Global Advanced Driver Assistance Systems (ADAS) Market Report, published by Variant Market Research, forecast that the global market is expected to reach $62.7 Billion by 2024 from $27.5 Billion in 2016; growing at a CAGR of 10.8% from 2016 to 2024. By geography, Asia-Pacific and Rest of the World are expected to grow at a CAGR of 11.7% and 11.4%, respectively, during the forecast period. Advanced driver assistance systems are systems to assist the driver in the driving process.Key factors accountablefor the growth of ADAS market comprise the introduction of driver assistance technologies in midsegment cars, and the rising awareness regarding vehicle & pedestrian safety.
“Advanced Driver Assistance Systems Market (By Type: Adaptive Cruise Control, Blind Spot Detection System, Park Assist, Drowsiness Monitor,Tyre Pressure Monitoring System, Lane Departure Warning System, and Other Types; By Technology; Infrared Sensor, Laser Sensor, Radar Sensor, Image Sensor, Ultrasonic Sensor; By Geography: North America, Europe, Asia-Pacific and Row) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024”
Stringent government guidelines related to safety boost the growth of global advanced driver assistance systems
The major factor to drive the growth of global advanced driver assistance systems market is stringent government guidelines related to safety, owing to rising number of car accidents globally. Also, consumer preferences shifting towards active safety feature & advanced technology have also fueled the market growth. Though, factors such as pricing pressure, inflation, and complexity in testing systems may limit the market from growing. Moreover, deployment of ADAS in low-cost cars, and improved socio-economic conditions resulting in an increasing demand for luxury cars is expected to generate new growth opportunities for the market in the forecast timeframe.
Type, technology, and geography are the major segments considered in the global advanced driver assistance systems market. The type segment includes adaptive cruise control, blind spot detection system, park assist, drowsiness monitor, tyre pressure monitoring system, lane departure warning system, and other types. Segmentation by technology includes infrared sensor, laser sensor, radar sensor, image sensor, and ultrasonic sensor.
Other types segment witnessed the largest market share in the type segment, in 2016
Global Advanced Driver Assistance Systems Market, by Type
The other type segment held for the largest market share followed by adaptive cruise control in 2016, in the type segment. In terms of growth, tyre pressure monitoring system is expected to grow with fastest CAGR during the forecast period 2016 – 2024, as this system has been mandated for all passenger cars in North America and Europe, whereas Asian countries such as China, Japan, and India are in the process of examining the benefits of tyre pressuremonitoring technology.
Ultrasonic sensor held the major market share in the technology segment
Global Advanced Driver Assistance Systems Market, by Technology
The ultrasonic sensor dominated the technology segment with major share in 2016. The growth is credited to its various applications such as parking sensors, presence detection, vehicle detection for car wash and automotive assembly, and many more.
North America occupied the major share in the global advanced driver assistance systems market
GLOBAL ADAS MARKET SHARE BY GEOGRAPHY, 2016 (%)
In 2016, North America generated the largest revenue accounting for 34.7% of the total market share, driven by the stringent safety regulations in the region. Besides, upcoming governmental regulations relating to vehicle, driver, passenger, and pedestrian safety have compelled automobile manufacturers to include the mandated features as a default offering.
Key players profiled in the report include Audi AG, Continental AG, Robert Bosch GmbH, Denso Corporation,General Motors Company, Delphi Automotive PLC,Renault Group, Autoliv Inc., Ford Motor Company, and Magna International Inc., among others.