Selbyville, Delaware, June 08, 2022 (GLOBE NEWSWIRE) --
The ADAS market is projected to surpass USD 100 billion by 2030, as reported in a research study by Global Market Insights Inc. The growing adoption of autonomous vehicles in the commercial sector will enhance the market revenue. Commercial automotive enterprises have significantly invested in autonomous vehicles and are focusing on their development.
The growing demand for LiDAR and infrared detection sensors in the automotive sector is driving the ADAS market statistics. This trend can be attributed to the increasing implementation of these sensors for providing improved & effective solutions for adaptive cruise control, automated emergency braking, and response to traffic changes to maintain a safe distance during heavy traffic. Market participants are innovating new technologies to address the safety requirements in the automotive sector.
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The North America ADAS market is witnessing high growth owing to the rising efforts taken by the regional government to promote road safety and encourage automotive manufacturers to integrate smart safety systems. For instance, the National Highway Traffic Safety Administration (NHSTA) has teamed up with the Insurance Institute for Highway Safety (IIHS) to mandate automakers to install automated emergency braking systems in their vehicles. Twenty-two automakers have agreed to equip their vehicles with ADAS technologies by September 2022. Market players are proactively focusing on developing and launching new innovative solutions to gain a competitive advantage.
Some major findings of the ADAS market report include:
The growing emphasis on V2I communication and in-vehicle infotainment systems with resilient data connectivity requirements is contributing to the market revenue share.
Favorable government initiatives to deploy vehicle telematics solutions and cellular vehicle infrastructure are foster the demand for ADAS systems from automotive OEMs and equipment manufacturers.
The growing adoption of AI-, ML-, and IoT-integrated devices worldwide will boost the market. In addition, the demand for smart connectivity in autonomous vehicles will further propel the market demand.
The COVID-19 outbreak had a significant impact on the ADAS market. Relaxations in the international market and the proper supply of raw materials will accelerate the market growth post-COVID-19.
North America is expected to witness the highest growth rate owing to consistently increasing developments in automotive technologies and supportive infrastructure. Additionally, the presence of connected transport infrastructure and widespread adoption of electric vehicles are fueling the Europe market revenue.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Advanced Driver Assistance System (ADAS) industry 360° synopsis, 2018 – 2030
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Technology trends
2.1.4 Sensor trends
2.1.5 Vehicle trends
2.1.6 Distribution channel trends
Chapter 3 Industry Insights
3.1 Introduction
3.2 Impact of COVID-19 on Advanced Driver Assistance System (ADAS) industry landscape
3.3 Impact of Russia-Ukraine war
3.4 Industry ecosystem analysis
3.5 Accidents and fatalities statistics
3.6 ADAS Industry, trends
3.7 Pricing trends, by region
3.8 Technology & innovation landscape
3.9 Regulatory landscape
3.10 Patent analysis
3.11 Investment portfolio
3.12 Industry impact forces
3.12.1 Growth drivers
3.12.1.1 Supporting government regulations for accident prevention in North America
3.12.1.2 Emerging European Commission initiatives for road safety
3.12.1.3 Rising demand for electric vehicles
3.12.1.4 Emergence of autonomous technology
3.12.1.5 Initiatives for development of advance sensing technology
3.12.2 Industry pitfalls & challenges
3.12.2.1 Lack of awareness, higher costs, along with uncertainty of electronic components
3.13 Growth potential analysis
3.14 Porter's analysis
3.15 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
