The study by Fact.MR sheds light on the incorporation of path-defining and disruptive technology that is radically changing the face of the automotive radar market. Innovations in automotive radars are spelling success for key stakeholders in the market as they circumvent treacherous driving conditions with the advent of specialized radars. These radars are smaller, spherical and shape and are paving the way for an immersive 360-degree view of the landscape thus affording drivers with a seamless and a smooth driving experience. Delivering top-notch efficiency, these new and improved radar solutions are spearheading a robust growth of the automotive radar market over the forecast period.
Till now limitations in radar resolution have inhibited the growth of automotive radar market to some extent. However, ultra-high resolution technology using 4D technology will play a pivotal role in not only improving the functionality of automotive radars but also provide a 4 dimensional experience which will help to mitigate driving risk and enhance safety. Fact.MR opines that leading industry stakeholders could easily capture top revenue pockets of this market through affordability and exclusive proprietary rights on product portfolios.
Advanced Driver Assistance Systems (ADAS) will soon be mandated with the promulgation of a stringent regulatory environment by regions that are leading in the automotive radar market. Europe which intends to make its roads the safest in the world will benefit immensely with the proliferation of automotive radar technology. As the race towards development of self-driven automotive technology gathers momentum, the automotive radar market will gain immense traction. With governments zeroing in on regulations that obliterate and eliminate road accidents, this will create a favorable scenario for autonomously driven vehicles thus promising attractive growth prospects for the automotive radar market.
The efficacy of LIDAR (Light Imaging Detection and Ranging) in detecting environmental phenomena will find its utilization in automobiles. Its advantages of providing monochromatic imaging of objects using shorter wavelengths gives it a slight edge over the automotive radar. This could be an inhibiting factor in the growth of the automotive radar market. However, the cost-effectiveness of automotive radars and its ability to function in extreme environmental conditions will enhance its popularity in the foreseeable future.
Beyond the technology fascination of self-driven cars, there are some disadvantages that could impede the growth of the automotive radar market. Automotive radar heavily relies on the assistance of GPS. The combination of self-driven and driver assisted cars may lead to confusion on the roads and decreased road safety. Also GPS assistance will leave a minimal positive impact in regions where road infrastructure is yet to revolutionize. Since automotive radars use sensor technology, these are prone to failure leading to unfamiliar and dangerous road consequences. Hence, their complete incorporation in the automotive arena remains a cloudy prospect as per Fact.MR’s study.
Adaptive cruise control will continue to remain a popular and lucrative safety feature in the automotive radar market as automakers are stressing on its importance as a safety tool. Short range radars will showcase hidden opportunities, accounting for half of the total value of the automotive radar market. Automotive radars will continue to be deployed in personal and luxury cars thus making passenger cars the top revenue generating pocket in the automotive radar market. Leading players like Continental AG and Robert Bosch are disrupting the market with cutting edge products, strategic expansions and agreements with other stakeholders to capture large parts of the market.