Global Statistics Representing Advanced Driver Assistance Systems Market Scenario
Global Advanced driver assistance systems market was valued at USD 12.45 billion in 2018 and is expected to reach a value of USD 45.15 billion at a CAGR of 16.05% during forecast period, 2019–2026.
Advanced driver assistance systems (ADAS) are engineered to adapt, automate, and improve safety of vehicle system for healthier driving. Automated system that is provided by an advanced driver assistance system to reduce road fatalities by decreasing human error, which majorly caused due to blind spot, lane-keep assistance, and forwarding collision warning.
In last few years, technological advancement and growth initiative toward vehicle automation and self-driving cars have increased demand of advanced driver assistance systems market. Advanced driver assistance systems market is witnessing significant growth and is projected to grow at a constant pace due to increasing adoption of advanced driver assistance systems in passenger cars and increasing government initiatives for mandating driver assistance system to reduce road accidents. For instance, the European Union has mandated automotive manufacturers to fit ADAS systems such as lane departure warning system and autonomous emergency braking system in all commercial vehicle.
The global advanced driver assistance systems market is segmented by system, component, vehicle, and offering.
By system, the global product market is segmented in to ACC, AFL, LDWS, BSD, and TPMS.
By component, the global ADAS market is segmented into Radar, LiDAR, Ultrasonic, and Camera Unit. Radar-based ADAS is expected to dominate the global advance driver assistance system market owing to the increasing traffic congestion, roadways infrastructure, and government rules and regulations. Growing trend of autonomous as well as semi-autonomous vehicle in the automobile industry is expected to be another major driver for the global automotive radar market.
By vehicle type, ADAS market is segmented into passenger car, light commercial vehicle, buses, & trucks. Passenger car segment is expected to experience high growth in the in emerging economies of the Asia Pacific region on account of rapidly growing population, growing disposible income, changing lifestyle, improving standard of living, and development of infrastructure.
Geographically, the global ADAS market is segmented into North America, Europe, Asia Pacific, Latin America and the Middle East & Africa.
North America is expected to dominate the global product market owing to increasing demand for a self-driven car which further contributes to market growth. Moreover, the U.S. Federal Motor Carrier Safety Administration (FMCSA) aims to decrease number of a road accident which involves commercial vehicle as well as passenger vehicle. For reducing road accident FMCSA has collaborated with the truck industry for research and development to facilitate use of various on-board safety system for commercial vehicle to enhance safety of pedestrian. Moreover, constructive government initiatives such as the National Highway Traffic Safety Administration (NHTSA) safe car project have helped significantly drive adoption of advanced driver assistance systems in passenger vehicles of North America, which can act as a driver for the North America advanced driver assistance systems market growth.
Europe advanced driver assistance systems market is expected to experience significant growth in product market owing to massive transformation in the automotive industry post the recession period of 2010. There has been a rapid adoption of advanced driver assistance systems by various European automotive manufacturers such as BMW, Volkswagen, Mercedes, and Alfa Romeo which contribute toward advanced driver assistance systems market penetration in Europe. However, increasing consumer prevalence toward advanced driver assistance systems equipped vehicle will also ultimately contribute toward advanced driver assistance systems market growth. Ongoing research and development activities in advanced driver assistance systems technologies especially in developed countries such as Germany, and France are projected to intensify market competition during the assessment period, 2019–2026.
However, Latin America and MEA is expecting to experience healthy growth in ADAS market during the Forecasted period. This is attributed to increasing government investment for research and development in automobile sector in order to decrease road accident. However, many leading automobile manufacturers are planning to expand their footprint in LAMEA.
Some of the leading companies in the global ADAS market are Robert Bosch (Germany), ZF Friedrichshafen (Germany), Intel (U.S.), and Aptiv (U.K), Magna International Inc., Autoliv Inc., Continental AG (Germany), Robert Bosch GmbH (Germany), Valeo (France), Denso Corporation (Japan), NXP Semiconductor (Netherlands), Panasonic Corporation (Japan), Renesas Electronics Corporation (Tokyo), and Texas Instruments (U.S.).
Global Advanced Driver Assistance Systems Market Segmentation
By Vehicle type