Radar Sensor Global Market Report 2024

The radar sensor market size has grown rapidly in recent years. It will grow from $12.49 billion in 2023 to $14.43 billion in 2024 at a compound annual growth rate (CAGR) of 15.5%. The historic growth in the radar sensors market can be attributed to several factors, including the increasing need for national security, growing initiatives of prominent players in Germany to develop advanced products, the growing use of radar sensors in systems specialized in early warning, situational awareness, and integrated air and missile defense, the mandating of radar sensor integration in modern vehicles, and the flexibility and precision of radar sensors.

The radar sensor market size is expected to see rapid growth in the next few years. It will grow to $23.95 billion in 2028 at a compound annual growth rate (CAGR) of 13.5%. The forecasted growth can be attributed to the increasing demand for short-range radar sensors in vehicles, smart city infrastructure, and consumer electronics. This is driven by the rising number of autonomous cars and a focus on security and safety needs, which is paving the way for innovative transportation and traffic management solutions. Major trends in the forecast period include the integration of short-range radar sensors in autonomous vehicles, their use in urban applications, the incorporation of enhanced safety features in vehicles, the expansion of IoT and connected devices, and a focus on environmental sensing.

The increasing adoption of autonomous vehicles is expected to drive the growth of the radar sensor market. Autonomous vehicles, also known as self-driving cars, can navigate and operate without direct human input. Radar sensors play a crucial role in enabling autonomous vehicles to detect objects, vehicles, pedestrians, and obstacles in their surroundings at long ranges. This information is essential for real-time decision-making regarding navigation, speed adjustments, and route planning. For example, the Insurance Institute for Highway Safety projects that around 3.5 million autonomous vehicles or self-driving cars will be on American roads by 2025, with 4.5 million expected by 2030. This rise in autonomous vehicles is a key driver behind the growth of the radar sensor market.

Major companies in the radar sensor market are focusing on developing advanced technologies, such as automotive radar sensors, to provide customers with enhanced features. Automotive radar sensors use radar technology to detect and measure the distance, speed, and direction of objects near a vehicle. For example, in May 2022, Infineon Technologies launched the XENSIV 60 GHz automotive radar sensor (BGT60ATR24C). This sensor is specifically designed for in-cabin monitoring systems (ICMS), allowing for the detection of micro-movements and vital signs of infants and animals left in vehicles, triggering alarms when necessary. The sensor operates on a 4 GHz ultra-wide bandwidth Frequency Modulated Continuous Wave (FMCW) system within a compact package. It features streamlined configuration and data collection through a digital interface, along with an integrated state machine for independent data acquisition with optimized power modes for minimal power consumption. The sensor's design also includes two transmit channels (TX) and four receive channels (RX) for excellent thermal management, making it an optimal solution for space-constrained environments.

In September 2022, Harman International, a US-based connected car technology company, acquired CAARESYS Ltd. for an undisclosed sum. This acquisition bolsters HARMAN’s automotive product offerings, particularly enhancing its consumer-centric Digital Cockpit and ADAS solutions. CAARESYS Ltd., headquartered in Israel, specializes in developing radio frequency radar sensors.

Major companies operating in the radar sensor market report are Robert Bosch GmbH, Raytheon Technologies Corporation, Lockheed Martin Corporation, Denso Corporation, ZF Friedrichshafen AG, Qualcomm Technologies, Continental AG, Northrop Grumman Corporation, Honeywell International Inc., Texas Instruments Inc., Thales Group, Aptiv Plc, L3Harris Technologies Inc., STMicroelectronics N.V, Infineon Technologies AG, NXP Semiconductors NV, Analog Devices, Autoliv Inc, Hella KGaA Hueck & Co., Saab AB, SICK AG, Banner Engineering Corp, Socionext America Inc., Smart Microwave Sensors GmbH, Oculi Corp.

Europe was the largest region in the radar sensor market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the radar sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the radar sensor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A radar sensor is a device that utilizes radio waves to detect, track, and position objects without direct contact. It provides information such as the direction of movement, speed, distance, and angular position of objects in relation to the sensor.

The main types of radar sensors are imaging radar and non-imaging radar. Imaging radar creates two-dimensional or three-dimensional images of landscapes, objects, and targets. Radar sensors are categorized by range into short-range, medium-range, and long-range sensors. They are used in various applications such as air traffic control, remote sensing, ground traffic control, space navigation, and control. Industries using radar sensors include automotive, aerospace, and defense, environment and weather monitoring, industrial, and others.

The radar sensor research report is one of a series of new reports that provides radar sensor market statistics, including the radar sensor industry's global market size, regional shares, competitors with an Radar sensor market share, detailed radar sensor market segments, market trends and opportunities, and any further data you may need to thrive in the radar sensor industry. This radar sensor market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The radar sensor market consists of sales of detection and search radars, targeting radars, instrumentation radars, fuses, and triggers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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