Advanced Driver Assistance System (ADAS) Market Opportunity Assessment 2018-2025
Rising level of technological innovation as well as growing initiatives towards vehicle automation and self-driving cars has raised the demand for driver safety and assistance systems over the past decade. For instance, European Union has mandated the automotive manufacturers to fit ADAS systems such as lane departure warning systems (LDWS) and autonomous emergency braking systems (AEBS) in all heavy commercial vehicles weighing over 7,000 Kilograms.
ADAS technologies such as night vision, drowsiness monitoring system and road sign recognition systems among others are anticipated to grow considerably over the forecast period. Tire pressure monitoring system also expected to have significant penetration in the overall market owing to their low prices and easy aftermarket availability. Moreover, Adaptive cruise control provides much better driver safety and helps to avoid fatal road accidents, thus the demand for these systems is expected to witness high growth by 2026.ADAS Market by System (ACC, AFL, DMS, NVS, IPA, PDS, TJA, FCW, CTA, RSR, LDWS, AEB, & BSD), Component (Radar, LiDAR, Ultrasonic, and Camera Unit), Vehicle (PC, LCV, Buses, & Trucks), Offering (Hardware, Software), EV, and Region – Global Forecast to 2025″”, The advanced driver assistance system (ADAS) market is estimated to be USD 24.24 billion in 2018 and is projected to reach USD XX billion by 2026, at a CAGR of XX%.
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Government initiatives play a vital role in fueling the demand for advanced driver assistance systems applications. Various governments have implemented stringent laws to reduce the number of accidents. According to the New Car Assessment Programs (NCAPs) policy, vehicles need to have safety ratings to encourage significant safety improvements in new car designs. Increased focus of the government on road safety is expected to fuel the advanced driver assistance systems market in the future.
The European automotive industry is one of the most innovative automotive markets in the world. With a massive transformation in the industry post the recession period of 2010, there has been a rapid penetration and mass adoption of ADAS by the OEMs and customers. There are regular upgrades in the ADAS technology that facilitate competitiveness in the market, making it one of the largest markets in the global ADAS industry.
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The increased traffic congestion, roadways infrastructure, and government regulations for vehicle safety will drive the growth of various radar-based ADAS applications. The rising trend of autonomous and semi-autonomous vehicles in the automobile industry is projected to be another major driver for the global automotive radar market.
Some of the major advanced driver assistance systems (ADAS) market participants include Continental AG, Robert Bosch, Autoliv, Magna International, Texas Instruments and TRW Automotive. Other notable industry participants are Delphi, NXP Semiconductor Inc, Aisin Seiki Co., Denso Corporation, Harman International, NVIDIA Corporation, and Hyundai Mobis.
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