Sellbyville, DE -- (SBWire) -- 01/21/2019 --Automotive Radar Market is set to grow at over 18.7% CAGR to cross USD 8.98 billion from 2016 to 2024. Automotive radar finds applications across a broad spectrum of automobile systems such as Adaptive Cruise Control (ACC), Lane Departure Warning System (LDWS), Blind Spot Detection (BSD), Forward Collision Warning System (FCWS), and Parking Assistance (PA) system. Automotive radar market size in adaptive cruise control (ACC) application is projected to grow at a CAGR of 17.7% over the forecast period, driven by its ability to monitor the specified gap between vehicles.
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Blind spot detection (BSD) is another lucrative application area of automotive radar market. Automotive radar industry share in BSD industry is anticipated to grow at a rate of 19.1% over the coming seven years, owing to the collision sensing capability of this system, in case some other vehicle enters the blind spot. Automotive radar market size is also witnessing a favorable growth in forward collision warning system (FCWS), owing to the rising norms pertaining to the vehicle safety.
Automotive radar market in adaptive cruise control systems industry accounted for over 36% of the overall revenue in 2015, and is expected to register a CAGR of 17.7% over 2016-2024. The growth can be credited to its ability to monitor and maintain user-specified distance between the automobiles. Its application in blind spot detection systems industry is expected to grow at a rate of 19.1% over the coming eight years. It makes the driver alert when another vehicle enters blind spot and provides more time for drivers to avoid collisions with the obstacles that are not clearly visible in the rear-view mirror.
Asia Pacific automotive radar market size is predicted to witness a substantial growth over the coming years due to high automobile production and sales. China, which accounted for over 45% of the overall revenue in 2015, is expected to contribute significantly towards the regional share over the coming years.
Europe automotive radar market share is expected to witness significant gains of 17.5% over the coming eight years. The growth can be credited to presence of key automotive industries in the region. Germany market revenue is projected to surpass USD 500 million by 2024.
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Key industry participants include Texas Instruments, Denso Corporation, Delphi Automotive, Infineon Technologies, TRW Automotive Company, Bosch Automotive Steering Private Limited, Fujitsu Limited, and Continental Corporation. The automotive radar market is characterized by frequent mergers & acquisitions as well as growth of next generation technology. Suppliers are focusing on developing cost-effective systems for mass-market automobiles, which can further catalyze industry growth.
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