24GHz Radar Sensors Market Research Report, Its History and Forecast 2024 to 2031

Executive Summary

The global 24GHz radar sensors market research reports indicate a promising growth trajectory, with a projected CAGR of % during the forecasted period. These radar sensors are being widely adopted across various industries due to their high accuracy, reliability, and efficiency in detecting objects in diverse environments.

Market trends suggest that the increasing demand for advanced driver assistance systems (ADAS) and autonomous vehicles is a key driver for the growth of the 24GHz radar sensors market. Additionally, the rising need for collision avoidance systems, traffic monitoring, and parking assistance solutions is further fueling the market growth.

Geographically, North America, Asia-Pacific (APAC), Europe, the USA, and China are significant regions contributing to the expansion of the 24GHz radar sensors market. North America is a prominent market due to the presence of major automotive manufacturers and a high adoption rate of ADAS technologies. The APAC region is witnessing rapid industrialization and urbanization, leading to increased demand for radar sensors in smart city projects and transportation infrastructure.

Europe is another lucrative market for 24GHz radar sensors, driven by stringent safety regulations and initiatives to reduce road accidents. The USA market is also experiencing steady growth, supported by advancements in automotive technology and the increasing focus on road safety. Moreover, China's market for radar sensors is expanding rapidly, driven by the burgeoning automotive industry and government initiatives to promote smart transportation solutions.

In conclusion, the 24GHz radar sensors market is poised for substantial growth in the coming years, propelled by the increasing adoption of ADAS and the rising focus on road safety. The market is expected to witness significant expansion across North America, APAC, Europe, the USA, and China, offering lucrative opportunities for key players in the industry.

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Market Segmentation:

This 24GHz Radar Sensors Market is further classified into Overview, Deployment, Application, and Region. 

In terms of Components, 24GHz Radar Sensors Market is segmented into:

• Infineon
• Fujitsu
• HELLA
• Socionext
• STONKAM
• Veoneer
• Banner
• Huaru Technology
• Continental
• STMicroelectronics

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The 24GHz Radar Sensors Market Analysis by types is segmented into:

• Microwave
• Millimeter Wave

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The 24GHz Radar Sensors Market Industry Research by Application is segmented into:

• Building and Smart Home
• Indoor/outdoor Lighting
• UAV/multicopter
• Automotive
• Other

In terms of Region, the 24GHz Radar Sensors Market Players available by Region are:

North America:

• United States


• Canada

Europe:

• Germany


• France


• U.K.


• Italy


• Russia

Asia-Pacific:

• China


• Japan


• South Korea


• India


• Australia


• China Taiwan


• Indonesia


• Thailand


• Malaysia

Latin America:

• Mexico


• Brazil


• Argentina Korea


• Colombia

Middle East & Africa:

• Turkey


• Saudi


• Arabia


• UAE


• Korea

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Key Drivers and Barriers in the 24GHz Radar Sensors Market

The key drivers in the 24GHz radar sensors market include the increasing adoption of advanced driver assistance systems in vehicles, growing demand for autonomous vehicles, and rising focus on road safety. However, barriers such as high cost of implementation, interoperability issues, and concerns about data privacy and cybersecurity restrain market growth. Additionally, challenges in the market include the need for consistent regulations and standardization across regions, competition from other sensor technologies, and limited awareness among end-users about the benefits of 24GHz radar sensors. Overcoming these challenges will be crucial for the sustained growth of the market.

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Competitive Landscape

Infineon is a leading player in the 24GHz radar sensors market, providing high-performance radar solutions for automotive and industrial applications. The company has a strong history of innovation in radar technology, with a focus on improving safety and efficiency in various industries. Infineon has witnessed significant market growth in recent years, due to the increasing demand for advanced radar sensors in the automotive sector.

Another key player in the market is Veoneer, a global leader in automotive safety technology. The company offers a wide range of radar sensors for advanced driver assistance systems (ADAS) and autonomous driving applications. Veoneer has experienced rapid market growth, as automakers are increasingly adopting radar-based safety systems to improve vehicle safety and performance.

Fujitsu is also a prominent player in the 24GHz radar sensors market, providing cutting-edge radar technology for automotive, industrial, and consumer applications. The company has a history of delivering high-quality radar solutions that meet the demanding requirements of various industries. Fujitsu has seen steady market growth, driven by the increasing adoption of radar sensors in automotive and industrial applications.

In terms of sales revenue, Infineon reported sales of around € billion in 2020, while Veoneer recorded sales of approximately $1.9 billion in the same year. Fujitsu reported sales of about $30.7 billion in 2020. These figures highlight the strong market presence and revenue generation capabilities of these key players in the 24GHz radar sensors market.

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