The Global ADAS market was estimated to be $35.5 billion in 2019 and anticipated to grow at a CAGR of 22.6% from 2020 to 2027.
The ADAS technology has been developed to warn the driver or automate the vehicle for safe driving. The ADAS system has become increasingly adopted on new vehicles because many auto manufacturers are moving towards the development of a more advanced system in the vehicles. According to American Automotive Association, Inc., at least one ADAS system feature are installed in 92.7% (as of May 2018) of the new vehicles in the U.S. The growing adoption is not only due to ease of financial reach but also the potential benefits against the severity of a crash.
According to Specialty Equipment Market Association (SEMA), the automotive industry is moving in a new direction with automated features providing additional value to the customers. ADAS system is one of the most evolved technologies that has been adopted by the OEM and Aftermarket due to its potential benefits. The U.S. is expected to dominate the global ADAS market with a market share of about 34% by 2024.
The major factors that have impacted the growth of the ADAS system are the increase in safety in the vehicle, growing demand from the aftermarket segment, stringent government regulation for the adoption of vehicle safety, growing demand for electric vehicles, and among others.
Increase in vehicle safety and autonomous driving
The safety parameter in automobiles has witnessed significant improvement in the last decade in developed and developing countries. For instance, According to the National Safety Council (NSC), the increase in driver knowledge about ADAS technology will eventually lead to trust and willingness to adopt the ADAS technology. The ADAS system includes various safety features such as Forward-Collision Avoidance Systems, Electronic Stability Control, Advanced Cruise-Control Systems, and Lateral Collision-Avoidance Systems, among others. The forward-collision avoidance system has high benefits when used with multiple systems together to assist the distracted drivers before the collision. Such type of system will increase the demand for ADAS technology in the vehicle. It also will lead to considerable ADAS systems market growth during the forecast period.
Stringent government regulation
The European New Car Assessment Programme (EuroNCAP) is developing a safety assessment system through a new program. It consent to the emerging crash avoidance technologies to be included in the vehicles. The EuroNCAP, established by the government, through its five-star safety rating framework has authorized stringent regulations on OEM to comply with road safety and vehicle security. Also in the U.S., the National Highway Traffic Safety Administration (NHTSA) is bringing Automated Driving System (ADS) safety features on the national roadways to encourage the OEMs, suppliers, and other distribution ADS system.
In 2016, The Federal Automated Vehicle Policy has worked on the policy framework to offer safe deployment of autonomous vehicles. Vehicle safety is one of the most significant areas majorly focus by the vehicle manufacturer and has significant investments. Over the past few years, automotive manufacturers are developing numerous new technologies, which help prevent accidents. These technologies that are focusing on driver safety and improve the overall performance of the vehicle are referred to as Advanced Driver Assistance Systems. The ADAS system for car consist of various technologies which includes Adaptive Cruise Control (ACC), Tire Pressure Monitoring System (TPMS), Drowsiness Monitor System (DMS), Adaptive Front Lights (AFL), Automatic Emergency Braking (AEB), Intelligent Parking Assist System (IPAS), Blind Spot Detection (BSD), and among others.
Key Insight in the report:
The Global Advanced Driver Assistance Systems market report covers Executive Summary, Market Dynamics, Trend Analysis, Market Size and Forecast, Competitive Intelligence, Market Positioning, Product Benchmarking, and Opportunity Analysis.
The report covers extensive competitive intelligence which includes the following data points:
- Business Overview
- Business Model
- Financial Data
- Financial – Existing
- Financial – Funding
- Product Segment Analysis and specification
- Recent Development and Company Strategy Analysis
- SWOT Analysis
The report covers market sizing and forecasting at the country level as well as at the segment level. Advanced Driver Assistance Systems Market is analyzed across below-mentioned different segments:
|Adaptive Cruise Control (ACC)
|Tire Pressure Monitoring System (TPMS)
|Drowsiness Monitor System (DMS)
|Adaptive Front Lights (AFL)
|Automatic Emergency Braking (AEB)
|Intelligent Parking Assist System (IPAS)
|Blind Spot Detection (BSD)
|Other System Types
According to the system type, an automatic emergency braking system holds the largest market share during the forecast period. The stringent government regulation to mandate the AEB system in the vehicles has led to the growth of the ADAS market in the future. For instance in 2017, according to the National Highway Traffic Safety Administration (NHTSA) and the Insurance Institute for Highway Safety (IIHS), 20 automakers have agreed to include an automatic braking system mandatory by September 1st, 2022. This increase in the adoption of AEB will result in the growth of this segment in the future.
Advanced Driver Assistance Systems Market is analyzed across below-mentioned regions/countries
The some of the key players in of Advanced Driver Assistance Systems Market include:
- Autoliv Inc.
- Continental AG
- DENSO Corporation
- ROBERT BOSCH GMBH
- Hyundai Mobis
- ZF Friedrichshafen
- NXP Semiconductors
- Aisin Seiki Co., Ltd
- In June 2019, Bosch sensors and system enable the growth of automated driving and driver assistance. Bosch and Dexter Axle Company will show the Dexter Tow Assist ABS & Sway Mitigation System powered by Bosch for the first time publicly at the Vehicle Safety Showcase.
- In May 2019, Mitsubishi Electric Corporation and HERE Technologies have showed a system that automatically warn the obstacle coming on the road with lane Hazard warning. They have successfully tested the new system in Japan and U.S.
REPORT CONTENT BRIEF:
- High level analysis of the current and future ADAS system market trends and opportunities
- Detailed analysis on current ADAS system market drivers, restraining factors, and opportunities in the future
- ADAS market estimates for 2019 and forecast from 2020 to 2027
- The market share analysis at product level from 2019 to 2027
- Competitor analysis of ADAS system market with a detailed insight into its product segment, financial strength, and strategies adopted.
- The report on ADAS system industry Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations and partnerships as well as funding taken and investment done, among others.