Radar sensors use radio waves to detect a moving target within its range of operation and determines the range, angle, or velocity of the target. It is typically deployed in applications such as automotive, aerospace and defense, traffic management and monitoring, industrial, security and surveillance, environment, and weather monitoring. The radar sensor market is expected to grow from USD 5.95 Billion in 2016 to USD 20.64 Billion by 2023, at a CAGR of 19.51% between 2017 and 2023. North America accounted for the largest market share of ~38% in 2016. The market in APAC is expected to grow at the highest rate of 22.58% between 2017 and 2023. The expansion of the automotive applications, particularly in cars and other vehicles, has surged the need for radar sensors, focusing on safety and security needs. Due to the increasing terrorism, there is an increasing demand for border security systems. These abovementioned factors drive the radar sensor market.
Until 2016, the radar sensor market was dominated by 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. (The Netherlands), and Smart Microwave Sensors GmbH (Germany). New product development and partnership, agreement, contract, and collaboration are the business strategies adopted by the top players to maintain their position in the market.
Top 2 players in the radar sensor market
Robert Bosch GmbH offers a broad portfolio of automotive, industrial, energy, and building technology products and consumer goods. The company has a strong market position in almost all the industries it operates, and generates a well-balanced revenue from all its business segments. The company mainly operates in all the geographies and earns a large share of its revenue from Europe (53%) as of 2016. The Robert Bosch GmBH strategically balanced portfolio reduces business risks and enables it to tap opportunities in new and existing markets. In terms of key business strategies in the radar sensor market, new product development plays a major role for Robert Bosch GmbH. For instance, in October 2016, Bosch released its own self-driving cars on Australian roads-Tesla equipped with 6 radars, 6 laser sensors (lidar), 1 stereo video camera, and 1 high-precision GPS unit. In May 2016, Bosch Engineering developed the automated trams. Bosch uses radar and video sensors in rail transport.
Continental AG, one of the leading global automotive industry suppliers, focuses on enhancing R&D capabilities to maintain its market position and competitiveness. In 2016, the company mainly operates in all the regions and earned a large share of its 20% of revenue from Europe and 21% from Germany. Continental AG focuses on the new product development to strengthen its product portfolio for radar sensors. For instance, in 2016, Continental developed a long-range radar (Advanced Radar Sensor, ARS 410), which helps in detecting pedestrians and other vehicles to avoid collision and ensure safety on road. With regard to wide product offering in all the segments in which it operates, the company is expanding in terms of setting up plants at different places. Such as, in August 2016, Continental increases the radar sensor production in Philippines and China to meet the growing demand of Asian vehicle manufacturers for surrounding sensors and short-range radar sensors.
Radar Sensor Market by Type (Imaging, and Non-Imaging), Technology, Component, Band (HF, VHF, and UHF; L, S, C, and X; Ku, K, Ka, V, and W), Range (Short-range, Mid-range, Long-range), Application, Vertical, and Geography - Global Forecast to 2023
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