ADAS Market Estimated to Exhibit 9.6% CAGR through 2032

 

In the coming years, automotive industry is about to witness major changes in terms of innovation and advancement in technology employed in the vehicles and ADASa will be a crucial part of this transition. Though ADAS (Advanced Driver Assistance Systems) is no more a new technology, disrupting the automotive industry in general, yet the penetration of ADAS is significantly low in various countries. The adoption of ADAS highly varies from vehicle to vehicle and geographically as well. The range of ADAS (advanced driver assistance systems) is increasing with significant pace and not just since connected cars and autonomous driving has come increasingly to the fore of the automotive industry. Installation of ADAS has also gained pace in economic range passenger vehicles. Owing to the increasing demand for advanced features pertaining to safety and comfort in passenger and commercial vehicles, the global ADAS market is expected to witness significant growth during the forecast period.

ADAS Market: Dynamics

Passenger car sales has witnessed substantial growth in the past decade. Attractive schemes and discounts attract customers to opt for premium segment vehicles as well. The luxury cars segment is one of the key end users of ADAS. Thus, luxury car sales across the globe are expected to have a positive impact on the target market during the forecast period. ADAS are also being installed in SUVs and sedan passenger cars. ADAS such as Electronic Stability Control (ESC) systems are preferably installed in various SUVs to manage unexpected events, or driving on wet or icy roadways. Increasing installation of ADAS in mid-range vehicles is expected to directly impact the growth of the ADAS market during the forecast period.

The growing mining and construction sector across the globe has augmented the demand for heavy commercial vehicles. Truck Fleet owners and operators are investing in performance upgrades to improve fuel efficiency and driving comfort. ADAS such as adaptive cruise control (ACC), autonomous emergency braking (AEB) and lane keeping assist (LKA) are improving the business case for commercial vehicles. Truck platooning is anticipated to be one of the next technologies to commercialize in this space. For truck platooning, automated driving support and connectivity technology will be required. This in turn will increase theADAS penetration in trucks and subsequently will drive the global ADAS market growth.

Vehicle and occupants’ safety is a prime factor considered while installing ADAS in the vehicle. Increasing concerns regarding safety pertaining to pedestrians, cyclists, and animals are also increasing the demand for installation of advances driving features such as ABS and collision avoidance systems, lane departure systems, etc. If all vehicles are equipped with the ADAS technology, reduction in road crashes is anticipated. Government regulations and initiatives will play a vital role in achieving this target. Such regulations will have a significant impact on the growth of ADAS market during the forecast period.

Market introduction of ADAS is facing three primary challenges which are impeding its penetration – consumer awareness & understanding, pricing and safety concerns.  Lack of awareness could hamper the market of ADAS. Further, vehicles fitted with advanced driver assistance systems cost relatively higher than conventional vehicles. Subsequently, the number of consumers in developing countries and nations with low per capita GDP are relatively lower than developed countries. Additionally, lack of technological advancements in the several countries will decelerate the growth of the ADAS in those region

ADAS Market: Regional Outlook

Global ADAS market is anticipated to witness healthy growth in the coming years. Growth attributing factors includes implementation of stringent regulations by various government concerning active as well as passive safety, increasing demand for comfort and luxurious features for occupants and falling prices of ADAS. Developed regions including Europe and North America are anticipated to account for a prominent market share due to significant presence of global manufacturers of ADAS. Moreover, stringent regulations for driving safety in Europe and North America are boosting the ADAS market growth. Countries such as India, China, Russia, Brazil are anticipated to gain significant pace in the adoption of ADAS.

ADAS Market: Key Participants

Examples of some of the market participants identified across the value chain of the global ADAS market include:

·         Continental AG

·         Autoliv Inc

·         Valeo SA

·         Denso Corporation

·         Robert Bosch GmbH

·         Delphi Automotive

·         Magna International Inc

Why Future Market Insights?

• Comprehensive analysis on evolving purchase pattern across different geographies
• Detailed insights of market segments and sub-segments for historical as well as forecast period
• A competitive analysis of prominent players and emerging players in the keyword market
• Detailed information about the product innovation, mergers and acquisitions lined up in upcoming years

Ground breaking research and market player-centric solutions for the upcoming decade according to the present market scenario

For more information:

https://www.futuremarketinsights.com/reports/adas-market

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