Increasing investments in R&D to incorporate latest Artificial Intelligence and 4D technology to boost the demand
Automotive radar technology is outpacing the automotive sensing technology owing to its phenomenal efficiency and functionality with challenging road infrastructure, projects the latest study by Fact.MR. With advancement in technology, the manufacturers are promising automotive radar with endless possibilities to deliver consistent performance.
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According to the study, the market is expected to reach around US$ 7260.8 Mn by 2022-end registering a steady CAGR during the forecast period. Incorporating 4D imaging technology in autonomous vehicles to bring a paradigm shift in the automotive radar market. Additionally, increasing demand of autonomous electric vehicles and rising production of level 3 autonomous cars to boost the market growth in the upcoming years.
“Penetration of 4D technology and Artificial Intelligence is gaining attractive opportunities for prosperous launch and production of new generation radar platform among manufacturers,” says a Fact.MR analyst.
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Key Takeaways
- India and China to create lucrative growth opportunities for automotive radar manufacturers
- Short-range radars projected to generate revenue of around US$ 3.5 Bn by 2022-end
- By vehicle type, passenger vehicle to remain the lucrative category
- Application for adaptive cruise control to remain lucrative during forecast period
- By frequency, automotive radar with 2x GHz to be at forefront, however automotive radars with 7x GHz frequency to exceed by 2022-end
- U.S and Canada expected to emerge as potential market
Prominent Drives
- Rising government initiatives for vehicle safety and increased usage of ADAS technology by OEMs to drive the growth
- Increased investment & funding towards autonomous cars to bolster the demand
- Low penetration in developing market creates attractive opportunities for automotive radar manufacturers
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