Automotive Radar Market will exhibit a CAGR of 6.5% during the forecast period, and reach USD 3131.5 million by 2027, and the Market value as per 2019 was USD 2313.1 million.
Fortune Business Insights™ in a new report, titled, “Automotive Radar Market Size, Share & Industry Analysis, By Range (short-range, medium-range, long-range), By Application (Adaptive Cruise Control (ACC), Automatic Emergency Braking (AEB), Forward-Collision Warning System (FCWS), Blind Spot Detection (BSD), Intelligent Parking Assistance), and Regional Forecasts, 2019-2026.”
Automotive Radar Market Drivers and Restraint:
Increasing R&D Investment to Propel the Adoption of Automotive Radars
Leading vehicle manufacturers are focusing on developing next-generation car models that would be equipped with up to ten radar sensors. This enables a radar-based 360-degree surround-view that is essential for semi-autonomous operation, as well as advanced driver assistance. Hence, the demand for multi-functional radar systems from the automotive industry is increasing exponentially. The growing requirements have led to a greater R&D in the field of radar systems of the automotive sector.
For instance, in August 2020, Huawei increased investment in its optoelectronics R&D center in Wuhan, China with a focus on developing low-cost LiDAR technology and radar sensors. Hence, larger investments in improving the sensor and functionality capabilities of automotive radar as well as reducing the cost of radar technology are likely to drive the growth of the market.
Stringent Government Regulations Regarding Vehicle Safety Systems to Augment Growth
The growing awareness regarding vehicle safety among consumers has led to an increased demand for features such as cruise control and blind-spot detection that can support drivers and reduce the number of accidents. Furthermore, the alarming increase in fatalities owing to vehicular accidents has compelled various governments to implement stringent regulations and actively promote the development of vehicle safety systems. Hence, as a means of ensuring better vehicle safety, the widespread adoption of radar-based technology in automobiles is anticipated during the forecast period.
RESTRAINING FACTORS:
Security Risks Associated with Radar-Based Technology to Limit Adoption
Automotive radar operates on a specific signal structure. However, they lack any inherent authentication that makes the technology susceptible to spoofing attacks. A successful spoofing attack can severely influence the integrity of vehicle occupants by potentially causing the vehicle to stop, change direction, or collide by breaching target radar within a short time.
The current radar technology is largely based on frequency-modulated continuous-wave radar (FMCW). However, with the increasing number of vehicles equipped with radar-sensors, FMCW radar interference in dense traffic situations is expected to pose a challenge as it can lead to considerable performance degradation. Hence, security risks associated with radar for automotive such as spoofing & interference are likely to restrain the adoption of this technology during the forecast period.
List of Key Players Covered in the Automotive Radar Market Report:
- Robert Bosch GmbH (Gerlingen, Germany)
- Continental AG (Hanover, Germany)
- Denso Corporation (Kariya, Japan)
- Autoliv Inc. (Stockholm, Sweden)
- Valeo SA (Paris, France)
- Aptiv (Dublin, Ireland)
- NXP Semiconductors (Eindhoven, Netherlands)
- Texas Instruments Incorporated (Dallas, US)
- ZF Friedrichshafen AG (Friedrichshafen, Germany)
- Infineon Technologies AG (Neubiberg, Germany)
To gain more insights into the market with a detailed table of content and figures, Click Here: https://www.fortunebusinessinsights.com/industry-reports/automotive-radar-market-101688
Some of the key industry developments in the Automotive Radar Market Include:
- August 2020 – NXP Semiconductors and Deutsche Bank co-hosted a conference call for potential investors to provide an in-depth update regarding NXP’s automotive radar systems.
- August 2020 – D3 Engineering launched the new DesignCore RS-1843A mmWave Radar Sensor Evaluation Kit that is based on mmWave radar technology from Texas Instruments.
- August 2020 – Tesla has developed an innovative in-vehicle radar system that can detect children that may have been left inside a hot vehicle among other functions.
- February 2020 – Continental AG announced investment of 100 million Euros for the construction of a new plant in Texas to expand its capacity for the production of radar sensors used in advanced driver assistance systems.
- October 2019 – Infineon Technologies announced the development of a new microcontroller, TC3A, which has been optimized for 77 GHz automotive radar applications.
- August 2019 – Continental AG developed new compact short-range radar that operates within high resolution 77 GHz range and offers precise detection of vehicle surroundings, which includes speed and movement.
