"The radar sensor market estimated to grow at a CAGR of 19.51% between 2017 and 2023"
The radar sensor market is expected to grow from USD 5.95 billion in 2016 to USD 20.64 billion by 2023, at a CAGR of 19.51% between 2017 and 2023. The growth of this market is driven by the increasing focus on safety and security needs in automotive applications, and increasing need for border security systems. This market is further driven by unlocking the wideband 5G and millimeter wave-based RF system capabilities.
"Market for automotive application to hold a major share of the radar sensor market during the forecast period"
Technology has become more advanced and mainly focused on the safety and security needs in various applications such as vehicle collision assistance, industrial and public safety, and robotic assistance. Technological advances permit proactive safety features such as collision mitigation system and vulnerable road user detection. These increasing features are used for combating the increasing worldwide accidental rate. Due to these reasons, the automotive companies are implementing radar sensors and systems within its cars.
"Radar sensor market in APAC expected to witness the highest growth during the forecast period"
Increasing autonomous car developments in APAC and the growing demand for radar sensors and systems in countries such as China, Japan and India are driving the growth of the radar sensor market. This region has become a global focal point for large investments and business expansion opportunities. As of 2016, China (with 28,118,794 units), Japan (with 9,204,590 units), South Korea (with 4,228,509 units), and India (with 4,488,965 units) (Source: Production Statistics - OICA) were among the top largest automobile manufacturers worldwide.
Breakup of the profile of primary participants for the report is as given below:
- By Company Type - Tier 1-45 %, Tier 2-32%, and Tier 3-23%
- By Designation - C-Level Executives-30%, Directors-45%, and Others-25%
- By Region - North America-26%, Europe-40%, APAC-22%, and RoW-12%
The major companies involved in the development of radar sensors include Robert Bosch GmbH (Germany), Continental AG (Germany), Denso Corporation (Japan), Delphi Automotive LLP (UK), HELLA KGaA Hueck & Co (Germany), Autoliv Inc. (Sweden), Infineon Technologies AG (Germany), Lockheed Martin Corporation (US), NXP Semiconductors N.V. (Netherlands), Smart Microwave Sensors GmbH (Germany).