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The automotive radar industry is driven by the rising application of the product in autonomous emergency braking (AEB). This can be attributed to the growing popularity of the AEB, owing to its ability to reduce rear-end collisions by more than 30%. In addition, the growing efforts by the major AEB manufacturers to standardise the system in modern passenger cars are likely to propel the market. AEB is a potential active safety technology, which is likely to gain traction in the future. Over the forecast period, the modernisation of passenger cars is expected to provide impetus to the global automotive radar industry.
In April 2021, Continental AG (OTCMKTS: CTTAY) announced the development of the sixth generation of long-range radar and surround radar. Both radar sensors will share a software and hardware platform. The production is scheduled in 2023 and this development is likely to revolutionise the radar sensor technology. This technology is anticipated to facilitate the functions for higher level of automation. Moreover, the sixth-generation automotive radars will support a range of vehicular architectures.
In terms of region, Europe is likely to account for a significant share in the market, owing to the growing concerns pertaining to the safety of passengers. The rising investments by the major market players, coupled with the increased government efforts to address the long term goal of zero accidents are likely to augment the growth of the automotive radar industry in the region. The market will further be aided by the technological advancements in the automobile industry to enhance the safety of the driver and passengers.
Market Breakup by Range, Vehicle Type, Application, and Region:
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The major players in the global automotive radar market are Continental AG, Denso Corporation, Hella KGaA Hueck & Co., Infineon Technologies AG, and Veoneer, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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