Automotive MMW Radar Market Research Report for 2022 H1
This report aims to evaluate the market of Automotive Millimeter-wave Radar (MMW radar), the scope of study covers the passenger vehicles’ MMW radars only, which means the MMW radars that were installed in commercial vehicles were not accounted. ICV segmented the Automotive MMW Radar market by type and geography, then conducted research and analysis for each of segment market, to offer their current market size and market size forecasts. Besides, in this report, ICV also offers the study about components of MMW radar and the market analysis for two core components. This report aims to evaluate the market of Automotive Millimeter-wave Radar (MMW radar), the scope of study covers the passenger vehicles’ MMW radars only, which means the MMW radars that were installed in commercial vehicles were not accounted. ICV segmented the Automotive MMW Radar market by type and geography, then conducted research and analysis for each of segment market, to offer their current market size and market size forecasts. Besides, in this report, ICV also offers the study about components of MMW radar and the market analysis for two core components.
The millimeter wave refers to the electromagnetic wave with the length of wave between the far-infrared band and the microwave band. The frequency of millimeter wave falls into the range of 30-300 GHz, so that the millimeter-wave radar can be roughly classified by the working bands: 24 GHz, 60 GHz, and 77-79 GHz. Generally, the higher the frequency is, the higher the resolution is. Therefore, most MMW radars that are used as outside sensor of automation-driving system are 77-79 GHz.
Furthermore, the automotive MMW radar can be classified into front radar and corner radar based on their functionalities. The front radar is usually installed behind the front bumper or behind the grille, being responsible for detecting objects within 200 meters in front of the vehicle to support ADAS applications such as ACC and AEB. The corner radars are short range radar (SRR) and locate at the four corners of the vehicle, they work for supporting ADAS applications such as LCA and blind spot monitoring (BSM).
For the first half of 2022, the market size of front MMW radar was about $1.247 billion, while the corner radar market was worth of $571 million which accounts for only 31.4% of the whole market. Because most passenger vehicles equipped just one front radar, at present, only a few of them have two or four extra corner radars in addition to the front radar. The room of improvements in penetration rates of corner radar is plenty, ICV estimated that the market of automotive MMW radar will reach $4.509 billion in 2023, it might continuously climb to about $9 billion in 2027, resulting in a CAGR of 14.8% over the next five years. ICV’s analysts believe that the market of Automotive MMW Radar will grow fast, and such amount of increasing in market size could be mainly driven by more adoption of solution that contains one front radar plus several corner radars.
The global market of Automotive MMW Radar reached to $1.818 billion in the first half of 2022, the Chinese market got more than 40% market shares with the generated sales of $766.5 million, the following one is European market who got the market shares close to 30% with sales of $496 million. The global market of MMW radar is expected to grow fast in the future five years, as the mainstream of automobile manufacturing countries are accelerating the development of automatic driving cars. The estimated growth rates of Chinese market, European market, and American market are close to each other and higher than the global growth rate.
The core components of MMW radar include MMIC and MCU, MMIC is the radar transceiver, while MCU is the radar processor. MMIC determines the quality of scanning of the MMW radar. At present, most passenger vehicles equipped the MMW radars that have just one piece of MMIC, resulting in the restrictions of imaging capabilities such as the lack of elevation information. ICV believes that the increasing in number of MMIC for single radar could be one of main points of technic evolution. Because more pieces of MMIC per radar means more transceiver channels, so that the better imaging.
The shipments of MMIC for 2023 are expected to reach about 128 million pieces, then could grow to 395 million pieces in 2027 with a CAGR of 25.3%. The shipments of MCU are expected to get to 100 million pieces in the year of 2023.
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