Advanced Driver Assistance System (adas) Market Overview:
Advanced driver assistance system (ADAS) is a vehicle automation that is used to provide an intelligent and comfortable driving experience. This system includes all the sensors utilized in applications such as adaptive cruise control, lane departure warning system, park assist, blind spot detection system, adaptive front lighting system, and others. Advanced driver assistance system facilitates the driver in identifying hazardous road conditions, thereby, improving the driving experience with enhanced safety.
The system is segmented based on component type. The component types covered include system type and sensor type. The automotive industry is in process of deploying self-driving vehicles on road, such types of autonomous vehicles require combination of large number of sensors such as cameras, Radar, LiDAR, ultrasonic sensors for performing different operations accurately. Among different sensor types, Lidar sensors are anticipated to gain high traction by 2025, owing to their crucial function in autonomous cars. The end users of the market are drivers of cars, ambulance and so on.
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Advanced Driver Assistance System (adas) Market Size:
The global Advanced Driver Assistance System (adas) Market is expected to reach USD 50.39 billion by 2023, growing at a CAGR 10.41%.
Advanced Driver Assistance System (adas) Market Growth Factors, Drivers and Restraints:
Increase in government initiatives for mandating driver assistance system in order to lower road accidents is expected for rapid market growth. Moreover, growing adoption of these systems in small cars is anticipated to further boost the market demand. Advancements in technology in the near future are expected to reduce the complexity and cost incurred. The use of ultrasonic sensors is expected to reduce the cost of new technologies, which in turn is expected to propel the market.
Advanced Driver Assistance System (adas) Market Geographical Segmentation:
The Asia Pacific market is projected to witness substantial growth over the next decade owing to various developments across major economies, especially in the Chinese market. Increased focus on consumer safety, impending need for comfort, and rise in government regulations that ensure safety, boost the market growth. However, factors such as pricing pressure, inflation, and complexity and difficulty in testing systems hamper growth of this industry. Increased electronic content, electronic integration and deployment of ADAS in low-cost cars are major trends reported in this market.
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Key Players of Advanced Driver Assistance System (adas) Market:
The key influencers of the market are Magna International Inc., Autoliv Inc., Continental AG, Robert Bosch GmbH, Valeo, Denso Corporation, NXP Semiconductor, Panasonic Corporation, Renesas Electronics Corporation, and Texas Instruments.
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