The majority of car accidents are caused by human error, but advanced driver assistance systems (ADAS) can help prevent them. In order to avoid fatalities and serious injuries, the purpose of ADAS is to lessen the frequency of accidents as well as their severity. The success of ADAS applications depends on these systems' potential life-saving capabilities. Incorporating the most recent interface standards and operating several vision-based algorithms, they support real-time multimedia, vision processing, and sensor fusion subsystems.
According to Data Bridge Market Research, the Global Advanced Driver-Assistance Systems (ADAS) Market is expected to reach a value of USD 23.74 billion in 2021 and is expected to reach a value of USD 114.16 billion by 2029, at a CAGR of 21.69% during the forecast period of 2022-2029.
"Growing focus on vehicle safety surge market demand"
The growing focus on vehicle safety is driven by the alarming rise in road accidents and the need to reduce fatalities and injuries. ADAS technologies offer advanced features such as collision warning, lane-keeping assistance, and automatic emergency braking, enhancing vehicle safety by assisting drivers in avoiding potential hazards and mitigating risks. As awareness about the effectiveness of ADAS in preventing accidents increases, there is a greater demand for these technologies to make driving safer and reduce the impact of human errors on road safety.
What restraints the growth of the Global Advanced Driver-Assistance Systems (ADAS) Market?
"High cost can impede the market growth”
The high cost of ADAS technologies is a significant restraint in their widespread adoption. The incorporation of advanced sensors, cameras, and processing units increases production expenses, making ADAS-equipped vehicles more expensive. Price-sensitive markets may find it challenging to afford these added costs, limiting the accessibility of ADAS features to a broader consumer base. Manufacturers and stakeholders are continuously working to optimize production costs and make ADAS technologies more affordable to encourage their integration into a broader range of vehicles.
Segmentation: Global Advanced Driver-Assistance Systems (ADAS) Market
The advanced driver-assistance systems (ADAS) market is segmented on the basis of system, component, offering, vehicle type, electric vehicle type, and propulsion.
- On the basis of system, the advanced driver-assistance systems (ADAS) market is segmented into adaptive cruise control, adaptive front light, automatic emergency braking, blind spot detection, cross traffic alert, driver monitoring system, forward collision warning, intelligent park assist, lane departure warning, night vision system, pedestrian detection system, road sign recognition, tire pressure monitoring system, traffic jam assist
- On the basis of component, the advanced driver-assistance systems (ADAS) market is segmented into camera unit, lidar sensor, radar sensor, ultrasonic sensor
- On the basis of offering, the advanced driver-assistance systems (ADAS) market is segmented into hardware, software
- On the basis of vehicle type, the advanced driver-assistance systems (ADAS) market is segmented into buses, light commercial vehicles, passenger cars, trucks
- On the basis of electric vehicle type, the advanced driver-assistance systems (ADAS) market is segmented into battery electric vehicle, fuel cell electric vehicle, hybrid electric vehicle, plug-in hybrid electric vehicle
- On the basis of propulsion, the advanced driver-assistance systems (ADAS) market is segmented into electric, petrol, and diesel.
Regional Insights: North America dominates the Global Advanced Driver-Assistance Systems (ADAS) Market
North America's dominance in the ADAS market can be attributed to its strong focus on research and development (R&D) in the automotive industry. The region's continuous investment in technological advancements and innovation has resulted in the development of cutting-edge ADAS technologies. As a result, North America remains at the forefront of ADAS adoption and implementation, providing consumers with a wide range of advanced safety features. This trend is expected to continue during the forecast period, solidifying North America's leadership position in the ADAS market.
The Asia-Pacific region is poised for unprecedented growth in the ADAS market, primarily driven by increased investment in the automation industry. The region's expanding automotive sector, coupled with rising consumer demand for advanced safety features, has led to a surge in the adoption of ADAS technologies. Additionally, governments and automotive manufacturers in the Asia-Pacific are actively promoting autonomous and semi-autonomous vehicles, further boosting the demand for ADAS systems, making it the fastest-growing region with the highest compound annual growth rate (CAGR) in the market.
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Recent Developments in Global Advanced Driver-Assistance Systems (ADAS) Market
- In 2021 Magna International Inc. will acquire Veoneer, a leader in automotive safety technology to strengthen and broaden its ADAS portfolio and industry position.
- In 2021 Denso Corporation developed advanced driver assistance products for the new Lexus LS and Toyota Mirai.
- In 2020 ZF co ASSIST, a Level 2 + automated driving system, was released as the company's first foray into the Level 2 + modular hardware and software suite, highlighting ZF's capabilities as a complete system supplier. ZF will equip production vehicles for a major Asian manufacturer with this new ZF system beginning in 2020.
- In 2020, Veoneer was chosen to provide active safety services based on next-generation vision and radar systems. Veoneers versatile system was designed to achieve Euro NCAP 5-star safety ratings and includes a variety of driver assistance features such as highway assistance, adaptive cruise control stop and go, traffic sign recognition, lane centering control, automatic emergency braking, and automated high beam control.
- In 2020 Arbor unveiled an Advanced Driver Assistance System (ADAS) and fleet management Rockchip PX30-based telematics device with an 8-inch touchscreen, with the primary goal of improving bus safety.
- In 2020 LeddarTech, a Canadian ADAS (advanced driver assistance systems) company, announced that it is acquiring VayaVision, an Israeli company that creates an autonomous vehicle vision sensor-based platform.
The Prominent Key Players Operating in the Global Advanced Driver-Assistance Systems (ADAS) Market Include:
- Robert Bosch GmbH (Germany)
- Continental AG (Germany)
- Aptiv (U.S.)
- Lear Corporation (U.S.)
- DENSO CORPORATION (Japan)
- Texas Instruments Incorporated (U.S.)
- Renesas Electronics Corporation (Japan)
- HELLA GmbH & Co. KG. (Germany)
- Visteon Corporation (U.S.)
- ST Microelectronics (Switzerland)
- Infineon Technologies AG (Germany)
- Mitsubishi Electric Corporation (Japan)
- Panasonic Corporation (Japan)
- ROHM Co. LTD. (Japan).
- MAXIM Integrated (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global advanced driver-assistance systems (ADAS) market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Advanced Driver-Assistance Systems (ADAS) Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.