Global Radar Sensor Market Forecast 2024-2033 – Market Size, Drivers, Trends, And Competitors

The Business Research Company's Radar Sensor Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LANDON, GREATER LANDON, UK, June 21, 2024 /EINPresswire.com/ -- Radar sensors market, utilizing radio waves to detect, track, and position objects without direct contact, have become essential in various industries. These sensors provide critical information such as direction of movement, speed, distance, and angular position, making them indispensable in applications like national security, transportation, and consumer electronics.

Market Size and Growth

The radar sensor market has witnessed rapid growth, with the market size expected to increase from $12.49 billion in 2023 to $14.43 billion in 2024, representing a Compound Annual Growth Rate (CAGR) of 15.5%. This growth can be attributed to the increasing need for national security, the development of advanced products by prominent players, and the integration of radar sensors in modern vehicles.
The market is poised for further expansion, reaching $23.95 billion by 2028 at a CAGR of 13.5%. Factors such as the demand for short-range radar sensors for vehicles, smart city infrastructure, and consumer electronics, along with the rise of autonomous vehicles, are driving this growth.

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Key Drivers
The rise of autonomous vehicles is expected to be a major driver for the radar sensor market. Autonomous vehicles, capable of operating without human input, rely on radar sensors to detect objects, vehicles, and pedestrians in their surroundings. This enables real-time decision-making regarding navigation, speed adjustments, and route planning. The Insurance Institute for Highway Safety predicts that around 3.5 million autonomous vehicles will be on American roads by 2025, further increasing to 4.5 million by 2030, driving the demand for radar sensors.

Major Players and Trend

Leading companies in the radar sensor market, such as Robert Bosch GmbH and Raytheon Technologies Corporation, are focused on developing advanced technologies to meet customer demands. One such advancement is the automotive radar sensor, designed to detect and measure the distance, speed, and direction of objects around a vehicle. For instance, Infineon Technologies launched the XENSIV 60 GHz automotive radar sensor, tailored for in-cabin monitoring systems, enabling the detection of micro-movements and vital signs of infants and animals left in vehicles.

Market Segmentation

The radar sensor market covered in this report is segmented –
1) By Type: Imaging Radar, Non-imaging Radar
2) By Range: Short-Range Radar Sensor, Medium-Range Radar Sensor, Long-Range Radar Sensor
3) By Application: Air Traffic Control, Remote Sensing, Ground Traffic Control, Space Navigation And Control, Other Applications
4) By End User: Automotive, Aerospace And Defense, Environment And Weather Monitoring, Industrial, Other End Users

Regional Insights
Europe led the radar sensor market in 2023, with Asia-Pacific expected to be the fastest-growing region. The report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa, providing detailed insights into regional dynamics and growth opportunities.

Access the complete report for an in-depth analysis of the global radar sensor market:
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Radar Sensor Global Market Report 2024 from TBRC covers the following information:

Market size data for the forecast period: Historical and Future
Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Radar Sensor Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on radar sensor market size, radar sensor market drivers and trends, radar sensor market major players, competitors' revenues, market positioning, and market growth across geographies. The radar sensor market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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