Advanced Driver Assistance System (ADAS) Market is anticipated to grow at a CAGR of approximately 20% from 2019 to 2030.
Market Industry Reports (MIR) has published a new report titled “Advanced Driver Assistance System (ADAS) Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the Advanced Driver Assistance System (ADAS) market is estimated to account for over US$ 29.5 billion in 2019. It is anticipated to grow at a CAGR of approximately 20% from 2019 to 2030.
The growth of the ADAS market can be attributed to several factors such as the growing trend for autonomous & semi-autonomous vehicles coupled with the rising need for passenger comfort. The growing demand for safe, efficient, & convenient driving experiences is further contributing to the market growth of ADAS.
The increasing inclination of consumers toward safety applications that protect drivers and reduces accident risks is fueling the demand for ADAS-based vehicles globally. ADAS systems are equipped with radio communication devices that send messages conveying information about vehicles approaching or following such as their speeds, the sizes, and brake status. It also sends such information to other vehicles that have ADAS systems installed. The innovation of this type of system is helpful in improving passenger experience and comfort and assisting better situational awareness and control to make driving easier and safer. About 90% of road accidents occur due to human errors and ADAS technology will prove to be helpful to prevent these.
Technological advancements in ADAS have played a vital role in market growth. Many different technologies are being integrated with ADAS to monitor the surroundings of vehicles using inputs from multiple sources, such as automotive imaging, LiDAR, radar, V2X (vehicle-to-everything communication), image processing, computer vision, and in-car networking. Companies are enhancing the features and technology implementations in their vehicles to reduce casualty even further. This will open new opportunities and growth avenues for the market.
Browse key industry insights spread across 180 pages with market data tables & figures & charts from the report, Advanced Driver Assistance System (ADAS) Market by System (Intelligent Park Assist (IPA), Adaptive Front Light (AFL), Adaptive Cruise Control (ACC), Automatic Emergency Braking (AEB), Blind Spot Detection (BSD), Driver Monitoring System (DMS), Cross-Traffic Alert (CTA), Road Sign Recognition (RSR), Night Vision System (NVS), and Tire Pressure Monitoring System (TPMS)), Component (Lidar Sensor, Camera Unit, Ultrasonic Sensor, and Radar Sensor), Offering (Software and Hardware), Vehicle Type (Light Commercial Vehicles, Passenger Cars, Buses, and Trucks) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/advanced-driver-assistance-system-ADAS-market/239
ADAS requires well-organized roads, lane markings, and the availability of GPS for effective functionality. Also, V2V and V2X communications require proper connectivity infrastructure. ADAS requires high-speed internet connectivity and in most developing countries, the IT infrastructure is growing slowly as compared to developed countries Furthermore, ADAS implementations involve high cost and complex initial setup, which may impact market growth to a certain extent.
Asia Pacific is estimated to witness the highest CAGR during the forecast period. Moreover, increasing support from governments, increasing inclination of the passengers toward more advanced vehicles and several technological advancements in the region are contributing to market growth. The presence of several key automakers and OEMs in China, South Korea, Japan, and India is further contributing to market growth in the region. Some of the prominent players in the global Advanced Driver Assistance System (ADAS) market include Robert Bosch GmbH, DENSO CORPORATION., ZF Friedrichshafen AG, Delphi Technologies, Continental AG, Valeo, NVIDIA Corporation, Magna International Inc., HYUNDAI MOBIS, and HELLA GmbH & Co. KGaA, among others
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