Pune, India, Feb. 03, 2022 (GLOBE NEWSWIRE) -- The global Advanced Driver Assistance Systems (ADAS) market size was valued at USD 27.29 billion in 2020 and touched USD 58.59 billion in 2028. Rapid urbanization, industrial expansion, improving living standards, and rising per-capita income are expected to incite market development.
Advanced Driver Assistance System helps drivers and provides comfort, safety, and efficiency. It comprises several sensors, cameras, software, and radar that help avoid road accidents. Rapid urbanization and rising per-capita fuels the adoption of cars, thereby increasing the incorporation of these systems. Further, improving living standards boost demand for vehicles with advanced safety features, which, in turn, boosts the adoption of the safety system in vehicles. In addition, rapid industrialization is expected to boost ADAS sales. These factors are likely to boost the market growth during the upcoming years.
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Rising Demand for Safety Features to Boost Market Development
Rising per-capita income and evolving consumer preferences have led to the adoption of advanced safety systems in automobiles. Increasing employment and rising population increases the vehicle density on roads. The rising cases of road fatalities and accidents may fuel advanced driver assistance system adoption. Furthermore, increasing government initiatives for the prevention of road accidents may propel market development.
For example, The National Highway Traffic Safety (IIHS) informs people regarding the advantages of ADAS systems to reduce road fatalities. The ADAS systems provide data regarding driver performance and ensure passenger and driver safety. These factors are likely to drive the Advanced Driver Assistance Systems Market growth. However, high initial costs and problems regarding malfunctions are likely to impede market progress.
COVID-19 Impact:
Halt on Manufacturing and Lack of Automobile Sales to Negatively Affect Market Growth
This market is expected to be negatively affected during the COVID-19 pandemic because of the halt on manufacturing activities. Rising cases of COVID-19 patients and stringent lockdown emissions led to the adoption of stringent lockdown emissions, which, in turn, led to supply chain disruptions. Restrictions on transport negatively affected automotive sales, thereby affecting ADAS adoption. However, the adoption of sanitization methods and reduced capacities may enable manufacturers to regain market position and recover losses. These factors may positively influence market development.
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Segmentation:
Adaptive Cruise Control System to Hold the Largest Market Share
By system type, the market is segmented into the e-call system, forward collision warning, intelligent headlights, heads-up display, tire pressure monitoring, autonomous emergency braking, lane departure warning system, park assist, blind spot detection, and adaptive cruise control. As per component type, it is classified into sensor, camera, radar, and LiDAR. Based on vehicle type, it is divided into Heavy Commercial Vehicles (HCV), Light Commercial Vehicles (LCV), and passenger cars. Geographically, it is classified into North America, Europe, Asia Pacific, and the rest of the world.
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High Production of Vehicles and Increasing Sales to Boost Market Growth in Asia Pacific
Asia Pacific is projected to dominate the Advanced Driver Assistance Systems Market share due to high production of vehicles. The market in Asia Pacific reached USD 11.37 billion in 2020 and is expected to gain the largest market share in the upcoming years. In addition, technological advancements in manufacturing plants in India, China, and others are expected to boost market development.
Europe is expected to hold the second-largest market share because of the imposition of stringent emission regulations. This factor is expected to boost the product adoption, thereby encouraging market growth.
In North America, rapid advanced driver assistance systems’ adoption and the presence of prominent manufacturing companies are expected to boost market development.
The Report Lists the Key Companies in the Advanced Driver Assistance Systems (ADAS) Market
- DENSO CORPORATION (Kariya, Aichi, Japan)
- Siemens AG (Munich, Germany)
- Hitachi, Ltd. (Chiyoda City, Tokyo, Japan)
- Kapsch TrafficCom AG (Vienna, Austria)
- EFKON GmbH (Raaba, Austria)
- Lanner Inc. (New Taipei City, Taiwan)
- Thales Group (Paris, France)
- Cubic Corporation (San Diego, U.S.)
- Q-Free ASA (Trondheim, Norway)
- Garmin (Olathe, U.S.)
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Global Advanced Driver Assistance Systems Market Segmentation:
By System Type:
- Adaptive Cruise Control
- Blind Spot Detection
- Park Assist
- Lane Departure Warning System
- Autonomous Emergency Braking
- Forward Collision Warning
- Tire Pressure Monitoring
- Head-Up Display
- Intelligent Headlights
- Forward Collision Warning
- E-Call System
By Component Type:
- LiDAR
- Radar
- Camera
- Sensors
By Vehicle Type:
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By Geography
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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