Global Advanced Driver Assistance System (Adas) Market Forecast 2020-2028
The global advanced driver assistance system (ADAS) market is set to register a CAGR of 14.68% during the forecasted period between 2020 and 2028. The estimated factors contributing to the market are strict government regulations, growing adoption in the automotive sector, increased safety demands from the consumers, and the rising awareness of the driver assistance system.
ADAS enhances the safety assistance of the vehicle and the driver in terms of driving, parking, emergency braking, lane changing, etc. These systems were first a safety feature like airbags, seatbelts, electronic stability control, anti-lock braking systems, etc. At present, the expansion of its capabilities covers LiDAR, image processing, radar, computer vision, in-car networking technologies, etc. The features of ADAS are either inbuilt or available as aftermarket solutions. The rising concerns regarding passenger safety have resulted in automobile manufacturers implementing driver assistance systems. The ADAS aids in keeping a car under control and in preventing vehicle accidents, and thereby protecting passengers from injuries. They also minimize the effects of a crash.
With the growing number of on-road accidents, there have been initiatives by the governments across the world to reduce fatalities, leading to increased safety standards in new vehicles. Many advanced safety systems like NNVS, BSD, ACC, KDWS, FCW, etc. aid in minimizing the impact of collisions and improve overall vehicle safety. The governments are focusing on policies and regulations that will support the development and sales of these systems. However, the high costs involved in procuring and maintaining the technologies and systems like radars, cameras, sensors, etc. impede the growth of the market. The market encompasses numerous companies, leading to increased intensity in rivalry within the market.
The European market region dominated the market with the largest revenue share in 2019. The trend is evaluated to be consistent towards the end of the forecast period. The region boasts of the presence of major component manufacturers like Automotive Systems, Ibeo, Valeo, SensL Technologies Ltd., etc., along with increased demands for sensors for automated vehicle prototypes. The market region also leads the global market in terms of value and technology.
Some of the eminent companies operating in the market are, Aisin Seiki Co Ltd, Aptiv PLC (Formerly Delphi Automotive PLC), Autoliv Inc, Bendix Commercial Vehicle Systems, LLC, Continental AG, etc.
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