Radar Sensor Market Growing at a CAGR of 19.51% During 2017 to 2023

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Radar sensor market is projected to reach $20.64 billion by 2023 from $5.95 billion in 2016 at a CAGR of 19.51% from 2017 to 2023 driven by increasing territorial conflicts and geopolitical instabilities in Asia Pacific, the Middle East, and the Americas, and the rising demand for radar systems worldwide, as militaries seek to replace legacy systems.

The market for automotive application holds 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.

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).

The 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.

The radar sensor market growth 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 wideb and 5G and millimeter wave-based RF system capabilities.

In the process of determining and verifying, the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people. In Tier 1 (45%), Tier 2 (32%) and Tier 3 (23%) companies were contacted for primary interviews. The interviews were conducted with various key people such as C-Level (30%), Directors (45%) and others (25%) from various key organizations operating in the radar sensor market. The primary interviews were conducted worldwide covering regions such as North America (26%), Europe (40%), Asia Pacific (22%), and RoW (12%).

From an insight perspective, this report has focused on various levels of analysis - industry analysis (industry trends), market ranking analysis of top players, value chain analysis, and company profiles, DIVE analysis that comprises and discusses the basic views on the competitive landscape; emerging and high-growth segments of the radar sensor market; high-growth regions; and market drivers, restraints, challenges, and opportunities.

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