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The radar sensors market share is expected to increase to USD 15.07 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 18.35%.
This radar sensors market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers radar sensors market segmentation by application (automotive, aerospace and defense, industrial, and others), product (non-imaging sensors and imaging sensors), and geography (North America, APAC, Europe, South America, and Middle East and Africa). The radar sensors market report also offers information on several market vendors, including Ainstein Inc., Arbe, Banner Engineering Corp., Continental AG, DENSO Corp., HELLA GmbH and Co. KG, Infineon Technologies AG, InnoSenT GmbH, Israel Aerospace Industries Ltd., Lockheed Martin Corp., MediaTek Inc., NXP Semiconductors NV, Raytheon Technologies Corp., Robert Bosch GmbH, S.m.s Smart Microwave Sensors GmbH, Sivers Semiconductors AB, Steradian Semiconductors Pvt. Ltd., Texas Instruments Inc., Vayyar Imaging Ltd., and ZF Friedrichshafen AG among others.
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The increasing use of drones in numerous applications is notably driving the radar sensors market growth, although factors such as cost pressure faced by OEMs may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the radar sensors industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Radar Sensors Market Driver
One of the key factors driving the global radar sensors industry growth is the increasing use of drones in numerous applications. Some of the applications are mentioned below:
Vendors are also launching products with improved features. For instance, in September 2018, Ainstein announced the launch of two new customizable radar sensors, namely Ultra Long-Range Airborne (ULAB-D1) and Ultra Long-Range Ground-Based (ULGB-D1) radar, for drone applications. These radar sensors are capable of detecting objects or obstacles more than 1,000 meters away. The increase in demand for drones and the launch of products with improved features are expected to drive the growth of the market in the forecast years.
Key Radar Sensors Market Trend
The emergence of the high-resolution radar imaging sensor, to sense extreme weather conditions and dim lighting conditions, is one of the key radar sensors market trends that is expected to impact the industry positively in the forecast period. In the US, incidents related to self-driving cars have demonstrated the need for improved sensors and related ADAS technology. For instance, in March 2018, an Uber SUV in autonomous mode hit a pedestrian crossing a street in Tempe, Arizona. Moreover, Tesla and Google self-driving vehicles have been involved in road accidents. Currently, radar sensors adopted worldwide have up to 77 GHz frequency, and OEMs have been sampling 79 GHz system prototypes for radar. Thus, the development of high-resolution radars will allow increased detection points, better object separation in multiple target environments, and precise detection of blind spots.
Key Radar Sensors Market Challenge
One of the key challenges to the global radar sensors industry growth is the cost pressure faced by OEMs as environment and safety standards compel OEMs to comply with regulations while offering vehicles at low costs. According to the National Automobile Dealers Association, the US Corporate Average Fuel Economy standards may increase the manufacturing cost of a vehicle by USD 1,000. In addition, the integration of advanced features such as ACCS, AHC, AS, and ALBS at competitive prices will add to the cost. Moreover, as per the NHTSA, the imposition of a new rule in 2014 required all light vehicles, including cars, SUVs, trucks, and vans, to have rear-view cameras by 2018. Such factors may affect the markets for several types of sensors, such as LiDAR and radar, and the overall growth of the market in the coming years.
This radar sensors market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global radar sensors market as a part of the global electronic equipment and instruments market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the radar sensors market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the radar sensors market encompasses successful business strategies deployed by the key vendors. The radar sensors market is fragmented and the vendors are deploying growth strategies such as new product launches to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The radar sensors market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the radar sensors market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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37% of the market's growth will originate from North America during the forecast period. The US is the key market for radar sensors in North America. Market growth in this region will be faster than the growth of the market in South America and Europe.
The growth of the manufacturing sector in countries such as the US and Canada, as the governments of these countries are promising subsidies and incentives to encourage manufacturers to set up their facilities, will facilitate the radar sensors market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 in 2020 became a worldwide hindrance for all industries. The production process of radar sensors came to a halt due to lockdown restrictions, which disrupted the complete supply chain of radar sensor systems. However, in 2021, large-scale vaccination drives conducted by the governments of countries in North America led to a decline in the number of COVID-19 cases, which resulted in the resumption of operations in end-user industries, such as automotive. This increased the demand for radar sensors. Hence, the regional radar sensors market is expected to witness growth during the forecast period.
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The radar sensors market share growth in the automotive segment will be significant during the forecast period. The growth is attributed to the increasing use of radar sensors in automobiles due to the presence of stringent regulations and the rising need for safety. For instance, the number of sensors in each car is estimated to be around 75 units. Several electronics systems such as backup cameras, collision avoidance systems, lane-change warning systems, light-emitting diode (LED) products, and telematics require sensors.
This report provides an accurate prediction of the contribution of all the segments to the growth of the radar sensors market size and actionable market insights on post COVID-19 impact on each segment.
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Automotive Radar Sensors market - Market size has the potential to grow by USD 4.45 bn during 2020-2024, and the market's growth momentum will accelerate during the forecast period.
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Radar Sensors Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 18.35% |
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Market growth 2022-2026 |
$ 15.07 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
17.19 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
North America at 37% |
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Key consumer countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Ainstein Inc., Arbe, Banner Engineering Corp., Continental AG, DENSO Corp., HELLA GmbH and Co. KG, Infineon Technologies AG, InnoSenT GmbH, Israel Aerospace Industries Ltd., Lockheed Martin Corp., MediaTek Inc., NXP Semiconductors NV, Raytheon Technologies Corp., Robert Bosch GmbH, S.m.s Smart Microwave Sensors GmbH, Sivers Semiconductors AB, Steradian Semiconductors Pvt. Ltd., Texas Instruments Inc., Vayyar Imaging Ltd., and ZF Friedrichshafen AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Market Segmentation by Product
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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