Growing demand for Safety applications to bolster ADAS market Growth
As per a new comprehensive report by Market Reports Center, Global Advanced Driver Assistance Systems (ADAS) Market is anticipated to grow at a CAGR of 21.7% and hit $89.09 billion by 2022. Factors like changing preferences of buyers towards active safety and advanced technology, present or upcoming vehicle safety regulations, advanced socio-economic conditions causing a surge in demand for luxury cars, are influencing the global ADAS market.
The new report on ADAS market by MRC features an in-depth research of the market with insights on factors stimulating and restraining market, key trends, competitive landscape, and regional analysis. It offers existing and future trends to recognize lucrative investment pockets in the market. The research report highlights fundamental dynamics of ADAS sector.
Premium and luxury car buyers are now looking forward to technology and safety. The automotive industry is putting efforts to design and develop autonomous vehicle technology that will enhance driving experience with excellent safety and traffic control. Development of advanced safety features like ADAS (advanced driver assistance systems) facilitates safe driving. If the system detects any risk from the nearby objects, it warns the driver about it. Deployment of this system in automobiles that ensures safety and enhances comfort has emerged as one of the key trends. Obstacle detection and avoiding collision is the key application of ADAS. The system comprises equipment, radar camera, sensors, and electronic devices. Parking assistance, adaptive cruise control, lane departure warning, blind spot detection, night vision, tire pressure monitoring and drowsiness monitoring are some of the important features of ADAS. The factors affecting the market growth include inflation, pricing pressure, difficulty and complexity in testing systems.
The passenger vehicle is the prime vehicle type in the ADAS market and is projected to dominate the market during the anticipated time frame. Increasing penetration of ADAS is likely to drive the market growth.
Radar is projected to dominate application segment over the expected period.
The report features regional and country level analysis of the market. Europe leads the regional market with its highly innovative automotive market contributing the growth. APAC is likely to exhibit the highest growth during the forecast period with growth in emerging markets like China and India. Changing lifestyle, increasing income, growing awareness about active safety systems, are factors fueling the market growth in the region.
The ADAS market is characterized by the presence of a significant number of market participants. The market is dominated by some of the key players including Audi AG, BMW AG, Autoliv Inc., Continental AG, Fords Motor Co., Denso Corporation, Hyundai Mobis, General Motors (GM), Mobileye, Magna International Inc., Robert Bosch GmbH, Valeo, Omron Corporation, and Texas Instruments. The substantial growth potential of the market is likely to intensify the intense competitive environment among existing vendors. The report features company profiling with detailed strategies, financials, and recent developments. The present market scenario and prospects have also been analyzed. Furthermore, key activities including partnerships, mergers, and acquisitions, product developments, etc., are also covered.