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 â€" 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.
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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 â€" 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.
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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Automotive radar is a breakthrough technology innovation that provides vehicles with an object detection system that helps detection of objects, other vehicles, and pedestrians in the vicinity of on-road vehicles. As the name suggests, automotive radar (Radio Detection and Ranging) uses radio waves for object detection, which has been valuable in designing of semi-automated, assisted-driving, self-driving, and conditionally automated vehicles functioning within different frequency ranges.
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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