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Advanced Driver Assistance Systems Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Sensor Type, Technology Type, and Vehicle Type
The global automotive Advanced Driver Assistance Systems (ADAS) market is expected to grow from US$ 43,138. 44 million in 2021 to US$ 183,814. 84 million by 2028; it is estimated to grow at a CAGR of 25.
New York, July 21, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Advanced Driver Assistance Systems Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Sensor Type, Technology Type, and Vehicle Type" - https://www.reportlinker.com/p06295643/?utm_source=GNW
4% from 2021 to 2028.
Technological breakthroughs, the presence of significant companies, a greater acceptance rate of new technologies, increased manufacturing infrastructure, and improved economic circumstances in the region are driving the growth of the automotive advanced driver assistance systems (ADAS) market.The high prevalence of road accidents and increasing sales of high-end automobiles in the area drive the demand for improved driver safety technologies in countries such as the US and Canada.
Thus, the increase in the demand for ADAS systems drives the growth of the automotive advanced driver assistance systems (ADAS) market.
The automotive advanced driver assistance systems (ADAS) market in North America is spread across the US, Canada, and Mexico.North America has a developed automotive industry due to the continuous production of commercial vehicles.
For instance, as per the Organisation Internationale des Constructers d’Automobiles (OICA) 2021 report, the US produced a total of commercial vehicles of 7,604,154 in 2021; 6,895,604 in 2020; and 8,367,239 in 2019.Similarly, Canada produced a total of commercial vehicles 826,767 in 2021; 1,048,942 in 2020; and 1,455,215 in 2019, as per the OICA 2021 report.
Also, Mexico produced a total of commercial vehicles of 2,437,411 in 2021; 2,209,121 in 2020; and 2,604,080 in 2019, as per the same report.The US, Canada, and Mexico are leading in the commercial vehicle production segment worldwide, as per OICA statistics.
Thus, with the continuous production of commercial vehicles across the region, the need for automotive advanced driver assistance systems is increasing significantly, supporting the growth of the automotive advanced driver assistance systems (ADAS) market in North America. The automotive advanced driver assistance systems (ADAS) market in North America is fragmented, with many major players such as Bosch, Continental AG, and Visteon Corporation. The automotive advanced driver assistance systems (ADAS) market is rapidly changing, and numerous new technologies will emerge in the coming year to challenge the present ones. To deliver the finest safety features to the driver, ADAS technology firms and automobile manufacturers extend their market presence and strengthen their R&D efforts. For instance, Hyundai Motor Group and Aptiv will form a joint venture in 2020. The JV will work on bringing the SAE Level 4/5 platform to market for rob taxis, fleet operators, and manufacturers. Similarly, BMW launched the 330e and 330e xDrive plug-in hybrids in 2020. Its ADAS incorporates active cruise control with stop and go, which automatically accelerates and slows to maintain the driver’s chosen pace. Active guard, frontal collision warning, city collision mitigation, and lane departure warning are standard features. These factors are leading to the automotive advanced driver assistance systems (ADAS) market growth.
Impact of COVID-19 Pandemic on Europe Automotive advanced driver assistance systems (ADAS) market
In Europe, despite some challenges arising from the semiconductor shortage, projected to be resolved by the third quarter of 2022, the car industry’s forecast for this year is positive.Automotive manufacturing is estimated to grow by ~13% in 2022.
With the EU emphasizing making front-facing cameras and radar systems mandatory in all vehicles, as standard equipment, by 2024, the ADAS technology is projected to improve in Europe in 2022.For example, systems such as collision warning indications and electronic stability control are predicted to increase from 83% in 2021 to 100% by 2025.
Similarly, restrictions on the automotive vehicle speed regulations will increase from 48% to 100% over the same period.On the other hand, Europe is likely to outperform all other regions in terms of ADAS occurrence by 2025, owing to stronger legislation focusing on vehicle and passenger safety.
Although new car registrations in EU and the UK decreased to 11.7 million in 2020, about 25% less than the previous year and the lowest level since 2001; however, electric car sales are growing in numerous European nations. Further, EV sales in Europe continue to break records in 2021 for electric cars, including hybrids, plug-in hybrids, and full-electric vehicles, with a 63% rise to approximately 1.2 million units sold. This is 3.4 times the amount of EVs sold in 2019. EV market share surpassed 10% for the first time, at 10.2%, up from 6.2% in 2020.
Based on sensor type, the automotive advanced driver assistance systems (ADAS) market is segmented into image sensors, LiDAR, radar sensors, ultrasonic sensors, and infrared sensors.The automotive advanced driver assistance systems (ADAS) market analysis, based on technology type, is segmented into adaptive cruise control, blind spot detection, electronic brake assist, drowsiness-monitoring system, lane departure warning, head-up display, night vision system, park assist, e-call telematics, tire pressure monitoring system, and others.
Based on vehicle type, the automotive advanced driver assistance systems (ADAS) market is segmented into passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs). Based on geography, the global automotive advanced driver assistance systems (ADAS) market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
The overall automotive advanced driver assistance systems (ADAS) market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the automotive advanced driver assistance systems (ADAS) market with respect to all the market segments.Also, primary interviews were conducted with industry participants to validate data and gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the automotive advanced driver assistance systems (ADAS) market.
The key companies operating in the automotive advanced driver assistance systems (ADAS) market include Continental AG; Cypress Semiconductor Corporation; First Sensor AG (TE Connectivity); Harman International (Samsung Group); Hitachi, Ltd.; MG Motor India Private Limited; NVIDIA Corporation; Robert Bosch GmbH; Telefonaktiebolaget LM Ericsson; and Vector Informatik GmbH
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