Automotive radar sensors market is anticipated to grow at a CAGR of 20.4% during the forecast period. The factors responsible for the growth of the automotive radar sensors market includes various technological innovation, increased requirement for safety, and the inclusion of stringent government regulations. The radar sensors technology is majorly dependent on the growth of the automotive industry. The increase in the production of passenger and commercial vehicles will directly impact the growth of the radar sensors market. Moreover, the increasing number of accidents and the launch of innovative radar sensors in the market to further boost the growth of the global automotive radar sensors market. For instance, in March 2022, Uhnder launched the first mass-produced, 4D digital imaging radar-on-chip that becomes the next-generation advanced driver assistance systems (ADAS), autonomous vehicles (AVs), and automated mobility applications possible. Digital radar provides 16 times better resolution, 24 times more power on target, and 30 times better contrast than today’s analog offerings, improving detection capabilities for better road safety for all users- drivers, passengers, cyclists, and pedestrians.

Segmental Outlook 

The global automotive radar sensors market is segmented based on range, and application. Based on range, the market is bifurcated into short-range, medium-range, and long-range. Based on application, the market is sub-segmented into forward collision warning systems, and intelligent park assist. Among the application, the forward collision warning system segment is anticipated to hold a prominent market share, while the market for the intelligent park assist segment is estimated to witness the fastest growth. 

Among the range segments, the medium range segment is expected to grow at a significant rate, owing to the growing awareness regarding vehicle safety among consumers along with the technological advancements introduced by key players in the market. For instance, in September 2021, ZF launched its next-generation mid-range radar to support advanced ADAS safety functions and enhance the available ZF co-ASSIST semi-automated system on the Dongfeng Aeolus Yixuan MAX in China. ZF's mid-range radar is a high-performance 77GHz front radar designed to meet 2022+ Euro NCAP 5-Star Safety Ratings and enable semi-automated driving functions.

Regional Outlooks

The global automotive radar sensors market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America). The market can be analyzed for a particular region or country level as per the requirement. Among these, the European regional market is expected to cater to a prominent market share owing to the strong presence of key automotive players. However, the Asia-Pacific region is projected to experience considerable growth in the automotive radar sensors market, due to the large and established manufacturing capabilities in countries such as China, Japan, South Korea, and others.

Global Automotive Radar Sensors Market Growth, by Region2022-2028

North America is Expected to Grow at a Significant Rate in the Global Automotive Radar Sensors Market 

Among all the regions, North America is expected to witness stellar growth during the projected timeline. The region is characterized by the rise in disposable income that has led to a surge in automobile sales, especially in the US and Canada. Moreover, the increasing frequency of vehicular accidents and greater awareness regarding the benefits associated with driving assistance features such as brake assist and collision warning systems are fueling the demand for the automotive radar sensor market in the region. According to the Insurance Institute for Highway Safety (IIHS), there were 35,766 fatal motor vehicle crashes in the US in 2020 in which 38,824 deaths occurred. This resulted in 11.7 deaths per 100,000 people and 1.34 deaths per 100 million miles traveled.

Market Players Outlook

The major companies serving the global automotive radar sensors market include Aptiv, Continental AG, Denso Corp., Robert Bosch GmbH, Texas Instrument Inc., Infineon Technologies, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in December 2020, NXP Semiconductors completed a suite of new radar sensor chipset solutions that can surround vehicles in a 360-degree safety cocoon and enable the identification and classification capabilities of imaging radar. The solutions comprised of new NXP radar processors and 77GHz transceivers, offer car makers flexible and scalable configurations that address NCAP requirements for corner and front radar applications.

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global automotive radar sensors market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.