A range of automotive sensing technologies appear to be inferior to automotive radar technology when it comes to delivering top notch efficiency and up-to-the-mark functionality in extreme weather conditions and challenging road infrastructure. While this fact will remain the chief driving force for rapid incorporation of automotive radar in vehicles, a new study by Fact.MR sheds light on several other factors influencing the adoption of automotive radar, boosting automotive radar market growth. The report has predicted the global automotive radar market to observe robust growth over the next few years.
Up from the valuation equating US$ 2 Bn in 2017, the global automotive radar market will possibly represent the revenue in excess of US$ 7 Bn by the end of 2022. The report on automotive radar market presents a comprehensive assessment of the global automotive radar market and renders actionable insights to businesses operating in the automotive radar market space. Cutting-edge vehicle safety features continue to take the center stage in developing Asian countries, thereby fueling the growth prospects for automotive radar manufacturers participating in the automotive radar market.
A visibly rapid shift of a majority of leading automakers from function-specific vehicular capabilities towards the next-gen self-driving technology will play a pivotal role in widening the applicability of automotive radar over the next few years. However, although test rides of self-driving cars have been successful over the years, their on-road future is still cloudy, as the practical combination of self-driving and driver-assisted driving technologies is more likely to create a confusing scenario on roads – questioning the safety. Furthermore, even GPS assistance tends to fail in a majority of emerging economies, attributed to poorly developed transportation infrastructure. Such scenarios are most prone to automotive radar sensor failure and can potentially lead to undesirable consequences on roads. The automotive radar market report elaborates on such challenges facing automotive radar innovations in tandem with autonomous driving technology.
The EU (European Union) recently instigated a regulatory framework focusing on road safety that has enabled European roads to become the best and safest across the globe, with a substantial decline in the road accidents and fatality rate. While Europe’s automotive industry continues to encourage deployment of automotive radar through increasing efforts in popularizing automated driving technology, it is unsurprising that Europe will continue to represent an important automotive radar market in the near future. Moreover, several governments are introducing legislations and regulatory standards to support the zero-fatality objective on roads. Such initiatives, in addition to creating a favorable scenario shaping the futuristic cars and automated driving technology, is eventually anticipated to push the growth prospects for automotive radar market.
Through 2022, the demand for short-range radar is expected to remain on a higher side – accounting for over the half of the total value of automotive radar market. Passenger cars, having registered a value of more than two-third of the total automotive radar market revenue in 2017, are anticipated to remain the top vehicle type deploying automotive radar technology over the forecast period. Adaptive cruise control will continue to enjoy higher popularity over other counterparts in automotive radar market, as a large number of automakers are considering it as a critically important safety feature in modern vehicles.
On the other side, more recently, autonomous braking system has also been gaining ground, which is presumed to remain an ongoing trend in the automotive radar market throughout the projection period. Frequency-wise, the 2x GHz frequency automotive radar will remain at the forefront in automotive radar market, in terms of revenue. However, the 7x GHz frequency automotive radar is likely to outgrow the 2x GHz frequency automotive radar by 2022 end, as indicated by the study.