OEMs are now concentrating more on creating and integrating cutting-edge automotive radar systems as active safety is becoming a more important strategy to reduce traffic accidents. The “Association for Safe International Road Travel” (ASIRT) estimates that 3,287 fatalities are reported in road accidents each day worldwide. The expectation for advanced technologies in vehicles, such as automotive radar, to increase vehicle safety has increased as a result of developing automotive technology and the need to prevent traffic accidents. These systems send microwave-frequency electromagnetic (EM) waves and use an electronic control unit to collect data on the obstacles in the area around the vehicle.
The automotive radar market is anticipated to reach $4,614.5 million in revenue in 2022. Technical advancement and the expansion of applications are expected to be the primary driving forces behind the market growth. By the end of 2032, it is expected that the demand for automotive radar would have increased to over US$ 15,803.3 Mn, with a significant CAGR of 13.20% between 2022 and 2032.
According to a study by the “Insurance Institute for Highway Safety,” the use of a vehicle’s radar system can save one out of every three lives. Automotive radar systems were first used in passenger and commercial cars in the early 1990s, but because of technological constraints, attention to further development waned over time. However, in the last ten years, active safety technology has become a significant area of research, which has re-ignited interest in car radar systems. To service many applications, smaller devices with high operational frequency are being deployed. Furthermore, over the next few years, there should be plenty of opportunities due to a favorable macroeconomic environment and regulatory framework.
Key Players:
- Delphi Automotive LLP
- Autoliv Inc.
- Denso Corp.
- OmniVision Technologies, Inc.
- Robert Bosch GmbH
- Texas Instruments Inc.
- Valeo Group
- ZF TRW
- SaberTek, Inc.
- Analog Devices, Inc.
