Automotive Radar Sensors Market Witness Substantial Growth of CAGR in the Upcoming years by 2032
Automotive Radar Sensors Market:
The automotive radar sensors market is expected to grow significantly from USD 2571.5 million in 2021 to USD 5787.14 million by 2032, with a compound annual growth rate (CAGR) of 9.4% during the forecast period (2023-2032).
The Automotive Radar Sensors Market is experiencing significant growth, fueled by the increasing demand for advanced driver-assistance systems (ADAS) and the development of autonomous vehicles. Let’s delve into the current state of the Automotive Radar Sensors Market, explore its segmentation, key trends, and future prospects.
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Market key players:
Robert Bosch GmbH (Germany)
HELLA KGaA (Germany)
Continental AG (Germany)
Denso Corporation (Japan)
Autoliv Inc. (Sweden), Valeo S.A (France)
Infineon Technologies AG (Germany)
NXP Semiconductors N.V (Netherlands)
Texas Instruments Incorporated. (U.S.)
InnoSenT – Innovative Radar Sensor Technology (Germany)
First Sensor AG (Germany)
Kestrel Radar Sensors (England)
ZF Friedrichshafen AG (Germany)
FUJITSU TEN Ltd. (Japan)
Market Highlights
Market Research Future (MRFR) discusses dynamics of the Automotive Radar Sensors Market 2024, in its latest report. A complete analysis of the automotive radar sensor market progress under the COVID 19 outbreak is supplemented along with report. As per MRFR study, the automotive radar sensor market is expected to rise at about 9.4% CAGR by 2032.
The increase in the need for safety engagement solutions for automobiles is observed as the chief driver of the automotive radar sensor market in the years to come. The rise in safety concern pedestrians, driver, and passengers can support the expansion of the automotive radar sensor market in the years to come. The increase in road accidents, demanding the need for effective safety solutions is expected to push the automotive radar market across the analysis period. Segment Analysis
The automotive radar sensors market is segmented based on range, application, and vehicle type.
The application based, the automotive radar sensor market segments are Autonomous Emergency Braking (AEB), Adaptive Cruise Control (ACC), Lane Change Assist (LCA), Forward Collision Warning System (FCWS), and Blind Spot Detection (BSD) among others.
The range based, the automotive radar sensors market segments are short range, long range, and medium range. The Short range radar sensors segment can earn high revenue for the global market in the years to come due to the increase in their application. The adaptive cruise control systems segment can thrive in the years to come.
The vehicle type based segments of the automotive radar sensor global market are commercial vehicle and passenger car. The commercial segment is expected to thrive in the years to come.
Detailed Regional Study
The automotive radar sensor market dynamics and trends are studied across North America, APAC, MEA, and Europe. Automotive radar sensor market in the Asia Pacific region is expected to thrive as increase in the manufacturing of modern and luxurious vehicles observed. In India and other growing economies, the increase in the application of automotive radar sensor, the regional market can flourish. The need for newer vehicles and rise in demand for high-end technology enabled vehicles are other major forces that can promote the expansion of the automotive radar sensor market in APAC. The increase in the adoption of ADASs by the booming automotive industry can also support the rise of the automotive radar sensor market across the analysis period.
In North America, the automotive radar sensor market expansion can be attributed to the rise in the production of high-end premium vehicles. The increase in the manufacturing of vehicles with high safety features can promote the expansion of the automotive radar sensor market in the years to come. The increase in the installation of modern automobile technologies in luxury car can prompt the rise of the automotive radar sensors market across the analysis period. In Europe, Germany can head the regional market across the analysis period. The rise in the sales of vehicles and several giants operating in the regional automobile sector can contribute largely to the expansion of the automotive radar sensors market across the analysis period.
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