The global automotive radar market is predicted to increase from $5 billion in 2023 to $12 billion by the end of 2033, at a 9.1% CAGR. The usage of automotive radars in passenger vehicles is increasing because to the high demand for cars with increased safety, comfort, and driving skills.
Automotive radars are special sensors that detect adjacent objects via radio waves. They are critical to increased safety features and self-driving technologies. Radars, unlike cameras, perform effectively in all weather conditions and have a longer range. They are also less expensive than other technologies such as LiDAR. Radars excel at tracking numerous objects at once, which is essential for features such as adaptive cruise control. They are sturdy and less likely to get damaged than other sensors.
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The automotive radar market is growing primarily due to increased demand for advanced driver assistance systems (ADAS) and self-driving technology. Stricter safety regulations, combined with an increased emphasis on reducing accidents and enhancing road safety, have hastened the use of radar systems in automobiles.
However, the radar has difficulties differentiating between various objects, including cars, people, and stationary objects. Despite substantial advances in radar technology, it remains challenging to detect and locate distant objects. This is especially difficult in congested city locations or in terrible weather.
Key Takeaways:
• Europe accounts for 50% of the worldwide market due to government policies promoting eco-friendly transportation practices.
· The US market is predicted to be lucrative because to an increase in highway deaths and significant R&D expenditures. Automotive radars are in high demand, particularly in hybrid electric automobiles.
· The growth of the market in Germany may be ascribed to developments in smart transportation, an increase in commercial and passenger vehicle production, and government regulations aimed at enhancing vehicle safety.
Stricter safety regulations emphasizing accident reduction, and the superior all-weather performance along with cost-effectiveness of radar compared to alternatives is driving the market growth - Says FACTMR Expert
Market Competition:
Leading firms in this fiercely competitive market are focussing on quality control techniques to increase product standards and ensure the delivery of working automotive radar systems. Major manufacturers are concentrating their efforts on developing high-performance radar systems designed exclusively for automotive applications.
• At the 2021 Auto Shanghai show, Continental introduced the 6th version of its long-range and surround radar systems. The systems share a common hardware and software platform, which reduces complexity and production costs.
Winning strategies:
• Top market participants should focus on deploying radar technology at higher frequencies, such as 77 GHz. This enables for more precise and accurate object detection. This improvement is critical to make advanced safety systems and self-driving automobiles safer and more dependable.
• To succeed in the automotive radar industry, radar systems need exceed Euro NCAP safety criteria. This method fosters trust among safety-conscious consumers and automakers, making it an effective approach.Leading automobile radar manufacturers should supply radar systems that can switch between multiple modes, such as FMCW and pulsed radar. This adaptability is essential for handling a variety of driving scenarios.
Country-wise Insights
What Chances Exist for US Automotive Radar Suppliers?
In hybrid electric vehicles, there is an increasing demand for automotive radars.
The rise in traffic-related fatalities and active R&D programs have a beneficial effect on market expansion in the US. In the United States, rising demand for automotive radars in hybrid electric vehicles and stricter automobile safety laws are driving up market value.
Old Source: https://www.globenewswire.com/news-release/2023/10/18/2762780/0/en/Automotive-Radar-Market-Expected-to-Reach-US-12-Billion-by-2033-Fact-MR-Report.html
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