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Radar Sensor Market Size

Report ID: GMI3349
Published Date: Jul 2023
Report Format: PDF

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Radar Sensor Market Size

Radar Sensor Market size was worth more than USD 13 billion in 2022 and is expected record over 15% CAGR through 2032, on account of rising integration of autonomous technology in automotive sector. For instance, in June 2032, the Indian AI startup Minus Zero unveiled the nation’s first completely autonomous vehicle, zPOD, which is also a fully electric prototype with camera-sensor suite.

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As the popularity of autonomous vehicles increases, there will be high demand for sophisticated radar sensing technologies that can accurately detect objects and obstacles on the road ahead. These radar sensors are crucial for enabling advanced driver assistance technologies such as adaptive cruise control, forward collision warning, and night vision systems, enhancing overall vehicle safety and driving experience. With continuous advancements in electronic components to support processing, sensing, and control functions, the radar sensor industry is poised for significant expansion in the coming years.

Radar Sensor Market Report Attributes
Report Attribute	Details
Base Year:	2022
Radar Sensor Market Size in 2022:	USD 13.1 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	15%
2032 Value Projection:	USD 60 Billion
Historical Data for:	2018 to 2022
No. of Pages:	150
Tables, Charts & Figures:	444
Segments covered:	Type, Range, Application
Growth Drivers:	Increasing emphasis toward automotive safety systems and autonomous driving Proliferation of industrial automation in developing nations Rising adoption of radar technology in the aerospace and defense sector Growing trend toward IoT and smart home devices
Pitfalls & Challenges:	High development and maintenance costs of radar sensors Application-specific legal issues in radar technology

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The product application in safety-critical domains like automotive collision avoidance systems and autonomous vehicles acts as major restrain for the industry. Stringent safety and regulatory standards govern the deployment of these applications to safeguard public safety. If radar sensors fail to meet these rigorous standards, it can result in legal barriers, leading to delays in product development, certification, and market entry for companies operating in this sector.

Authors: Suraj Gujar, Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

Market size for radar sensor was worth more than USD 13 billion in 2022 and is expected record over 15% CAGR through 2032, on account of rising integration of autonomous technology in automotive sector.

The radar sensor size from medium-range segment is projected to reach more that USD 30 billion by 2032, attributed to the extensive utilization mid-range sensors in automotive radar applications.

Asia Pacific dominated the global radar sensor industry with a remuneration of more than 5 billion in 2022 and is slated to showcase a y-o-y growth rate of over 18.5% during 2023 and 2032. The regional growth is fueled by the increasing adoption of electric vehicles (EVs) in China.

Acconeer, AMG Microwave, Banner Engineering Corp., Continental AG, Denso Corporation, Hunan Nanoradar Science and Technology Co., Ltd., Baumer AG, Infineon Technologies A, KaikuTek Inc, Analog Devices, Inc., MediaTek Inc., Ainstein, Inc., Navtech Radar, HELLA GmbH & Co. KGaA, and NOVELIC.