18 March 2021
Visiongain has published a new report on Automotive Advanced Driver Assistance Systems (ADAS) Market Report to 2031: Forecasts by Electric Vehicle (PHEV, BEV, FCEV, HEV), by Offering (Hardware and Software), by System (BSD, ACC, CTA, AFL, TJA, PDS, TPMS, RSR, NVS, LDW, IPA, FCW, DMS, AEB) by Component (LiDAR, Camera Unit, Ultrasonic sensor, Infrared Sensor, Radar Sensor), by Vehicle type (Light Commercial Vehicle, Truck, Passenger Car, Bus) and by Level of Autonomy( L1, L2&L3, L4, L5) PLUS Profiles of Leading ADAS Manufacturing Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global ADAS market was valued at US$ xx billion in 2019 and is projected to reach at a market value of US$ xx billion by 2031. The major factor that driven the growth of the market is due to government regulations and support by mandating the usage of driver assistance systems in automobiles. The stats show that there are new demands for new technologies and innovation providing safety features in automobiles.
COVID-19 Impact on ADAS Market
As Covid-19 has caused a lot of damage in various industries, it has brought automotive industry to a halt too by causing vehicle production and supply disruptions. Analysis shows that it would be a major concern for Lower vehicle sales for automotive OEMs for next few quarters and there will a thin chance for recovery of the market in the end of 2021.
Initiatives taken by the companies to develop advanced sensing technology is one of the major drivers. Another one is taken by European Commission for road safety. ADAS companies focusing toward technologies and innovation for gaining customer’s attention which in result shows rising demand in Electric vehicle. Thus there is increase in demand for components such as Cameras, radar sensors, ultrasonic sensors, and LiDAR during the forecast period.
The introduction of new technology and autonomous vehicle has transformed to ease the commute. ADAS technology in the market has reduced the complexity of driving having features such as Stability control, emergency braking, Lane monitoring and others. Advanced technology such as High definition cameras to collect data, Ultrasonic sensor, Radar, LiDAR, are the technology Autonomous vehicle rely upon to function smoothly. Big market player like Volkwagen, Tesla, General Motors and Ford planning to launch fully smart autonomous vehicle in the coming years. Nissan announced to deploy ProPILOT by 2020 in his 20 models. The increasing efforts on autonomous driving system would enable OEMs to incorporate more advanced safety system and cruise control for autonomous vehicle
The global ADAS market is dominated by big players such as Robert Bosch, ZF Friedrichshafen, Aptiv, Continental AG, Valeo, Denso and Magna International. These companies have secure their position in the market to offer wide range of advanced assistance systems. The key strategies adopted by these companies is to sustain their market position are new technology, new product development, Contract agreement and Collaborations.
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