ADAS Radar Systems Market: By System Type (Blind Spot Detection, Parking Assistance, Lane Departure Warning System, Autonomous Emergency Braking, Intelligent Headlights, Adaptive Cruise Control, Heads-up Display, and Others), By Vehicle Type (Heavy Commercial Vehicle (HCV), Light Commercial Vehicle (LCV), Passenger Vehicle, and Others), By Component (Radar, Lidar, Sensors, Camera, and Others) And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2031
[ 170 + Pages Research Report ] ADAS Radar Systems Market to surpass USD 87.04 billion by 2031 from USD 28.71 billion in 2021 at a CAGR of 11.7% in the coming years, i.e., 2021-31.
Advance driver-assistance systems are electronic systems that assist the driver by using advanced technologies. Radio Detection and Ranging (RADAR) is used for blind spot monitoring, object detection, and collision warning and mitigation. It helps in generating information about the vehicle’s surroundings by detecting the static and dynamic objects around it. ADAS Radar systems, thus assist in making driving decisions and also helps in safe and smart driving.
ADAS Radar Systems market is expected to project a notable CAGR of 11.7% in 2031.
Increasing urbanization and rising consumer awareness, rising number of road accidents, increasing safety regulations and incorporation of new features by manufacturers to attract more consumers are contributing to the growth of the ADAS Radar Systems market.
Passenger Vehicle segment to grow with the highest CAGR during 2021-31
Based on vehicle type, ADAS Radar Systems Market is classified into Heavy Commercial Vehicles (HCV), Light Commercial Vehicle (LCV), Passenger Vehicle, and Others. During the forecast period, Passenger Vehicle segment is projected to hold the largest market share. The growth is attributed to rapid industrialization, high disposable income, improvement in road safety regulations, increasing urbanization, and rising consumer awareness. These factors have boosted the production and sales of passenger cars with ADAS systems, thus fueling market growth.
Radar segment to grow with the highest CAGR during 2021-31
ADAS Radar Systems Market, is fragmented on the basis of components into Radar, Lidar, Sensors, Camera, and Others. During the forecast period, Radar segment is projected to hold the largest market share. Radio detection and ranging (RADAR) are highly used for blind spot detection, collision warning and mitigation, parking assistance, lane change assistance etc. It is good at detecting big objects around the vehicle and is functional even during bad weather due to its high frequencies. The rising number of road accidents, increasing safety regulations and incorporation of new features by manufacturers to attract more consumers are contributing to the growth of ADAS Radar Systems market.
Stringent road safety regulations
With rise in the number of vehicles on the roads has made governments of many countries implement strict road safety to reduce road accidents and ensuring road safety has paved the way for ADAS Radar Systems market as many manufacturers are focusing on installing ADAS-like blind spot detection, collision warning, and mitigation, parking assistance, lane change assistance, etc. in new passenger cars. Also, increasing consumer awareness regarding vehicle safety is further driving the growth of ADAS Radar Systems Market.
Rise in disposable income, advancement in technology & rising autonomous vehicles
Improvement in living standards and high disposable income of consumers has raised the demand for mid-range and luxury cars that are equipped with ADAS systems for better driving experience. Advancements in technology to enhance the features in vehicles are further increasing the demand for ADAS radar systems. Additionally, advent of self-driving vehicles or automated vehicles with driver assistance systems and surging adoption of electrical vehicles needs safe and comfortable features, which is leading to a significant rise in demand for ADAS Radar Systems and hence driving the growth of the market.
High initial costs and lack of proper infrastructure
To meet the demands for advanced features in vehicles, manufacturers have to upgrade themselves. Also, various complications and challenges in highly technological systems can cause malfunction and failures. Further, lack of proper infrastructure in some economies is restraining the growth of ADAS Radar Systems Market.
ADAS Radar Systems market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia Pacific is expected to grow with the maximum CAGR during the estimated period. The growth is attributed to the rising demand of vehicles, increasing investments in infrastructure, imposition of strict road safety regulations and greater adoption of advance technology in this region. Also, rising shift towards electronic vehicles and presence of major automobile manufacturers who are willing to update their portfolio, will further fuel the market growth of ADAR Radar Systems.
COVID-19 pandemic has hampered global economic growth due to the strict imposition of lockdowns in many countries. It has disrupted the global supply chains and has had hampered the production and sales of automotive. With lack of mobility and reduced purchasing power, consumer demand for automotive has witnessed a sharp decline during the pandemic. Covid-19 have negatively impacted the market for ADAS Radar Systems owing to the lack of demand for automotive. In the post-pandemic world, the market is expected to grow due to an increase in demand for passenger vehicles and advancements in technologies.
ADAS Radar Systems is further segmented by region into:
ADAS Radar Systems Segments:
|Market size value in 2021
|USD 28.71 billion
|Revenue forecast in 2031
|USD 87.04 billion
|CAGR of 11.7% from 2021 to 2031
|Base year for estimation
|Revenue in USD million and CAGR from 2021 to 2031
|Revenue forecast, company ranking, competitive landscape, growth factors, and trends
|System Type, Vehicle Type, Component and Region
|North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
|Key companies profiled
|Renesas Electronics Corporation, Robert Bosch GmbH, VALEO, Magna International Inc., DENSO Corporation, Continental AG, Aptiv plc, Hyundai Mobis (Hyundai Motor Group), Veoneer Inc., ZF Friedrichshafen AG, and other Prominent Players.
ADAS Radar Systems market size was estimated at USD 28.71 billion in 2021 and is expected to reach USD 87.04 billion in 2031.
Advance driver-assistance systems are electronic systems which assist the driver by using advance technologies. Radio Detection and Ranging (RADAR) is used for blind spot monitoring, object detection, and collision warning and mitigation.
Passenger Vehicle and Radar segment accounted for the largest ADAS Radar Systems market share.
Key players in the ADAS Radar Systems market include Renesas Electronics Corporation, Robert Bosch GmbH, VALEO, Magna International Inc., DENSO Corporation, Continental AG, Aptiv plc, Hyundai Mobis (Hyundai Motor Group), Veoneer Inc., ZF Friedrichshafen AG, and other Prominent Players.
Stringent road safety regulations and rise in disposable income, advancement in technology & rising autonomous vehicles are the factors driving the ADAS Radar Systems market.
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