ADAS Radar Systems Market Trends

Growth Drivers

• Growing Penetration of Autonomous & Smart Vehicles – In 2022, China had more than 55% of all smart vehicles in the world with different levels of automation. Autonomous cars assure safe driving with no human interaction supported by the installation of a wide range of sensors in these vehicles to build reliable vision. The sensors technologies such as ultrasonic, LiDAR, and RADAR help autonomous vehicles detect blockages in the driving environment and ensure vehicle movement without facing any fatalities. Hence, with the rising shift of the automotive industry from human-driven vehicles to self-driven vehicles with higher levels of autonomy, the demand for such technologies is also expected to expand, propelling the growth of the ADAS radar system market in the near future.

• Rising Number of Vehicles Production & Growing Demand for Luxury Cars – The surging production of vehicles worldwide which in number reached to be around 80 million motor vehicles worldwide in 2021, owing to their rising demand is responsible for growing innovation and advancements in the automotive industry. Moreover, the increasing disposable income and the rising standard of living of the global population are augmenting the demand for premium cars with more advanced features which is further estimated to boost the market growth. For instance, in 2021, luxury car retails in India exhibited an upward trend and grew by ~19% compared to 2020.

Challenges

• Concern Related Sensor Limitations – The available current sensor technologies have difficulty detecting small objects or fast-moving things and may fail in traffic safety tasks. These limitations need development and are currently hampering the market growth.

• Expensive Charges for Customization & Installations

• Complex In-built Functions