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. The growth of the radar sensor market is driven by factors such as increasing focus on safety and security needs in automotive applications, unlocking the wideband 5G and millimeter wave-based RF system capabilities, and the increasing need for border security systems.
The market for Ku, K, Ka, V, and W bands is expected to grow at a higher rate compared to the other group of bands during the forecast period. This is because bands such as K band (24 GHz) and millimeter band (E band) (40-100 GHz) are widely used in the automotive sector.
Among all the applications, the automotive application is expected to grow at the highest rate between 2017 and 2023. The automotive applications use these bands for adaptive cruise control (ACC), blind spot detection (BSD), lane change assist (LCA), and collision mitigation (CM) applications. The demand for radar sensors is likely to increase in the automotive sector between 2017 and 2023, and some of the major reasons behind the same are the increasing number of radar sensors in automobiles and growing concerns toward safety-related products in the automotive sector. The market for short-range radar sensor is projected to hold a major share between 2017 and 2023.
North America is expected to hold the largest share of the radar sensor market in 2023; the market in APAC is expected to grow at a high rate between 2017 and 2023. As of 2016, APAC accounts for ~28% of the world's automotive production. The increased focus on safety and security features in the automobile sector in China, India, and Japan is the major factor driving the growth of the radar sensor market in APAC.