Automotive Radar Market Expected to Secure Notable Revenue Share During 2017-2022
With elevating demand for Mm-wave automotive radar for mid-range automotive applications, companies are looking forward to automotive radar developed for short-range and high-resolution radar for autonomous vehicle applications.
[UKPRwire, Fri Jan 04 2019] The global automotive radar market holds impressive growth prospects in the foreseeable future and the roughly US$ 2 Bn automotive radar market revenue is predicted to reach the value beyond US$ 7 Bn over 2017-2022. Prominently driven by automotive and automotive radar manufacturers to adopt technology innovations for greater road safety, the global market for automotive radar is expected to gain a major boost by several initiatives by governments across the globe. The report examines the global automotive radar market within a five-year projection period 2017-2022, with an objective to deliver a set of precise yet exhaustive insights on the current as well as futuristic performance of the global automotive radar space.
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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.
Next-gen Smart Radar Architecture Marks a Milestone Innovation for Automotive Radar
Surpassing smart radar, beam forming, and artificial intelligence (AI), the industry is witnessing a shift to the new generation of radar platform, which is foreseen to offer a strong push to the autonomous driving space. While LIDAR (Light Imaging Detection and Ranging) and cameras secure a significant place in the automotive mechanism, automotive radar has been superior due to the exclusive capability of functioning for long-range object detection even in inclement climatic conditions and unfavorable road infrastructure – where all other technology counterparts tend to blind. Expert opinions highlight critical importance of the next-generation of smart radar sensors in an effort to achieve automotive autonomy of level 4 and level 5, as these sensors function for high resolution and can potentially perform detection, recognition, tracking, and classifying objects in the vicinity.
Governments Encourage Significant Active Adoption of Automotive Radar to Meet Zero On-road Fatality Objective
Automotive radar technology is predominantly deployed to help drivers make efficient decisions during the course of travel and transportation. In the wake of tremendously growing rate of road accidents, casualties, and fatalities worldwide, a majority of governments have been imposing regulatory initiatives targeting reduced road fatality rate, encouraging active adoption of automotive radar over the recent past. Europe has been the key market for automotive radar technology implementation and will continue to represent the safest roads in the near future – owing to stringent legislations and regulatory standards set by the EU regarding on-road vehicle safety. Leading manufacturers are focusing on introducing auto models with different ranges of automotive radar.
Fact.MR’s study on Automotive Radar Market is comprehensive – 170 pages, 236 tables, and 78 figures- https://www.factmr.com/report/23/automotive-radar-market
Competition Analysis: Global Automotive Radar Market Space
Delphi Automotive PLC, Continental AG, Infineon Technologies AG, Robert Bosch GmbH, Analog Devices, Inc, Denso Corporation, NXP Semiconductors N.V., Hella KGaA Hueck & Co., Texas Instruments, Inc., ZF Friedrichshafen AG, and Autoliv, Inc. constitute some of the top ranking participants in the global competitive landscape of automotive radar market. The report on global automotive radar market renders valued insights on the industry positioning and strategy development of some of the leading players in the global market for automotive radar.
With elevating demand for Mm-wave automotive radar for mid-range automotive applications, companies are looking forward to automotive radar developed for short-range and high-resolution radar for autonomous vehicle applications. A number of companies have been actively emphasizing investments in the development of state-of-the-art technology based products targeting energy efficiency and high performance. While a majority of established companies competing in the global automotive radar market landscape are adopting production facility expansion and strategic acquisition as the key developmental strategies, the report indicates that new product launch will also remain one of the key focus areas for automotive radar market players over 2017-2022. Moreover, product differentiation and price point reassessment are identified to be of paramount importance for automotive radar market players, for a competitive edge and extended market reach over the upcoming years. The near future will possibly witness unique innovations following the onset of next-gen smart radar platformization. Tier 1 and tier 2 automotive radar companies are focusing on making the most of MMIC (Monolithic Microwave Integrated Circuit) technology; however, startups are likely to deliver the most novel innovations to automotive radar space.
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