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Advanced Driver Assistance Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Advanced Driver Assistance Systems Market is valued at USD 36. 80 billion in 2021 and it is expected to reach USD 92. 09 billion by 2027 registering a CAGR of over 16. 70% during the forecast period 2022-2027.
New York, June 09, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Advanced Driver Assistance Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06249245/?utm_source=GNW
The COVID-19 pandemic had a negative impact on the market studied as lockdowns and trade restrictions led to supply chain disruptions and a halt of vehicle production across the world. However, as restrictions eased, players started focusing on mitigating such risks and developments to create momentum in the market during the forecast period.
Growing production of vehicles with integrated ADAS features in the wake of rising awareness toward comfort and safety of passengers and government regulations mandating safety features are expected to drive demand in the market. Moreover, the rising acceptance of self-driving or automated vehicles further contributes to the enhanced growth of the market. The dynamics of the global automotive industry is also changing rapidly. Mid-price segment cars are equipped with basic components that have been designed and manufactured according to consumer preferences.
ADAS manufacturers, such as Autoliv and Continental, are collaborating with OEMs to develop and manufacture low-cost DAS, which is expected to help the manufacturers attain economies of scale, and in turn, reduce the prices of ADAS. This move from major manufacturers is expected to result in the increased implementation of ADAS in low-priced cars in the coming years. A consistent increase in the demand for compact and mid-sized automobiles equipped with the advanced safety features is also expected to propel the growth of the automotive ADAS market.
Key Market Trends
Increase in Adoption of ADAS Due to Regulations
Governments across the globe are focusing on designing several legislative policies and regulations to monitor the users and are proposing policies mandating and encouraging consumers to install ADAS components in vehicle to mitigate rising road accidents across several countries. For instance, the Indian government has already mandated a requirement for ABS on motorcycles with focus on improving vehicle safety. Currently, India is working to make Electronic Stability Control (ESC) and Autonomous Emergency Braking (AEB) mandatory in cars by 2022-2023. Moreover, in an effort to lower the number of accidents in the nation, the Ministry of Road Transport and Highways announced that it is now working on making ADAS (advanced driver assistance systems) essential for automobiles.
Due to an increase in regulations on ADAS requirements, like mandatory installation of parking system assistance in all cars in China, India, the United States, and etc., the automakers are making efforts to include these features in most of their cars. The ADAS features, which were only available in premium cars, are now being brought to other car segments as well. These systems are being offered as optional equipment in cars other than the high-end vehicles. These features are being included in commercial vehicles as well. As of mid-2022, all new cars put on the EU market may have to be equipped with advanced safety systems. Following an agreement with the European Parliament in March 2021, the council adopted a regulation on the general safety of motor vehicles and the protection of vehicle occupants and vulnerable road users in a bid to significantly reduce the number of road casualties. Additionally, Euro NCAP, a government-backed group that rates cars for safety, may require cars to have a driver-monitoring system in order to earn a five-star safety rating starting in 2023 or 2024.
Some governments are focusing on mandating certain ADAS features across vehicles operating in their region others are focusing on designing and implementing standards for ADAS features and their associated specifications to improve performance of the vehicle. For instance, reflecting the increasing availability of advanced driver assistance systems (ADAS) on modern vehicles, the Chinese Government have also recently published three new standards, which specifically cover advanced driver assistance systems. The first of these new standards is GB/T 39263-2020 on terms and definitions for advanced driver assistance systems (ADAS). The standard specifies definitions for a wide variety of different systems, which are split into two categories; information assistance systems and control assistance systems. The information assistance systems category includes definitions for systems, such as driver attention monitoring systems, traffic sign recognition systems, forward collision monitoring systems, lane departure warning systems, and blind spot detection systems. The control assistance category includes definitions for systems, such as advanced emergency braking systems, automatic emergency steering systems, lane keep assist systems, and adaptive cruise control.
Asia-Pacific is Expected to be the Fastest Growing Market
China is one of the largest automotive markets across the world, and more than 20.17 million passenger cars were sold in the country in 2020 and recorded a 5.89% of the yearly decline in sales compared to 2019. Despite the pandemic, China is still one of the largest sellers of automobiles, which is a great opportunity for predictive technology to make its place in the Chinese automobile market. The Chinese government is focusing on several advanced vehicles technology, like ADAS features, along with electric mobility. With that, major automakers in the region are updating their portfolio with the introduction of the new level 2 and level 3 ADAS features. For instance, In May 2021, the HAVAL brand of Great Wall Motor Co. Ltd launched the new Chitu compact SUV, and it is equipped with a 1.5L turbocharged engine (maximum power output of 135kW, peak torque of 275Nm) in combination with a 7-speed wet dual-clutch transmission. In addition, vehicle includes a Level 2 ADAS system, with varying functions depending on the version.
India is an emerging economy where implementation of advanced driver assistance features in passenger cars is taking place gradually. India has a potential and opportunity for ADAS market as India is stepping gradually into the autonomous and artificial intelligence oriented automotive industry along with many new product launches. For instance, In 2021, Morris Garage has launched its new SUV Gloster, which is equipped with latest ADAS features based on predictive technology such as automatic emergency brake, automatic parking assist, blind spot detection, forward collision warning, lane departure warning. MG Hector in 2021 has launched another SUV, the Astor, an affordable compact SUV, with level-2 ADAS features such as the Adaptive Cruise Control, Automatic Emergency Braking, Blind Spot Detection, Lane keeping Assist, and Lane Departure Warning. Currently, every other technology company is putting its fingers in for the creation of connected car solutions unique to this market and a share of the revenue.
Competitive Landscape
Companies, such as Continental AG, Robert Bosch GmbH, Autoliv Inc., Denso Corporation, and Delphi Automotive PLC are some of the major players in the market studied. Growing partnership between the major players is witnessing major growth for the market. For an instance, Continental and Horizon Robotics signed a Joint Venture (JV) contract, focusing on providing hardware and software integrated solutions for Advanced Driver Assistance Systems and automated driving. They also signed the investment contract with Shanghai Jiading Industrial Zone that the new JV will be located in Jiading District Shanghai.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06249245/?utm_source=GNW
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