Global Advanced Driver-Assistance Systems (ADAS) Market to witness a CAGR of 18.1% during 2018-2024
NEW YORK, Nov. 22, 2018 (GLOBE NEWSWIRE) -- The global ADAS market is expected to witness a CAGR of 18.1%, and is projected to reach USD 70.4 billion by 2024. The growth is attributed to the government stringent norms for vehicle safety and Increasing installation of ADAS by various small and large size companies.
ADAS is vehicle-based intelligent safety system installed to keep drivers safe and accident free while operating their vehicles by the channel of complex real-time embedded systems. Demand for ADAS is expected to rise substantially over the forecast period owned to norms and regulation set across various legislation primarily in European and North American nations. Automotive industry are embedding new technologies and systems designed to assist drivers to avoid incidents by equipping vehicle with situational awareness, autonomous emergency-braking systems, improving reaction times, and other safety features.
Vehicle automation and self-driving cars fueling the demand for ADAS over the forecast periodDevelopment of automated and self driving cars has gained traction in recent years and is considered as the technology of future. The technologies for autonomous cars, connected cars, and advanced driver assistance systems overlap. The advancement in technology has been laying opportunities for the global market, as the customers like to upgrade their vehicles into a more integrated version. Technological advancement and developments have paved the way for ADAS system to ultimately lead to self driving cars. OEMS and suppliers are working closely to develop these various assistance functions for innovative technology and solutions. The leading providers of ADAS are upgrading their products, as well as establishing partnerships in order to stay competitive in the market.
ADAS Market – Regional insight
Europe is accounted to hold the maximum share of the global market. Europe is the largest premium passenger car market, which also makes it the global leader in ADAS industry. The Europe is followed by North America . High vehicles per capital in North America coupled with large number of premium car ownerships are some of the key drivers towards the adoption of ADAS system. Further, advancement in technology has been attracting more consumers towards ADAS equipped vehicles, along with the reduction in cost of sensors and systems are encouraging the automotive manufacturers to provide more models of vehicles with integrated Asia-Pacific is expected to exhibit fast adoption rate of ADAS system and would register high CAGR over the forecast period making it a lucrative market for ADAS market. The demand is attributed to growing number of premium vehicles in the region. The number of HNIs in the region has escalated significantly in the recent past leading to the increasing demand for high-end cars.
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Key findings from the report:
-- The global ADAS market is likely to reach USD 70.4 billion by 2024 -- The sensor segment accounted for larger share in the global ADAS market in 2017, and the trend is expected to continue over the forecast period. -- The market for Ultrasonic ADAS sensor is likely to exhibit the fastest CAGR from 2018 to 2024 -- Europe held the largest share of the industry in 2017, while, Asia-Pacific is expected to register highest CAGR over the forecast period -- Some of the key companies operating in the market include Robert Bosch, Continental AG, Magna International Inc., Ford Motor, Valeo S.A., Denso Corporation, Intel , Aptiv, Autoliv Inc. Lattice Semiconductor Corporation, Texas Instruments, Microsemi Corporation among others.
The report segments ADAS market on the basis of type, by system, component, vehicle type, technology, end-use, region .
Global ADAS Market, By System
-- Adaptive Cruise Control -- Adaptive Front Lights -- Autonomous Emergency Parking -- Blind Spot Detection -- E call -- Intelligent parking assist -- Active safety features • Forward collision warning systems • Brake Assist • Lane Departure Warning System -- Others
Global ADAS Market, By Component
-- Sensor • Radar • Ultrasonic • LiDAR • Cameras • Others -- Processor -- Software -- Others
Global ADAS Market, By Vehicle Type
-- Light Commercial -- Heavy Commercial -- Passenger Vehicle -- Others
Global ADAS Market, By Technology
-- Augmented reality -- V2V -- Sensor and Information Fusion -- Radar Waveform Design and Processing -- Others
Global ADAS Market, By End-use
-- Defence -- Automotive
Global ADAS Market, By Region
-- North America -- Europe -- Asia-Pacific (APAC) -- Rest of the World (RoW) • Middle East and Africa (MEA) • Central and South America
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