The global advanced driver assistance systems (ADAS) market accounted for USD 29.6 Billion in 2019. ADAS market projected to register growth at a CAGR of 17.4% during forecast period.
COVID-19 has impacted the automotive industry significantly. All the production and assembly activities were halted. The supply of finished products and raw materials were affected immensely due to travel restriction and lockdown imposed by governments around the world. The export and imports were also immensely affected due to international border closers and limited operation of flights. The vehicles sales have been hit and experienced a major decline due corona virus outbreak. This has impacted market for ADAS around the world. it is expected that ADAS market will foresee boost in 2021 as governments in many region has mandate the use of ADAS in vehicles but this growth will be sluggish.
For more details, visit: Global Advanced Driver Assistance Systems Market By Component (LiDAR, Camera Unit, Others), By Solution Type (Blind Spot Detection, Parking Assistance, Other), By Vehicle Type, By Region– Forecast & Opportunities to 2026
Road accidents are a major concern these by government across the world. Deaths due to road accidents are increasing significantly and governments are taking many initiatives to reduce road accidents. The ADAS helps in reducing accidents and ensures road safety. This is likely to drive growth in ADAS market during forecast period.
On the basis of component, the ADAS market is segmented into camera unit, LiDAR, radar sensor, ultrasonic sensor, infrared sensor. The radar sensor is estimated to register growth at highest CAGR during forecast period. ADAS is used by major OEMs to improve safety rating of the vehicles. The safety awareness is increasing and government is also promoting such solutions. The growth in ADAS market is responsible to drive growth of radar sensors in various regions like Europe and Asia-Pacific. The use of 24GHz radar in 5GHz bandwidth is restricted y several boards such as Federal Communications Commission (FCC) of US and European telecommunications Standards Institute (ETSI). OEMs prefer long-range radars of 77 GHz. It provides better compliance and reliability. The demand for collision avoidance system is increasing. This is likely to drive growth in radar sensor segment in ADAS systems.
On the basis of solution, the ADAS market is segmented into blind spot detection, adaptive cruise control, park assistance, tire pressure monitoring systems, lane departure monitoring systems, adaptive front lights and autonomous emergency braking. Adaptive cruise control segment is estimated to register growth at highest CAGR of XX% during forecast period. The government in many regions such as Europe has mandate use of adaptive cruise control systems in vehicles for safety. The awareness about safety and safety rating is increasing among consumers which drive adaptive cruise control systems.
On the basis of vehicle type, the ADAS market is segmented into passenger cars, light commercial vehicle and heavy commercial vehicle. The passenger cars segment is estimated to register growth at highest CAGR during forecast period. The demand for passenger is increasing and the sales for such cars are growing immensely. The awareness for safety is growing among consumers and they are demand more and more safety features. Consumer even begin to consider safety rating of vehicle and installation of ADAS in passenger vehicle improves its safety rating thus manufacturers across the world are installing ADAS in passenger cars segment. This drives growth in this segment during forecast period.
Asia-Pacific region is estimated to hold largest market share during forecast period. The vehicle production is very high in the countries like China, South Korea, Japan and India and the use of advanced electronics in vehicles is rapidly increasing in vehicles in various countries of Asia-Pacific region. The rapid development in automotive industry in this region is likely to drive growth in ADAS in Asia-Pacific region.
The key market players in ADAS sector are Robert BOSCH, Continental AG, Denso, ZF Friedrichshafen AG, Aptiv, Valeo, Hyundai Mobis, Magna Internatinal inc., Samsung Electronics, Veoneer Inc., Intel, NVIDIA, Hitachi Automotive, Nidec Corporation, Renesas Electronics Corporation and Aisin Seiki. The major players in this industry are focusing on launching new and advanced technologies. The budget for R&D is higher for such companies.
- What are the expected industry trends over the next three to five years?
- Which of the ADAS component is likely to lead by 2025?
- Which of the vehicle type segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?