According to Acumen Research and Consulting, the global advanced driver assistance systems (ADAS) market size is poised to be worth around US$ 140 bnn by 2026.
LOS ANGELES, March 12, 2020 (GLOBE NEWSWIRE) — The global advanced driver assistance systems (ADAS) market is projected to grow significantly at a CAGR of around 21% in terms of revenue during the forecasting period 2019 to 2026.
Acumen Research and Consulting, a global provider of market research studies, in a latest published report titled “Advanced Driver Assistance Systems (ADAS) Market (By Solution: Park assistance, Adaptive Cruise Control, Tire Pressure Monitoring System, Adaptive Front Lights, Blind Spot Detection System, Lane Departure Warning System, Autonomous Emergency Braking, Others; By Sensor: Infrared, LiDAR, Image Sensor, Ultrasonic, RADAR; By End Use: Commercial Vehicles, Passenger Cars) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”.
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Drivers and Challenges of Market
Consumer preference changes quickly to greater mobility health, in particular for long journeys causing driver’s discomfort and contributing to road accidents. The integrated ADAS prevents interruption and protects the driver through its complex and versatile characteristics. In addition, there is a growing demand for advanced systems such as drowsiness tracking, night vision and road sign identification in the next 7 years. Advance ADAS systems are expected to increase, such as automatic emergency braking systems, adaptive control, due to the increased government regulations to mitigate road accidents and improve safety. They are expected to increase rapidly. The European Union has introduced, a law mandating the introduction in heavy commercial vehicles of adaptive cruise control systems, which is also expected to increase market competition for the systems in European countries.
The high costs associated with the development of automotive software could limit the growth in the demand for ADAS, as it increase the overall cost of vehicle. In the case of equipment, software and the mobile service charge, the possibility of luxury features in cars entails extra expenses for customers. In fact, the car is difficult to operate and requires professional personnel to various electronic components and sensors. Complex system configuration limits engine shelf-life. Such elements are thus projected to impact significantly on the development of the demand for ADAS.
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North America held considerable market share in 2018 and is anticipated to grow at a good CAGR amid the projected time span. Regional growth is driven mainly by the involvement of major market participants, improving industrial facilities, technical advancement, improved economic conditions and higher levels of adoption of new technology particularly in the U.S.
Asia-Pacific is projected to experience the highest growth in the global market during the projected period due to its large car base, China, Japan and India. As the Asia-Pacific market is rising, passenger cars are being taken into account and, subsequently, passenger cars are embracing ADAS more often. The recent transition from miles to cars is expected to lead to the high demand for sophisticated driver assistance systems.
The Europe ADAS market will account for a large volume share in the marketing of ADAS As a result of the supporting policies like EuroNCAP. The compulsory implementation of several ADAS systems in cars would enable growth by industry over the forecast period. To order to raise awareness on ADAS, government initiatives will also increase the size of the industry.
Latin America held considerable share in the global ADAS market and projected to gain momentum during the forecast period.
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Key Players & Strategies
Participants include major global players such as Continental AG, Autoliv, Magna International, Texas Instruments, and TRW Automotive, and Others.
A variety of business strategies, such as product launches and alliances and agreements were involved in players on the global ADAS market. For eg, the electronic horizon launched by Continental in January 2015 was eHorizon. Product operation is based on the cloud sourcing concept, which establishes cars as moveable sensors and facilitates data transfers between the cloud and the vehicle. A cooperation agreement was signed with Safran in April 2015 for the development of autonomous vehicle driving assistance.
In May 2018, with the help of Renesas Electronics Corporation, Magna International Inc.’s new, cost-effective 3D surround display system designed in order to handle entry and medium-range vehicles announced an exponentially vast implementation of the innovative automobile driving assistance. The new system allows manufacturers to provide a larger number of automotive customers with healthier and more modern cars by allowing 3D surround vision protection technologies and lead thus to a better car company. The new 3D surround vision system is a 360-degree view camera system that helps drivers park or perform low-speed operations.
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