Market Overview
According to the report, the global Advanced Driver Assistance Systems (ADAS) market was valued at approximately USD 21,320 million in 2019 and is expected to generate revenue of around USD 71,450 million by 2026, growing at a CAGR of roughly 19.31% from 2019 and 2026.
Vehicle automation and self-driving cars fueling the demand for ADAS over the forecast period. Stringent government regulations, the requirement for compliance with emission standards, and increasing consumer inclination towards innovative safety technologies are transforming the automobile industry. Rising public spending has resulted in increased automobile sales and road traffic, thereby enhancing the probability of accidents, property loss, and fatalities. These factors are anticipated to affect optimistically to the Advanced Driver Assistance Systems (ADAS) market growth.
Advanced driver assistance systems (ADAS) are electronic components installed in vehicles, which present an intelligent driving experience to the driver. These systems comprise of unique sensors such as ultrasonic, image, RADAR, LiDAR, infrared and LASER. Deploying ADAS to enhance comfort levels and ensure safety and security on road is the majorly growing trend within the automobile sector. The implementation of ADAS has been considered as a revolution as it provides dynamic features such as adaptive. As an initial stage of automatic driving, ADAS's promotion received support from several countries,such as NHSTA Level 0-Level 4 (Manual, ADAS, PA, HA, FA), the German VDA rating (PA, HA, FA)
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Key Players
Key players in the Advanced Driver Assistance Systems (ADAS) market cover Continental Ag, Delphi Automotive PLC, Robert Bosch Gmbh, Aisin Seiki Co. Ltd., Autoliv Inc, Denso Corporation, Valeo, Magna International, Trw Automotive Holdings Corp., Hella Kgaa Hueck & Co., Ficosa International S.A., Mobileye NV, Mando Corp., Texas Instruments Inc., and Tassinternationa.
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Forecast by Geography
North America dominates the Advanced Driver Assistance Systems (ADAS) market at a share of 38.46%. The existence of major manufacturers in this region combined with availability of sophisticated technologies enables the advanced driver assistance systems market to flourish. Europe holds the second largest share of 32.61%. The commercial vehicles are expected to grow with a high CAGR, owing to the growth in the home delivery sector. For the safe distribution of goods and efficient city transportation, original equipment manufacturers in the European region are focusing on the advanced safety features for these vehicles, which will be a major driver for market growth in the region. The Asia Pacific occupied 22.76% of market share.
Type Segment
Based on the type, the Advanced Driver Assistance Systems (ADAS) market can be segmented into Adaptive Cruise Control (ACC), Lane Departure Warning (LDW) System, Park Assist (PA), and others.
Application Segment Analysis
Based on application, the Advanced Driver Assistance Systems (ADAS) market can be divided into Passenger Cars and Commercial Vehicle.
Passenger cars are expected to contribute to the largest market share through the forecast period. Rapid urbanization accompanies increasing consumer spending on automobile has enhance the product demand. Increasing consumer awareness pertaining to road safety along with governmental regulations are major growth factors supporting industry demand. Moreover, initial deployment of these technologies in passenger cars along with relatively large automotive sales share across the major economies of Europe and Asia Pacific will support the segment dominance through the forecast period.
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Target Audience
l Advanced Driver Assistance Systems (ADAS) manufacturers
l Distributors and resellers of Advanced Driver Assistance Systems (ADAS)
l Advanced Driver Assistance Systems (ADAS) industry associations
l Product managers, Advanced Driver Assistance Systems (ADAS) industry administrator, C-level executives of the industries
l Market Research and consulting firms
l Small and Medium-sized Enterprises (SMEs)
l Raw material suppliers of Advanced Driver Assistance Systems (ADAS)
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