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Radar Sensors Market is in Trends by Increased Demand for Advanced Driver Assistance Systems
Radar sensors are detection systems that use radio waves to determine the range, angle, or velocity of objects. These sensors transmit radio signals and analyze the echo to identify the location, distance, and speed of reflective objects like cars, aircraft, ships, weather formations, and terrain. Radar sensors are increasingly adopted in applications like advanced driver assistance systems (ADAS), collision detection systems, adaptive cruise control, blind spot detection, and lane change assistance. Growing demand for safety features in automotive industry has fueled the need for radar sensors.
The radar sensors market is estimated to be valued at USD 14.81 Bn in 2024 and is expected to reach USD 34.28 Bn by 2031. It is projected to grow at a compound annual growth rate (CAGR) of 12.7% from 2024 to 2031.
Key Takeaways
Key players operating in the Radar Sensors market are Texas Instruments, Infineon Technologies, NXP Semiconductors, Bosch Sensortec, Qualcomm Technologies. Texas Instruments offers leading automotive radar solutions for adaptive cruise control (ACC) and collision mitigation braking systems (CMBS). Infineon develops compact, robust radar sensors for vehicular and smart mobility applications.
The growing Radar Sensors Market Demand for advanced driver assistance systems and autonomous vehicles is expected to drive the demand for radar sensors in automotive industry. Radar sensors allow vehicles to observe and react to the surrounding environment. Manufacturers are also integrating radar sensors in advanced systems to enable cooperative detection of vulnerable road users.
Major players are expanding their operations in Asia Pacific region to leverage rising automotive production in countries like China, India and Japan. Growing emphasis on safety, regulation mandates and increasing purchasing power is expected to boost the adoption of radar equipped vehicles in developing economies. Companies are investing in developing low-cost compact radar sensors suitable for emerging markets.
Market Key Trends
One of the key trends in radar sensors market is the development of low-power and miniature sensors for consumer electronics and IoT devices. Miniaturization is enabling new use cases beyond the automotive sector. Startups are introducing gesture recognition radar sensors for applications like touchless control of smart home devices and appliances. Researchers are also exploring the potential of millimeter-wave radar for contactless vital signs monitoring. As the technology mature further, miniature radar sensors will find increasing usage in everyday consumer products.
Porter's Analysis
Threat of new entrants: Low start up costs with high expertise from domain required barrier for new players.
Bargaining power of buyers: Large buyers can negotiate better pricing but need of radar sensors from various industries keeps bargain power in check.
Bargaining power of suppliers: Suppliers need to maintain quality and capability to meet demands of tier 1 players limits their bargain power.
Threat of new substitutes: Radar being primary technology for distance measurement and imaging applications, threat is low from potential substitutes.
Competitive rivalry: High as major players competing on technology leadership, product features and pricing.
Geographical Regions
North America accounts for the largest share due to wide applications in aerospace & defense, automotive and other industries. The region is also focusing on developing innovative radars with improved accuracy and reliability.
Asia Pacific is the fastest growing region supported by emerging economies of China, Japan and South Korea investing heavily in automation, IoT and adoption of advanced driver-assistance systems. Strong economic growth and manufacturing shift to low-cost regions favors the regional market.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.
