According to a recent report published by Allied Market Research, titled, "Advanced Driver Assistance Systems Market by System Type, Sensor Type, and Vehicle Type: Global Opportunity Analysis and Industry Forecast, 2019-2026," the global ADAS market was valued at $39,638.4 million in 2018, and is projected to reach $189,142.9 million by 2026, registering a CAGR of 21.4% from 2019 to 2026.
Europe dominates the ADAS industry, followed by North America, Asia-Pacific, and LAMEA. U.S. dominated the North America Advanced driver assistance systems (ADAS) market share in 2018, whereas Mexico is expected to grow at a significant rate in the North America during the forecast period.
Advanced driver assistance systems are designed and used to automate and enhance vehicle system for better driving. The safety features in Advanced driver assistance systems are designed to avoid accidents and collision by providing technologies that alert the driver of potential dangers or avoid accidents and collision activating safeguards or taking control of the vehicle. The adaptive services may include and provide adaptive cruise control, control automated dimming of lights, automated braking, incorporate traffic warnings, alert drivers of other cars & traffics, and others. Many forms of these systems are available in the advanced driver assistance systems market out of which some are built in or are available as an add-on package for the late model cars.
Advanced driver assistance systems help the driver and provide them a safe and relaxed drive, which in turn is boosting the growth of ADAS market. The electronic components in the ADAS acts as the copilots, providing a safe, comfortable, and stress-free drive. Majority of the ADAS features are dependent on the wide screen cameras, which are mounted in the vehicle and act as the eye for the driver. Accurate and effective calibration of camera system is essential to ensure the working of safety features as intended. Whenever the camera system is replaced or subjected to anything that might change the camera alignment, it is important to recalibrate the system in accordance with the guidelines of the manufacturer.
The Advanced driver assistance systems consist of various systems such as automatic emergency braking (AEB), adaptive cruise control, parking assist, and others. Automatic emergency braking use camera and sensors at the front of the vehicle in bumper, windshield, and others to look for other vehicle, animals, or pedestrians. If vehicle detects that it is about to hit something at lower speed, the automatic emergency braking stops the vehicle to avoid collision. Another commonly used system in ADAS is adaptive cruise control system, which uses the same cameras and sensors in the front to keep the vehicle on track on highway and maintain safe distance from the vehicle in front. The Insurance Institute for Highway Safety (IIHS), National Highway Traffic Safety Administration (NHTSA), and 20 other automakers announced that Automatic Emergency Braking (AEB) will be included in all the new passenger vehicles by 2022.
Various communication network systems such as vehicle-to-infrastructure (V2I), vehicle-to-vehicle (V2V), and others, which are jointly known as V2X systems. These V2X systems use dedicated short-range communication systems to send safety related messages about the brake status, vehicle speed, vehicle size, and others to another vehicle and vice versa. Such long-distance communication devices and ability of the vehicle to see around the corners perceive some dangers sooner than sensors, and cameras and warn the drivers accordingly.
Factors such as high demand for safety features and increased requirement of comfort while driving drive the ADAS market growth. In addition, stringent safety rules and regulations is anticipated to propel the advanced driver assistance systems market growth. However, high initial cost and complex structure and lower efficiency in bad weather conditions hinder the growth of ADAS market. Furthermore, technological Advancements and production of multifunctional system is anticipated to provide a remarkable growth opportunity for the players operating in the advanced driver assistance systems market. All the factors mentioned above have significant impact on the ADAS market size during the forecast period.
Key Findings of the Advanced Driver Assistance Systems Market :
- Based on system type, the Tire pressure monitoring system (TPMS) segment is expected to grow at a lucrative growth rate.
- Based on sensor type, the Infrared (IR) sensor segment is anticipated to exhibit lucrative growth rate.
- Based on region, Europe is the highest contributor in terms of revenue in year 2018.
- Based on region, LAMES is anticipated to grow at a remarkable growth during the forecast period..
Key players including Autoliv Inc., Continental AG, DENSO Corporation, Magna International Inc., ROBERT BOSCH STIFTUNG GMBH (ROBERT BOSCH GMBH), Valeo, NXP Semiconductors, Panasonic Corporation, Renesas Electronics Corporation, Texas Instruments, Delphi Automotive Company, Hyundai Mobis, Takata Corporation, ZF Friedrichshafen, Aisin Seiki Co., Ltd., Mobileye N.V, Harman International Industries, NVIDIA Corporation, Hitachi Ltd., Stonkam Co., Ltd., and others hold major ADAS market share.