Bosch claims that its fourth-generation long-range radar (LRR) for automobiles has a detection range of up to 250 meters, while Continental’s fifth-generation LRR is claimed to have a range of 300 meters. Many more automotive technology companies are bringing innovations in their radar, light detection and ranging (LiDAR), ultrasonic, and camera sensors considering the rising demand for autonomous vehicles. This is because autonomous vehicles require advanced driver assistance systems (ADAS) to drive on their own, which, in turn, require all these kinds of sensors to function.
Therefore, with the increasing popularity of self-driving vehicles, P&S Intelligence expects the ADAS sensor market value to escalate to $40.8 billion by 2030 from $11.5 billion in 2019, at an 11.7% CAGR between 2020 and 2030. The demand for autonomous vehicles is itself being driven by the rising number of road accidents, which already kill more than 1.3 million people each year, according to the World Health Organization (WHO). Since human error is the cause of most such mishaps, not letting humans have the driving control could help lower the road accident and mortality rates.