Automotive Radar Market Share

APAC Market Statistics

The Asia Pacific automotive radar market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2037. The rising economies in the Asia Pacific region have increased the per capita income and spending capacity of the population has led to a surge in automobile production. This trend is anticipated to fuel the demand for automotive radars in the region, especially in India and China. The total production of vehicles in the region was 46 million in 2021, whereas, the total sales in the region was 42 million in 2021 as per statistics released by the International Organization of Motor Vehicles. Further, the prevalence of a high number of car accidents and rising awareness about the benefits of automotive radar such as driving assistance features, brake assist, collision warning systems, and others are anticipated to drive the global automotive radars market’s growth.

Europe Market Forecast

On the other hand, the market in the Europe region is also projected to grow steadily with a notable CAGR. Moreover, the rising governmental regulations for vehicle safety implemented by the government are anticipated to increase the utilization rate of automotive radars in the automotive sector. Other factors such as high demand for hybrid vehicles and increasing road accidents are also anticipated to positively contribute to market expansion.