Driving Safety and Advanced Technology: Exploring the Automotive Radar Market

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Automotive Radar Market To Grow at 8.4 CAGR
during 20202030
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The burgeoning requirement for the integration of
advanced driver assistance system (ADAS) features
in automobiles is positively impacting the demand
for automotive radars across the world. Moreover,
with the soaring sales of autonomous vehicles,
the demand for radars is growing rapidly, on
account of the fact that these systems allow the
proper functioning of various automobile
functions such as speech recognition, eye
tracking, driver monitoring, virtual assistance,
gesture recognition, and natural language
interface. These functions are highly reliant on
advanced radar systems for efficient performance.
Furthermore, the rapid development of ADASs, that
include radar-enabled detection units, is fueling
the requirement for automotive radar solutions
all over the world. Besides this, the growing
usage of autonomous vehicles, under the mobility
as a service (MaaS) model, is creating lucrative
growth opportunities for the companies developing
automotive radar solutions throughout the world.
Moreover, this model is rapidly becoming an
essential component in the public transportation
ecosystem. As a result, the MaaS industry is set
to witness a sharp surge in its valuation in the
future. As per many industry experts, numerous
autonomous vehicles would be adopted in shared
mobility services in the near future, on account
of the fact that the rides offered on such
automobiles will be more cost-effective and
affordable than the ones available via the
conventionally used vehicles. This is a major
reason behind the development and trials of
autonomous taxis or robotaxis.
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The ballooning demand for automotive radar
solutions is causing the expansion of the global
automotive radar market. The market already
attained a value of 5,839.0 million in 2019 and
is now predicted to advance at a CAGR of 8.4
between 2020 and 2030. Automotive radar solutions
are required in both fully autonomous and
semi-autonomous vehicles. Between the two, the
adoption of these solutions is expected to rise
rapidly in the fully autonomous vehicles in the
forthcoming years. This would be mainly because
of the large-scale usage of such vehicles in
shared mobility services, especially the ones
offered by robotaxis. Moreover, the higher sales
of the fully autonomous vehicles than the
semi-autonomous variants would boost the demand
for automotive radars in the future years. The
automotive radar solutions are extensively used
in both commercial vehicles and passenger cars.
Of these, the usage of these solutions was found
to be higher in passenger cars in the past. To
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Geographically, the automotive radar market would
exhibit the fastest growth in Asia-Pacific (APAC)
in the future, as per the estimates of the market
research firm, PS Intelligence. This would be
because of the mushrooming manufacturing of
automobiles and rapid advancements and
innovations being made in the automotive radar
technology, particularly in China. Furthermore,
the soaring investments being made in the
development of advanced vehicular safety features
are pushing up the popularity of automotive radar
solutions in the region. Hence, it can be said
without any hesitation that the demand for
automotive radar solutions would shoot-up all
over the world in the coming years, primarily
because of the growing requirement for advanced
safety features and systems in vehicles and the
rising sales of autonomous vehicles around the
world. Inquire before purchase_at_
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iry-urlautomotive-radar-market
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