Radar Sensor Market Share

North American Market Forecast   

The North American radar sensor market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2037, backed by the significant military and defense capacities in North American nations such as the US and Canada, along with advancement in technologies backed by presence of key suppliers and companies of radar sensors. Moreover, in 2020, the technological business of Continental produced a significant quantity that improved the safety of millions of automobiles. The North American division of Continental's Advanced Driver Assistance Systems (ADAS) business unit reported producing 30 million radar sensors. These sensors serve as a crucial safety element and the foundation for automated driving. Hence, this factor is also estimated to boost the growth of the market in this region. Additionally, there has been a growing trend of autonomous vehicles in this region which is also encouraging manufactures to manufacture more radar sensors.

Europe Market Forecast

The Europe radar sensor market, amongst the market in all the other regions, is projected to grow with the highest CAGR during the forecast period. The growth of the market in this region can be attributed to increased investment by regional industries in modernizing their manufacturing facilities and infrastructure. Moreover, there has been a growing trend of industry automation in Europe, backed by demand and labor force seasonality. Since automation reduces errors and waste, boosts production and efficiency, and enhances profit margins, the industry becomes more competitive. Hence, owing to this, the market for radar systems in this region is estimated to increase. Additionally, the region's expanding production of new aircraft and military vehicles would encourage market players to accelerate the pace of their R&D and product development for radar sensing technologies.

APAC Market Statistics

Additionally, the market in Asia Pacific region is also estimated to have a significant growth over the forecast period, backed by growing aerospace & defense sector. Radar sensors are being widely adopted by the aerospace and defense industries for a variety of applications, including air and terrestrial traffic management, anti-missile systems, and air defense systems. Moreover, manufacturers of radar sensors in the Asia Pacific would benefit from increased government spending on military and defense budgets to boost defense capability. Further, there has been a growing adoption of radar sensors in vehicles in this region. Moreover, countries such as China are extensively adopting robots in manufacturing and process industries. These Chinese businesses are being pushed to use automation owing to the aging population and rising labor costs. Hence, this factor is estimated to boost the growth of the market in this region.