Surging Awareness of Driver Assistance System enhances the growth prospects of the Global ADAS market
According to a new market research report
published by Inkwood Research, the Global Advanced Driver Assistance System (ADAS) Market is projected to record growth at a CAGR of 14.68%
in terms of revenue during the forecasting years of 2020-2028.
"Browse 118 Market Data Tables and 74 Figures spread over 321 Pages, along with an in-depth TOC on the Global Advanced Driver Assistance System (ADAS) Market Forecast 2018-2026.”
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Advanced driver-assistance systems (ADAS) are electronic systems that
aid the driver during driving or parking the vehicle. The systems are equipped
with a camera, radar, and sensors, for providing real-time information about
the surrounding environment. These systems provide road safety assistance, and
aid in the detection and prevention of crashes and accidents. The features of
ADAS come built-in, but are also available as aftermarket solutions. The
systems began as a safety feature and have advanced with the expansion of its
several capabilities.
Increasing
Awareness of Driver Assistance System Fuels Market Growth
Vehicle sales have shot up in developing countries.
The need for safety and comfort, along with the government regulations and
safety benefits, has led to more and more consumers opting for ADAS features in
their vehicles. The high costs and lack of awareness deterred the consumers
from adopting these systems initially. For a few years, the OEMs efforts have
been directed to educate the consumers about the benefits of technological
advancements in the ADAS. At the same time, most of the people in developing
countries have less experience when it comes to driving ADAS-installed cars.
The performance and benefits of ADAS have prompted its sales, which is
estimated to go above 90% in the coming years, thereby boosting the market
growth.
Radar
Sensor Garners the Highest Revenue Share in the Market By Sensor Type
Radars are used at places where the
detection of sound or light reflected from objects is weak, so as to
effectively detect them and subsequently warn about the imminent threat, if
any. It works as an imaging system with a 360-degree view, covering a large
area. The radar-based sensor systems are used in adaptive cruise control, side
obstacle detection system, near-field collision avoidance systems, etc. One of
the main advantages of radar sensors is their insensitivity to dirt deposits.
The increasing efforts in cost reduction, energy utilization, and radar sensor
size, will be effective in market growth.
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Europe
Dominates the Revenue Market Share in the Global Market
The automotive manufacturers in the European
region have been putting in efforts for the reduction of road fatalities
through the adoption of safety, ensuring programs like eSafety Aware. There is
also a high demand for safety and comfort driving and implementation of
Euro-NCAP ratings for cars. Also, the technological advancements in the
automotive sector of the region, along with the rising popularity of autonomous
driving has fueled the adoption of ADAS in the region. It is further estimated
that the growth of the ADAS European countries would be driven by the
development of performance-driven cars with reduced fuel consumption and
emissions.
Many market players are collaborating with
OEMs from the product conception to the development of low-cost ADAS systems.
There is an increasing competition in the driverless cars market, and
subsequently, increased investments, all of which will contribute to the growth
of the global ADAS market. Many start-ups and other mid-size companies in the
automotive sectors are vying for market share. The OEMs are collaborating with
semiconductor companies whose technologies accommodate their technologies for
the development of ADAS.
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