Global Advanced Driver Assistance Systems (ADAS) Market to Grow at a CAGR of 17% During 2020-2025 | Expert Market Research
Detroit, MI, Oct. 27, 2020 (GLOBE NEWSWIRE) — The new report by Expert Market Research titled, ‘Global Advanced Driver Assistance Systems (ADAS) Market Report and Forecast 2020-2025’, gives an in-depth analysis of the global advanced driver assistance systems (ADAS) market, assessing the market based on its segments like offerings, sensor types, system types, levels of autonomy, distribution channels, vehicle types, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2015-2025)
- Historical Market Size (2019): USD 25.04 Billion
- Forecast CAGR (2020-2025): 17%
- Forecast Market Size (2025): USD 65 Billion
The global advanced driver assistance systems (ADAS) market is being driven by the rising awareness regarding road and vehicular safety, propelled by the rising incidences of road accidents globally. The rising car sales in developing countries is expected to catalyze the market in the coming years. The market is further expected to be aided by the implementation of government regulations to ensure road safety and to mitigate the risks of road accidents. To this end, governments in countries like the United States, the United Kingdom, France, and Germany have implemented regulations mandating the inclusion of advanced driver assistance systems (ADAS) within new vehicles. The adoption of such regulations has ensured that North America and Europe remain as some of the leading markets for advanced driver assistance systems (ADAS). The prominent presence of the key players in the industry, as well as the large established automotive industry in the region, is expected to further propel the market growth in these regions.
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Industry Definition and Major Segments
The advanced driver assistance systems (ADAS) refer to a wide range of systems that may be active or passive that enhance vehicular and road safety by mitigating the risk of human error, help avoid traffic congestions, and provide comfort and efficiency while driving.
By offering, the market is bifurcated into:
On the basis of sensor type, the industry is segmented into:
- Image Sensor
- LiDAR Sensor
- Ultrasonic Sensor
- Infrared (IR) Sensor
- Radar Sensor
The industry is divided on the basis of system type into:
- Adaptive Cruise Control System
- Automatic Emergency Braking System (AEBS)
- Adaptive Front Lighting System
- Blind Spot Object Detection System
- Driver Monitoring System (DMS)
- Forward Collision Warning System (FCWS)
- Intelligent Parking Assist System (IPAS)
- Lane Departure Warning System (LDWS)
- Night Vision System
- Road Sign Recognition System (RSRS)
- Tyre Pressure Monitoring System (TPMS)
- Traffic Jam Assist System (TJAS)
By the level of autonomy, the industry is categorized into:
- Level 1
- Level 2 and Level 3
- Level 4
- Level 5
The major distribution channels in the market is bifurcated into:
Based on vehicle type, the industry is segmented into:
The major regional markets for the product are:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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In the forecast period, the Asia Pacific is expected to emerge as a major market for advanced driver assistance systems (ADAS) due to the rising automotive sales and manufacturing within the region, aided by the growing export demand and rising economies of the region. The growing presence of key players within the automotive industry and OEMs in countries like China, India, Japan, and South Korea, due to the presence of a large manufacturing base for components and lower labor costs, has further propelled the ADAS market forward within the Asia Pacific. The introduction of government regulations in countries like Japan and India, mandating the inclusion of some form of advanced driver assistance systems within all vehicles in the coming years, is projected to propel the growth of the industry in the coming years. However, the market in the Asia Pacific might see a slightly dampened growth in 2020 due to the rapid spread of the COVID-19 pandemic within key regional markets within the Asia Pacific, leading to the disruption of the supply chain across the manufacturing sector. The market is expected is set to recover once the restrictions imposed due to the pandemic are lifted.
The Middle East and Africa and Latin America regions are also expected to witness a robust growth within the advanced driver assistance systems (ADAS) market due to the rising sales of passenger cars within the regions, propelled by the rising standards of living. In Latin America, Brazil and Mexico are some of the leading markets for ADAS. While the market in Brazil might be impeded by the slower economic growth, the implementation of mandates requiring the incorporation of ADAS within vehicles, combined with a thriving automotive components industry, is expected to catalyze the growth of the advanced driver assistance systems (ADAS) industry. The industry in Mexico, meanwhile, is supported by the significant presence of vehicle assembly companies like General Motors, BMW, and others, along with the growing demand for automotive ADAS from the neighboring market of the United States of America.
The market growth in the coming years will be defined by the wider adoption of ADAS, lowered system costs, adaptability of the system technology across various vehicular types, and growing automation capabilities in cars. The rising electric vehicles industry and the growing inclusion of autonomous driving capabilities in cars are some of the key market trends expected to inform the growth of the advanced driver assistance systems (ADAS) industry. By 2030, over half the vehicles sold globally are expected to have some form of autonomous driving capability. The rise in autonomous vehicles has led to significant investments in R&D by OEMs as well as high tech players like Google (NASDAQ: GOOGL), who have recently entered the automotive industry. Players in the semiconductor industry who were hitherto not associated with the automotive industry, are also likely to enter the market, finding opportunities in the development of parking-assistance systems, automated emergency braking, adaptive cruise control, and forward collision warning. The entry of new players within the advanced driver assistance systems (ADAS) industry is expected to propel the growth of the market in the coming years.
Key Market Players
The major players in the market are:
- Robert Bosch GmbH
- Continental AG.
- DENSO Corporation
- Magna International Inc. (NYSE: MGA)
- ZF Friedrichshafen AG
- Autoliv Inc.
- NXP Semiconductors
The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
About the Report by Expert Market Research:
The global advanced driver assistance systems (ADAS) market report by Expert Market Research (IMARC), a global business intelligence firm based in Wyoming, incorporates a detailed analysis of the global and regional markets, along with providing insights into policies, regulations, and technological advancements influencing the market growth. The report can be further customized according to your specific needs. You can further explore our other reports at expertmarketresearch.com, covering over 100 industries across segments like Pharmaceuticals, Food and Beverage, Technology, Retail, Chemical and Materials, Energy and Mining, Packaging, and Agriculture.
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