Globally, many governments are implementing regulatory initiatives to reduce the number of road accidents, fatalities, and casualties occurring around the world, and part of these implementations include the adoption of automotive radar, according to the Fact.MR study, “Automotive Radar Market Forecast, Trend Analysis & Competition Tracking Global Market insights 2017 to 2022.” The report provides information on the changing trends and innovations expected to impact the global automotive radar market in the near future.
According to the report, the global automotive radar market is likely to represent revenue shares exceeding $7 billion by the end of 2022.
With the active push for smart radar and artificial intelligence (AI), the report states that the industry is observing a transformation toward a new group of radar platform. These changes are likely to deliver a major steer to the autonomous driving space. In recent years, LiDAR technology and cameras have acquired a significant spot in the automotive industry; however, automotive radar remains strong due to its exclusive capability to provide long-range object detection regardless of extreme climatic conditions or unfavorable road structure.
The European Union recently prompted a regulatory framework directed on road safety, which has empowered European roads to become safer than many other roads globally. Researchers noted that Europe's automotive industry continues to encourage the deployment of automotive radar with increasing efforts to popularize automated driving technology. With such ongoing initiatives, Europe is expected to continue to act as an important regional space for the automotive radar market in the coming years. Following European footsteps, several governments have introduced various legislation and regulatory standards for facilitating the zero-fatality objective on roadways.
Some of the major names mentioned in the report are Delphi Automotive PLC, Continental AG, Robert Bosch GmbH, Infineon Technologies AG, Denso Corp., Analog Devices, Inc, NXP Semiconductors N.V., Texas Instruments, Inc., Hella KGaA Hueck & Co., Autoliv, Inc., and ZF Friedrichshafen AG.