Advanced Driver Assistance Systems (ADAS) Market Size Worth Around US$ 140 Bn by 2026
Acumen Research and Consulting, a global provider of market research studies, in a latest published report titled “Advanced Driver Assistance Systems (ADAS) Market (By Solution: Park assistance, Adaptive Cruise Control, Tire Pressure Monitoring System, Adaptive Front Lights, Blind Spot Detection System, Lane Departure Warning System, Autonomous Emergency Braking, Others; By Sensor: Infrared, LiDAR, Image Sensor, Ultrasonic, RADAR; By End Use: Commercial Vehicles, Passenger Cars) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”.
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Drivers and Challenges of Market
Consumer preference changes quickly to greater mobility health, in particular for long journeys causing driver’s discomfort and contributing to road accidents. The integrated ADAS prevents interruption and protects the driver through its complex and versatile characteristics. In addition, there is a growing demand for advanced systems such as drowsiness tracking, night vision and road sign identification in the next 7 years. Advance ADAS systems are expected to increase, such as automatic emergency braking systems, adaptive control, due to the increased government regulations to mitigate road accidents and improve safety. They are expected to increase rapidly. The European Union has introduced, a law mandating the introduction in heavy commercial vehicles of adaptive cruise control systems, which is also expected to increase market competition for the systems in European countries.
The high costs associated with the development of automotive software could limit the growth in the demand for ADAS, as it increase the overall cost of vehicle. In the case of equipment, software and the mobile service charge, the possibility of luxury features in cars entails extra expenses for customers. In fact, the car is difficult to operate and requires professional personnel to various electronic components and sensors. Complex system configuration limits engine shelf-life. Such elements are thus projected to impact significantly on the development of the demand for ADAS.
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North America held considerable market share in 2018 and is anticipated to grow at a good CAGR amid the projected time span. Regional growth is driven mainly by the involvement of major market participants, improving industrial facilities, technical advancement, improved economic conditions and higher levels of adoption of new technology particularly in the U.S.
Asia-Pacific is projected to experience the highest growth in the global market during the projected period due to its large car base, China, Japan and India. As the Asia-Pacific market is rising, passenger cars are being taken into account and, subsequently, passenger cars are embracing ADAS more often. The recent transition from miles to cars is expected to lead to the high demand for sophisticated driver assistance systems.
The Europe ADAS market will account for a large volume share in the marketing of ADAS As a result of the supporting policies like EuroNCAP. The compulsory implementation of several ADAS systems in cars would enable growth by industry over the forecast period. To order to raise awareness on ADAS, government initiatives will also increase the size of the industry.
Latin America held considerable share in the global ADAS market and projected to gain momentum during the forecast period.