Automotive HD/Imaging Radar Market is expected to reach US$ 84.1 Billion by 2033 at a CAGR of 23.61%, growth owes to increased adoption of Autonomous Vehicles | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
Increasing Government regulations for Road Safety & Growing Popularity of Autonomous Cars to Boost Automotive HD/Imaging radar Sales; Analysts Anticipate Market Valuation to Reach US$ 84.11 Billion by 2033. The Automotive HD Radar market is expected to have a CAGR of 23.61% by 2033
DUBAI, United Arab Emirates, March 29, 2023 (GLOBE NEWSWIRE) -- The global automotive HD/imaging radar market is predicted to exhibit astonishing growth, exhibiting a CAGR of 23.61% from 2023 to 2033. According to the recent report published by FMI, the market valuation is likely to hit US$ 10.1 billion in 2023 and US$ 84.11 billion by 2033.
Automotive HD radar is a crucial component of Advanced Driver Assistance Systems (ADAS). Its high precision for range and speed detection plays a critical role in vehicle safety. The sensors alert the driver to steer clear of any collision, pedestrian, vehicle, and others. The automotive industry has been consistently expanding, owing to improving per capita income levels, and digitalization.
The demand for safety features such as electronic stability control, traction control, lane departure warnings, collision avoidance systems, and others has astronomically risen in recent years. Automakers are innovating product offerings to launch vehicles that comply with government regulations for vehicle safety.
The automotive HD radar market is expanding due to its adoption of Advanced Driver Assistance Systems. The automotive imaging market is experiencing a demand upsurge due to the development of autonomous cars. Autonomous cars use several sensors and cameras to operate. Thus, high-quality imaging is necessary for accurate maneuvering. Additionally, the digitalization of existing and new vehicles has catapulted the demand for HD imaging, thereby boosting the global automotive HD imaging market’s growth prospects.
The growing investments in research and development activities by key market players are expected to augment market development.
Key Takeaways from Automotive HD/Imaging Radar Market:
Asia Pacific is likely to dominate the global market sales due to rising disposable income levels and surging automotive sales. India and China are likely to be the key regions accumulating growth in the Asia Pacific.
North America market is expected to exhibit modest growth due to the rising popularity of autonomous cars such as Tesla and others. The United States is likely to remain at the forefront due to the presence of key market players.
The European market is predicted to witness strong growth. The early adoption of ADAS technologies in the United Kingdom and Germany is expected to be the factor promoting the regional market growth.
The medium-range radar segment is anticipated to hold the lion’s share in the global market during the forecast period.
In January 2022, NXP launched new imaging radar chips for automated driving and ADAS. The new chips are S32R41 and S32R45. The S32R41 chip is optimized for hands-free partially automated ADAS applications. The S32R45 chip is targeted at L4 and above ADAS applications.
Renesas launched a portfolio of automotive radar transceivers in November 2022. The new transceivers are designed to cater to the demands of level 3 and higher autonomous driving applications.
Sabic launched new compounds for automotive radar sensors in December 2020. The two new radar-absorbing compounds were developed to aid manufacturers to eliminate false trigger alarms or actions.
By Range (Long Range Radar, Short Range Radar, Mid-Range Radar) By Application (RADAR Based Adaptive Cruise Control, RADAR Based on Autonomous Emergency Breaking (AEB), RADAR Based Blid Spot Detection (BSD), RADAR Based Forward Collision Warning System, RADAR Based Intelligent Park Assist, RADAR Based Other ADAS Application) By Frequency (7X-GHz Systems, 2X-Ghz Systems) By Vehicle Type (Commercial Vehicle, Economic Passenger Vehicle, Luxury Passenger Vehicle, Mid-Price Passenger Vehicle) Key Regions Covered (North America, UNITED STATES, Canada, Latin America, Brazil, Mexico, Rest of Latin America, Europe, Germany, The United Kingdom, France, Spain, Russia, Rest of Europe, Japan, APEJ, China, India, Malaysia, Singapore, Australia, Rest of APEJ, MEA, GCC Countries, Israel, South Africa, Rest of MEA)
Explore Wide-ranging Coverage of FMI’s Automotive Landscape
Automotive Radar Market Share: are projected to grow at a robust CAGR of 13.20% between 2022 and 2032, totalling around US$ 15,803.3 Million by the end of 2032.
Autonomous Vehicles Market Growth: is projected to grow at a CAGR of 10.9% between 2022 and 2032, totalling around 99,451 million by 2032.
Artificial Intelligence (AI) in Automotive Market Outlook: is set to record a robust CAGR of 55% during the forecast period. The market holds a share of US$ 9.3 billion in 2023 while it is anticipated to cross a value of US$ 744.39 billion by 2033.
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
