Automotive Radar Market Size, 2020 Industry Share and Global Demand | 2027 Forecast by Fortune Business Insights™
AutomotiveRadar Market will exhibit a CAGR of 6.5% during the forecastperiod, and reach USD 3131.5 million by 2027, and the Market value asper 2019 was USD 2313.1 million.
FortuneBusiness Insights™ in a new report, titled, “Automotive RadarMarket Size, Share & Industry Analysis, By Range (short-range, medium-range,long-range), By Application (Adaptive Cruise Control (ACC), Automatic EmergencyBraking (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 AutomotiveRadars
Leadingvehicle manufacturers are focusing on developing next-generation car modelsthat would be equipped with up to ten radar sensors. This enables aradar-based 360-degree surround-view that is essential for semi-autonomousoperation, as well as advanced driver assistance. Hence, the demand formulti-functional radar systems from the automotive industry is increasingexponentially. The growing requirements have led to a greater R&D in thefield of radar systems of the automotive sector.
Forinstance, in August 2020, Huawei increased investment in its optoelectronicsR&D center in Wuhan, China with a focus on developing low-cost LiDARtechnology and radar sensors. Hence, larger investments in improving thesensor and functionality capabilities of automotive radar as well as reducingthe cost of radar technology are likely to drive the growth of the market.
Stringent Government Regulations Regarding Vehicle Safety Systemsto Augment Growth
Thegrowing awareness regarding vehicle safety among consumers has led to anincreased demand for features such as cruise control and blind-spotdetection that can support drivers and reduce the number of accidents.Furthermore, the alarming increase in fatalities owing to vehicular accidentshas compelled various governments to implement stringent regulations andactively promote the development of vehicle safety systems. Hence, as a meansof ensuring better vehicle safety, the widespread adoption of radar-basedtechnology in automobiles is anticipated during the forecast period.
RESTRAINING FACTORS:
Security Risks Associated with Radar-Based Technology to LimitAdoption
Automotiveradar operates on a specific signal structure. However, they lack any inherentauthentication that makes the technology susceptible to spoofing attacks. Asuccessful spoofing attack can severely influence the integrity of vehicleoccupants by potentially causing the vehicle to stop, change direction, orcollide by breaching target radar within a short time.
Thecurrent radar technology is largely based on frequency-modulatedcontinuous-wave radar (FMCW). However, with the increasing number of vehiclesequipped with radar-sensors, FMCW radar interference in dense trafficsituations is expected to pose a challenge as it can lead to considerableperformance degradation. Hence, security risks associated with radar forautomotive such as spoofing & interference are likely to restrain the adoptionof this technology during the forecast period.
List of Key Players Covered in the Automotive Radar MarketReport:
- 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 tableof content and figures, Click Here: https://www.fortunebusinessinsights.com/industry-reports/automotive-radar-market-101688
Some of the key industry developments in the AutomotiveRadar 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.
