Automotive Advanced Driver Assistance System (ADAS) Market by Application, Technology, and Geography - Forecast and Analysis 2020-2024
Global Automotive Advanced Driver Assistance System (ADAS) Market: About this market
Technavio’s automotive ADAS market analysis considers sales from both passenger cars and commercial vehicle applications. Our study also finds the sales of automotive ADAS in APAC, Europe, MEA, North America, and South America. In 2019, the passenger car segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as enhanced safety will play a significant role in the passenger car segment to maintain its market position. Also, our global automotive ADAS market report looks at factors such as the decline in sensor prices, an increase in travel time, and stringent regulations promoting adoption ADAS. However, high costs associated with service and maintenance of ADAS, functional issues associated with adverse weather conditions, and lack of trust in system reliability may hamper the growth of the automotive ADAS industry over the forecast period.
Global Automotive Advanced Driver Assistance System (ADAS) Market: Overview
Increase in travel time
Rise in traffic congestion and long-distance traveling are some key factors that have led to an increase in the time spent in vehicles. This has led to a demand for the incorporation of safety functions such as ADAS in passenger cars to assist drivers. Developed economies such as the US and the UK are adopting ADAS technologies such as AEBS, TPMS, BSD, LDWS, and ACC as a standard fitment in recent times. The inclusion of ADAS features in vehicles also helps to increase comfort and reduce stress. Thus, the increase in travel time will lead to the incorporation of automotive ADAS in vehicles will lead to the expansion of the global automotive ADAS market at a CAGR of almost 21% during the forecast period.
Adoption of V2X technology to enhance ADAS performance
The automotive industry has been witnessing quick developments in semi-autonomous and autonomous vehicle technologies. For instance, the advent of 5G technology is anticipated to boost the adoption of cellular V2X during the forecast period. Also, prominent vendors are working on integrating V2X communication with ADAS as a part of advanced safety solutions to make modern cars safe and more convenient to drive in remote areas. Also, V2X communication shelps ADAS in detecting objects precisely. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global automotive ADAS market during the forecast period 2020-2024, click here.
With the presence of several major players, the global automotive ADAS market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading automotive ADAS manufacturers, that include Aptiv Plc, Continental AG, DENSO Corp., Hyundai Mobis Co. Ltd., Intel Corp., Magna International Inc., Robert Bosch GmbH, Valeo SA, Veoneer Inc., and ZF Friedrichshafen AG.
Also, the automotive advanced driver assistance system (ADAS) market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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