The global advanced driver assistance systems (ADAS) market is characterized by stiff competition. Astute players in the market are seen expending time and money on designing cutting-edge, differentiated products. They are more focused on creating advanced safety features, while also striving not to drive up prices of vehicles outfitted with such sophisticated features. Players are also seen banking upon mergers and acquisitions to diversify their product portfolios, tap into more resources, and expand into new markets.
Some of the prominent names operating in the global market for advanced driver assistance systems (ADAS) are Continental AG, Ford Motor Company, Audi AG, BMW AG, Denso Corporation, Delphi Automotive PLC, and General Motors Company.
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A research study by Transparency Market Research forecasts the global market for advanced driver assistance systems (ADAS) to rise at a solid 15.9% CAGR during the period from 2017 to 2025. Expanding at this pace, the market which was valued at US$11.83 bn in 2016, is expected to attain a value of US$43.27 bn by the end of the forecast period.
Technology-wise, the global market for advanced driver assistance system (ADAS) can be classified into image sensors, ultrasonic sensors, infrared sensors, radar sensors, and laser sensors. In ADAS, sensors are required to monitor the surrounding vehicles. The radar sensors, among them, enjoy high demand because of their use in collision avoidance system, emergency braking system, etc. – all of which serve to up safety.
Geographically, the report segments the market for advanced driver assistance system (ADAS) into the following – North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Of them, Asia Pacific is predicted to emerge as an attractive market owing of the soaring sales of automobiles and strict mandates pertaining to road and vehicle safety in the region. Sensing an opportunity in this, automobile manufacturers in Asia Pacific are pouring money into development of better features for monitoring, steering, warning, and braking.
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Rising Emphasis on Safety Drives Demand
Majorly fuelling the market for advanced driver assistance system (ADAS) is the thrust on the safety of drivers and passengers. Both strict regulatory requirements as well as rising concerns among the general public about their safety is serving to drive up demand for such sophisticated systems. From adaptive cruise control and adaptive head lamp to automatic/intelligent emergency braking, cross traffic alert, blind spot detection system, lane departure warning system, drowsiness monitor system, etc., such systems have a range of functionalities that can help to avert accidents.
Comfort Factor Pushes Up Demand As Well
Not just safety, advanced driver assistance system (ADAS) also helps to promote comfort – another reason why they are seeing swift uptake. In addition, increasing wealth among people which enables them to splurge on better car models equipped with latest technologies that make driving experience more seamless is also boosting demand.
Dampening demand in the market for advanced driver assistance system (ADAS), on the downside, is limited awareness among consumers about such systems along with their steep price.