive Cruise Control, Autonomous Emergency Braking, Blind Spot Detection, Forward Collision Warning System, Intelligent Park Assist, Others); Vehicle Type (Passenger Cars, Light Commercial Vehicles, Medium and Heavy Commercial Vehicles); and Geography, the market was valued at US$ 5,019.0 million in 2019 and is projected to reach US$ 11,640.8 million by 2027; it is expected to grow at a CAGR of 14.9% from 2020 to 2027. The ongoing COVID-19 outbreak is restraining the growth of the automotive radar market in 2020, and it is likely to continue till early 2021 owing to disruptions in supply chains, decrease in demand and production, and decline in the economic and industrial growth of major regions such as North America, Europe, and Asia Pacific. Hence, there is a decline in y-o-y growth during the year 2020 and 2021. However, the growth is expected to normalize from 2021 onwards, and the market is expected to grow at a steady pace from 2021 to 2027.
Automotive Radar Market in APAC to Grow at Highest CAGR during Forecast Period
APAC led the global Automotive radar market with over 30% revenue share in 2019, followed by Europe In 2020–2021, the Asia Pacific automotive sector expected a low demand for passenger cars due to strict lockdowns in different countries. However, with projected introduction of COVID-19 vaccine, several governments are easing the lockdown restrictions, which is likely to accelerate the production operations worldwide. With this, the requirement and sale of automotive vehicles would also rise, thereby spurring the need for the radar technology. Additionally, the world is experiencing technological changes in the area of connected car, e-mobility, and autonomous driving. This is likely to provide growth impetus to the automotive radar market as a radar system is one of the key elements in autonomous vehicles, which helps enable safe and consistent vehicle operations. The surging popularity of autonomous vehicles worldwide is expected to boost the sales of radar sensors in the coming years.
Key Findings of Study:
The radar technology is used in automobiles to operate and enable various ADAS functions. There is a significant shift toward smaller node complementary metal-oxide semiconductor (CMOS) or silicon-on-insulator (SOI) chips, which enable higher monolithic functions. The operational frequency of the radar technology is increasing with enhanced velocity and angular resolution. Moreover, the range resolution of the technology is increasing with the improvement in its overall bandwidth. There are number of startups that are in the forefront of some of these trends. For instance, Arbe, an Israel-based company, has designed its own chip and developed its own algorithm for radar signal processing. Furthermore, Uhnder Inc., US, has collaborated with Magna International for the supply of its high-resolution radar systems to a wider clientele. The radar systems, made available from 2019, are developed for level 3 to level 5 autonomous driving vehicles. The systems scan the environment to gain understanding about the distance, speed, height, and depth of the object around the vicinity of the car. GhostWave Inc. is another startup that offers radar solutions that eliminate/avoid unintentional jamming. Oculli, a Canadian company, has 4D radar systems that can follow 200 targets simultaneously for mapping and localization. Thus, the growing focus on high-resolutions radar systems is emerging as a key trend in the automotive radar market.