PUBLISHER: TechSci Research | PRODUCT CODE: 1125520
PUBLISHER: TechSci Research | PRODUCT CODE: 1125520
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The global ADAS market was valued at USD49.50 billion in 2021 and is forecast to grow at a CAGR of 12.37% to reach USD97.49 billion in the year 2027. ADAS (Advanced Driver Assistance System) is designed for the safety/protection of road users. Nowadays, most people prefer vehicles that come with advanced technologies in it, ADAS has many features that make driving easy compared to a vehicle without any advanced features. People also prefer vehicles that have ADAS because its focuses on comfort and driving flexibility. Seeing the demand for vehicles equipped with ADAS, automotive manufacturers have started to install ADAS features such as ABS (anti-lock braking system, AFU (emergency brake assist), ESP (Electronic Stability Program), FCW (Forward Collision Warning), LCA (Lane Change Assistant), etc. The increasing adoption of these advanced features is anticipated to drive the sales of ADAS during the forecast period, positively impacting the global ADAS market.
Stringent Government Policies
In the world, there are various organizations that are involved in ensuring vehicle safety. These organizations have been steadily incorporating more and more ADAS-related protocols and standards. In Europe, North America, and other parts of the world these organizations are mandating automotive safety measures, and defining, and refining regulations. One such organization is the "Society of Automotive Engineers" (SAE), which is the international authority that releases the standards which are used by 120,000 members all around the world, in the automotive and aerospace domains. According to this organization, there are some standards related to automated driving and ADAS which are J3016 Taxonomy which is related to On-Road Motor Vehicle Automated Driving Systems, J3134 ADAS Equipped Vehicle Signal and Marking Lights which is at nascent stage. There are different organizations in different countries that have released policies and programs regarding the safety of people such as Transport Canada which is a federal agency that is responsible for transportation policies and programs in Canada, the Japan Automobile Research Institute (JARI), is a foundation dedicated to automotive research and testing. These organizations make rules and regulations for the safety of the people, the rapid pace of ADAS technologies and the attending development testing creates a challenge for standards bodies and enforcing agencies.
Increasing Safety Concerns Among the Customers
The advanced driver assistance System (ADAS) is very helpful to improve roadway safety. The EU road accidents database in Europe on average, registered 44 road deaths per million inhabitants in 2021, which represent a 5% increase compared to 2020. On average, around 1.3 million people die each year as a result of road traffic crashes. According to the World Health Organization (WHO), the reason behind the several hundreds of deaths is human error caused due to drowsiness, driving under influence of intoxicants, talking on mobile, etc, while driving the cars. All these and more factors cause 90% of the road accidents. Seeing these all-factors, car manufacturers are trying to make and develop systems & technologies that will help to make road trips safer, smoother, and more comfortable. The "Advanced Driver Assistance System" (ADAS) is coming up as the main reason, which is reducing the risk of road accident sand increasing the safety of the passengers as it includes the safety systems and advanced technologies to accompany and assist the driver while driving. The currently available ADAS technologies could prevent or mitigate the effects of 1.8 million crashes each year worldwide, thereby protecting up to 10,000 lives per year, according to the Insurance Institute for Highway Safety (IIHS).
Competitive Developments with Manufacturer's Attention On ADAS
Seeing the demand for vehicles having advanced features can help the driver to reduce the chance of an accident. Due to an increase in adaptation of the ADAS in vehicles, many investors are investing in this technology. Companies such as ZF Friedrichshafen AG ("ZF") which is a German-based automotive technology supplier, have recently invested in StradVision company, by taking 6% stake in the company, StradVision is developing AI-powered computer vision technology for autonomous vehicles and advanced driver assist system (ADAS). In May 2022, BlackBerry announced that it is going to team up with Magna International MGA for the development of next-generation Advanced Driver Assistance Systems (ADAS) solutions for the next-generation automotive manufacturers. Magna International designs, manufactures, and assembles modules and develops systems for the vehicles, apart from engineering and assembling complete vehicles, primarily for sale to original equipment manufacturers (OEMs) of light trucks and cars. The investment by various companies in the field of advanced driver assistance systems is intended to drive healthy revenue growth and increase market share in the auto industry vertical.
The global ADAS market is segmented based on vehicle type, sensor type, and by level of autonomy, by function, and by region. On the basis of vehicle type the market is segmented into passenger car and commercial vehicle. Under the vehicle type, passenger car segment dominated the market, with a total share of 80.48% in the year 2021 among the other vehicles. On the basis of sensor type, the market is segmented into radar, ultrasonic, camera, and lidar. The level of autonomy is divided into five different levels, level 1, level 2, level 3, level 4, and level 5. On the basis of function, the market is segmented into collision avoidance, adaptive cruise control, lane departure warning system, rear-cross traffic assistance, emergency braking, intersection assistance, automatic speed limit, others, and park assistance. Nowadays, more cars are coming with all these features which help make driving easy for everyone and by implementing the advance driver assistance systems across the vehicles, the chance of an accident gets reduced.
Continental AG, Robert Bosch GmbH, Autoliv Inc, ZF Friedrichshafen, Aptiv PLC, AISIN Corporation, HELLA Gmbh & Co. KGaA, ARM Limited, Denso corporation, Ambarella International LP, Bittium Corporation are among the major market players in global ADAS market.
In this report, global ADAS market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Adaptive Cruise Control
Lane Departure Warning System
Rear cross Traffic Assistance
Automatic Speed Limit
Middle East & Africa
Company Profiles: Detailed analysis of the major companies present in the global ADAS market.
With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report: