The automotive radar market has witnessed a remarkable advancement in recent years, and one technology that has revolutionized the way vehicles navigate is automotive radar. Automotive radar also plays a key role by providing critical information.

The adoption of Long-Range Radars, is a notable trend, which is being observed in the industry. These devices can detect objects up to 150 meters away, surpassing the capabilities of short & medium-range radars. This extended range enhances object detection and is driving their adoption in autonomous vehicles, contributing to safer driving experience.

The increasing emphasis on vehicle safety and the implementation of safety regulations have propelled the sales of autonomous vehicles and have further boosted the demand for radars, as they enable various functions such as eye tracking, speech recognition, driver monitoring, and gesture recognition. The development of ADAS, which incorporates radar-based detection units, is driving the market's demand for automotive radar solutions.

A higher CAGR is observed by short and medium-range automotive radar during the forecast period. In the automotive industry, vehicles are equipped with various radar combinations. For example, level 1  autonomous features typically include one long-range radar and two short-to-medium-range radars. Similarly, different combinations of radar systems are there in vehicles at other autonomy levels.

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While, the rapid expansion of the MaaS model presents numerous opportunities, particularly in the deployment of autonomous vehicles. MaaS is increasingly important in the public transportation ecosystem, and a significant number of autonomous vehicles are expected to be utilized for shared mobility services. These vehicles offer cost-effective rides compared to traditional vehicles, making them a preferred choice for shared transportation.