The global advanced driver assistance system (ADAS) market is expected to reach USD 67.43 billion by 2025, growing at a CAGR 19.0%, according to a new report by Grand View Research, Inc.
Increasing government initiatives for mandating driver assistance system in order to lower road accidents is expected to proliferate market growth. Moreover, increasing adoption of these systems in small cars is anticipated to further boost the market demand.
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 2025.
The sensor components accounted for largest market share in 2016. The automotive industry is in process of deploying self-driving vehicles on road, such types of autonomous vehicles require combination of large number of sensors such as cameras, Radar, LiDAR, ultrasonic sensors for performing different operations accurately. Thus, the demand for sensors is anticipated to increase significantly over the forecast period. Among different sensor types Lidar sensors are anticipated to gain high traction by 2025, owing to their crucial function in self-driving cars.
In 2016, passenger cars accounted for over 72% share in global ADAS market, however commercial vehicle segment is expected to witness fastest growth over the forecast period owing to aforementioned government regulations for improving safety of heavy commercial vehicles.
Further Key Findings From the Report Suggest:
- Global Advanced Driver Assistance System (ADAS) demand was USD 14.15 billion in 2016 and is anticipated to witness staggered growth over the next eight years.
- The autonomous emergency breaking system segment is anticipated to grow at CAGR of 22.0% over the forecast period.
- The demand for ADAS processors is anticipated to grow at moderate rate over the forecast period.
- The Asia Pacific market is projected to witness substantial growth over the next decade owing to various developments across major economies, especially in the Chinese market. The regional market is expected to grow at a CAGR of 8.5% from 2017 to 2025
- Key players including Continental AG, Mobileye, Autoliv Inc., Magna international, and Hyundai Mobis dominated the global ADAS market while accounting for over 43% of the total volume in 2016. Advanced driver assistance system is leading the way to autonomous vehicles. Technological innovation and disruptive pricing are key criteria to strive the fierce competition in the market. Thus, various players are introducing highly innovative products primarily focused on increasing the overall user safety and enhancing the driver's experience
Source: Cision, 2018
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Friday Mar 9, 2018