Enjoy complimentary customisation on priority with our Enterprise License!
The radar sensors market size is forecast to increase by USD 17.91 billion at a CAGR of 20.62% between 2023 and 2028.
The industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
Radar sensors, integral to automobiles, utilize radio waves for object detection and localization. Two primary frequency bands, 24 GHz and 77 GHz, are employed In the automotive industry. The higher frequency 77 GHz radar sensors offer superior accuracy for distance and speed measurement. In contrast, 24 GHz radar sensors provide less accurate readings. Applications of radar sensors in automobiles encompass blind-spot detection, lane-change assistance, collision warning or avoidance systems, parking assistance, and cross-traffic monitoring. Regulatory requirements and the growing emphasis on safety are driving the adoption of radar sensors in motor vehicles.
Get a glance at the Radar Sensors Industry report of share of various segments Request Free Sample
The automotive segment was valued at USD 3.73 billion in 2018 and showed a gradual increase during the forecast period.
Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
For more insights on the market share of various regions, Request Free Sample
The market in North America is experiencing significant growth due to the expansion of the manufacturing sector In the region. Governments In the US and Canada are offering incentives and subsidies to attract manufacturing companies to set up operations, particularly in Canada due to its abundant natural resources and increasing labor costs in Asia Pacific. As manufacturing industries continue to grow, there is a rising demand for automation in production plants. It plays a crucial role in automation, enabling applications such as collision avoidance systems, blind spot detection, and lane change assistance in motor vehicles. In addition, these are used in industrial automation, traffic monitoring, security and surveillance, and building automation solutions.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing use of drones in numerous applications is the key driver of the market.
Emergence of the high-resolution radar imaging sensor is the upcoming market trend.
Cost pressure faced by OEMs is a key challenge affecting the industry growth.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Radar sensors have gained significant traction in various industries due to their ability to detect objects and measure their distance, velocity, and size. These sensors employ electromagnetic waves to identify and track targets, making them an essential component in numerous applications. Non-imaging radar sensors differ from imaging radar In their functionality. While imaging radar creates visual representations of objects, non-imaging radar focuses on measuring specific parameters such as distance, velocity, and size. Short-range radar sensors are commonly used for applications like blind spot detection, collision mitigation, lane change assistance, parking assistance, and rear cross-traffic alert in automobiles. Long-range radar sensors, on the other hand, are utilized for target surveillance, interception, missile guidance, and terrain tracking in defense applications.
In addition, the integration of it into security and surveillance systems has been a game-changer. Radar technology is employed in various sectors, including industrial automation, traffic monitoring, and automotive industries. In industrial applications, these are used for process control, level measurement, and object detection. In the automotive industry, these are a crucial component of advanced driver-assistance systems (ADAS), enabling features such as automatic emergency braking and collision avoidance systems. The advent of digital technologies has led to the development of advanced radar sensors. Sub-millimeter-wave radar sensors, for instance, offer high-resolution tracking and can penetrate through dense mediums like fog, rain, and snow.
Furthermore, radar applications extend beyond automotive and industrial sectors. In the biomedical field, radar sensors are used for non-invasive health monitoring. The integration of radar sensors in consumer electronic devices, smart grids, smart homes, and smart water networks has led to the development of intelligent transport systems and 5G technology. Wireless detecting technologies, including radar sensors, are essential for enabling seamless connectivity and communication between various devices. These are also employed in aerospace and defense applications, including weather monitoring, aircraft, marine vessels, and two-wheelers. Radar technology plays a vital role in airport intrusion detection, prison perimeter security, oil depot security, and other defense applications.
In addition, the radar market is expected to grow significantly due to the increasing demand for autonomous vehicles and the integration of it in various industries. The integration of it in autonomous cars is expected to revolutionize the automotive industry, enabling features like speed gauge, altimeter, pulse, and continuous wave. From automotive and industrial applications to defense and biomedical sectors, radar sensors offer numerous benefits, including high accuracy, reliability, and flexibility. The integration of it in consumer electronic devices, smart grids, and intelligent transport systems is expected to drive the growth of the radar market In the coming years.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
171 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 20.62% |
|
Market growth 2024-2028 |
USD 17.91 billion |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
16.56 |
|
Key countries |
US, China, Germany, Japan, and UK |
|
Competitive landscape |
Leading Companies, market growth and forecasting , Market Positioning of Companies, Competitive Strategies, and Industry Risks |
We can help! Our analysts can customize this radar sensors market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 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
Get the report (PDF) sent to your email within minutes.
Complimentary full Excel data with your report purchase.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
