ADAS Radar Systems Market Insights, Size & Growth Forecast To 2030

The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.

Global ADAS Radar Systems Market Regional Synopsis

On the basis of geographical analysis, the global ADAS radar systems market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of high demand for vehicles, presence of major automobile manufacturers, and growing adoption of advanced technology in the region.

The market in the North America region is anticipated to gain the significant market share throughout the forecast period owing to the increased the rate of economic development, and increasing sales of electric vehicles in the region. According to the report by the IEA, 231,088 BEVs were sold in the United States, in 2020.

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The global ADAS radar systems market is further classified on the basis of region as follows:

North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global ADAS radar systems market includes the following segments:

By Vehicle Type

Heavy Commercial Vehicle (HCV)
Light Commercial Vehicle (LCV)
Passenger Vehicle

Others

By System Type

Blind Spot Detection
Parking Assistance
Lane Departure Warning System
Autonomous Emergency Braking
Intelligent Headlights
Adaptive Cruise Control
Heads-up Display
Others

By Component

Radar
Lidar
Sensors
Camera
Others

Growth Drivers

Growing Global Demand for Premium and Luxury Cars
Advancement in Sensor Technology for Higher Safety

Challenges

High Cost of Manufacturing and Installation for ADAS
Poor Infrastructure in Emerging Economies

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Top Featured Companies Dominating the Market

Renesas Electronics Corporation
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
Robert Bosch GmbH
VALEO
Magna International Inc.
DENSO Corporation
Continental AG
Aptiv plc
Hyundai Mobis (Hyundai Motor Group)
Veoneer Inc.
ZF Friedrichshafen AG

In The News

October 21, 2021: Robert Bosch GmbH to participate in publicly funded CONCORDA project in a consortium headed by Ertico project which is innovated to secure data transmission supports assistance systems in safety-critical driving situations and used for future automated driving functions.
September 29, 2021: Horizon Products and Continental AG to join hands for the commercialization of automotive AI technology. The main focus of this venture are the artificial intelligence processors and algorithms for intelligent driving.

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the ADAS radar systems market?

Ans: The growing demand for cars, and adoption of automated driving features in cars are estimated to boost the market growth

2) What would be the CAGR of ADAS radar systems market over the forecast period?

Ans: The market is anticipated to attain a CAGR of 11.2% over the forecast period, i.e., 2022 – 2030.

5) Who are the major players dominating the ADAS radar systems market?

Ans: The major players in the market are Robert Bosch GmbH, VALEO, Magna International Inc., DENSO Corporation, Continental AG, Aptiv plc, Hyundai Mobis, Veoneer Inc., ZF Friedrichshafen AG, and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the ADAS radar systems market?

Ans: The market is segmented by vehicle type, system type, component, and by region.

8) Which segment captures the largest market size in component segment in the ADAS radar systems market?

Ans: The sensors segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.

8) What are the challenges affecting the market growth?

Ans: High cost of manufacturing and installation for ADAS is estimated to hamper the market growth.

Major Macro-Economic Indicators Impacting the Market Growth