Automotive Radar Market Analysis

Automotive Radar Market Analysis

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The parking assistance systems segment will grow at a CAGR of above 15% from 2016 to 2024 due to the growing automotive applications of radar technology including parking assistance, guidance, and reverse warnings. The parking sensors provide real-time alerts to drivers for obstacles, while parking. As soon as the driver activates radar park assistant, proximity sensors calculate the parking maneuver. By following instructions given by the parking assistant, the driver can park his vehicle in the free/allotted parking bay. Huge investments for the development of smart transportation systems will increase the demand for automotive radars to make automated parking possible and assist drivers in parking their vehicles.
 

The Asia Pacific automotive radar market growth is driven by the rising initiatives and investments in the automobile industry and an increase in the number of vehicle accidents. It is estimated that around 35 cities in China have approximately 1 million cars on the road, due to which 75% of the roads suffer traffic congestion and accidents. In 2016, around 260,000 travelers in China lost their lives due to auto accidents. To ensure vehicle and driver safety, car manufacturers are deploying automotive radar sensors, which will guide the driver along the route. Companies operating in the market are offering their next-generation transport technologies to improve traffic and foster the overall convenience of transport.