According to the latest report published by QY Research, global automotive Advanced Driver Assistance Systems (ADAS) market is expected to attain the value of US$ 56 Bn by the end of 2023 from US$ 15 Bn in the year 2017. The market is likely to be expanded at mammoth CAGR of 26.98 % during the projected period of 6-years, i.e. between 2017 and 2023.
Some of the factors, which are responsible for the growth of the global automotive advanced driver assistance systems market are increasing demand of applications for passenger car, promotion, and branding of government policy and rising demand for consumer’s safety.
Global ADAS Market: Drivers
There is a tremendous demand for advanced systems such as night vision, roadside recognition system and drowsiness monitoring. This increasing demand is likely to influence the global ADAS market in the years to come. The demand for some of the traditional ADAS systems like an autonomous emergency braking system and adaptive cruise control are expected to grow due to rising government regulations to improve road safety and decrease road accidents. For example, a bill was passed in the European Union that mandates heavy commercial vehicles with the implementation of an adaptive cruise control system by 2020. This is expected to increase the demand for this system in the countries located in the Europe region.
Global ADAS Market: Segmental Analysis
Parking assist system is one of the leading segments of the global ADAS market which is expected to grab a maximum revenue share during the projected period. This is owing to the development of fully and partially automated cars. Parking assist system assists drivers to park the car safely and hassle-free even in the challenging situation. This system gives the full and clear view of the back side including the blind spot.
Global ADAS Market: Regional Analysis
High consumer preference for safety regulations, particularly driver’s safety, higher adoption of advanced technology and matured automotive sector are some of the driving factors responsible for the growth of Europe ADAS market. Europe is dominating the market and is likely to capture major market share by the end of 2022. The United States is the second emerging country in the global market for ADAS. Rising customer confidence and a low rate of interest are two significant factors, which are increasing the sales of cars in North America region.
Global ADAS Market: Key Manufacturers
Tass international, Continental Ag, Texas Instruments Inc., Delphi Automotive PLC, Mando Corp., Robert Bosch Gmbh, Mobileye NV, Aisin Seiki Co. Ltd., Ficosa International S.A., Autoliv Inc, Hella Kgaa Hueck & Co., Denso Corporation, Trw Automotive Holdings Corp., Valeo and Magna International are some of the key manufacturers across the globe, operating in the global ADAS market.
