Almost all vehicle accidents are caused by human error, which can be avoided with an advanced driver assistance system (ADAS). The role of ADAS is to prevent deaths and injuries by reducing the number of car accidents and the serious impact of those that cannot be avoided. ADAS manufacturers/ developers have developed systems focusing their efforts on making the driving experience safer and having human-less human interference. As a result, the advanced driver assistance systemindustry is predicted to grow steadily in the future.
Strict regulations imposed on car manufacturers by various government bodies around the world promoting passenger safety will aid the overall growth of the market. During the forecast period, growth in the automotive industry, combined with rising government initiatives to adopt advanced technologies, develop increasingly structured safety features, and a rising trend of government and consumer adoption of autonomous vehicles will open new revenue paths for the global ADAD market.
During the forecast period, the global ADAS market will benefit from an increase in per-capita consumer spending power in developing economies, as well as an increase in demand for premium and luxurious features in their vehicles. However, high initial costs and an increase in malfunctioning components may limit the global ADAS market growth. Nonetheless, the market is predicted to grow due to rising demand from emerging countries such as China, India, Germany, and others.
Key Takeaways from Market Study
· By ADAS type, night vision system (NVS) sales are expected to grow at a CAGR of 13.9% in the global market.
· By technology type, the ultrasonic sensor and radar sensor segment is expected to lead with a market share of more than 49.0%.
· By vehicle type, the passenger vehicle segment will dominate the market with more than 71% of the market share.
· In terms of region, South Asia and the Pacific are predicted to exhibit a CAGR of 12.4%.
Advance Driver Assistance System Market Competitive Landscape
Among the industry’s key players are Texas Instruments Incorporated, Intel Corporation, NVIDIA Corporation, Robert Bosch GmbH, Continental AG, Magna International, Mobileye, and others.
Manufacturers in the global advanced driver assistance system market are focusing on the development of new ADAS types with decreased human interference and increased accountability.
Key players operating in the global ADAS sensors market are aiming to improve their product portfolios by investing in research and development to add innovative features. In addition to this, players are aiming at mergers and collaborations to gain a competitive edge. For instance:
· In 2021, ZF launched a next-generation mid-range radar to improve ADAS functions in co assist semi-automated system on the Dongfeng Aeolus Yixuan MAX in China. The new range is a high-performance 77GHz front radar that is designed to meet 2022 Euro NCAP 5-Star Safety Ratings and enable semi-autonomous driving functionalities.
These insights are based on a report on the ADAS Sensors Market by Future Market Insights