The World Health Organisation estimates that road traffic accidents will be the seventh leading cause of death by 2030. Consumers are realising the importance of automotive radars for vehicle occupant and pedestrian safety. Automotive radars are trickling down from high-end luxury vehicles into budget cars, providing a boost to the automotive radar market for the forecast period.
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Desire to Purchase Luxury Cars Results in Demand for Automotive Radar Technology
The Organization of Motor Vehicles believes that the demand for premium cars will skyrocket in the next five years due to rising affluence in emerging economies coupled with easy availability of financing options. Several banking and financial institutions offer 100% funding for luxury car loans. The strong prestige attached to luxury cars ensures their continued demand, benefiting the automotive radar market.
Prohibitive Cost Make Automotive Radars Unaffordable for Middle-Class Consumers
Automotive radars are expensive technology and this poses a challenge to the overall automotive radar market. Automotive radars necessitate highly skilled workers to service them, increasing the cost to the end-consumer. Moreover, COVID-19 came like a black swan event and totalled the automotive industry. As consumers emerge from the economic uncertainty, the sale of luxury vehicles will be viewed as a discretionary purchase that can be deferred indefinitely.
Government Mandates Across Continents Anticipated to Aid Automotive Radars Market
A noticeable trend observed in recent times is the hub and spoke architecture model, leading to a spike in urban to rural commutes and vice versa. A significant portion of modern-day cars incorporate safety functions such as emergency braking, adaptive cruise control, or airbags. Several countries have even made it mandatory on new vehicles. For example – the European Union and India plan to make emergency braking mandatory on all new vehicles by 2022. This is a step in the right direction for vehicular safety and the automotive radar market will undoubtedly be a beneficiary of this.
79 GHz Radar Holds Nearly Unassailable Lead in the Automotive Radar Market
The automotive radar market can be classified on the basis of medium and long-range sensors, frequency, vehicle, and application type. Medium range automotive radars should witness moderate growth rates, while long range radars are likely to see slower growth. The 79 GHz radar is predicted to dominate the automotive radar market for the assessment period as it can effectively monitor the vehicle’s surroundings with blind spot detection.
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Non-imaging Radar Segment to Grow at Steady Pace for the Forecast Period
The integration of Artificial Intelligence (AI) in components such as automotive radars and lidar are expected to enhance the safety and comfort of passengers. There has been a greater reliance on automated systems such as safety alarms, parking assistance, and collision avoidance. In addition, blind spot detection, adaptive cruise control, and lane change assist have become sought-after. Thus, the non-imaging radar segment of the automotive radar market is projected to record steady growth until the year 2025.
Companies actively involved in the automotive radar market include NXP Semiconductors, Robert Bosch GmbH, Autoliv Inc and Continental AG. There has been large-scale cross-country collaboration among organisations in the automotive radar market. For example – the alliance between NXP Semiconductors (Netherlands) and Hawkeye Technology (China) can raise the profile of the global automotive radar market. Similarly, Audi and Aptiv have developed a domain controller for front sensors.
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