Northbrook, IL -- (SBWIRE) -- 08/29/2019 -- The ADAS Market (advanced driver assistance system) is estimated to be USD 30.0 billion in 2019 and is projected to reach USD 134.9 billion by 2027, at a CAGR of 20.7% during the forecast period.
ADAS technology improves the driving experience while enhancing vehicle and pedestrian safety. It is becoming an integral part of modern automobiles and is now adopted in passenger cars as well as commercial vehicles which are driving the growth of this market. The rising disposable income levels, increased vehicle production in developing countries such as India and China, and increase in the number of luxury vehicles in countries such as Japan are expected to fuel the growth of this market in the Asia Pacific region. However, non-availability of required infrastructure in developing countries is the key restraint for the growth of the market.
The report analyzes all major tier I suppliers in the ADAS market. Robert Bosch (Germany), Continental (Germany), ZF Friedrichshafen (Germany), Intel (US), and Aptiv (UK) are some of the leading suppliers in the ADAS market.
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Radar sensor is the fastest-growing segment of the ADAS market, by component
The increased traffic congestion, roadways infrastructure, and government regulations for vehicle safety will drive the growth of various radar-based ADAS applications. The rising trend of autonomous and semi-autonomous vehicles in the automobile industry is projected to be another major driver for the global automotive radar market. The increased traffic congestion, infrastructure roadways, government regulations for vehicle safety, and adoption of automotive radar-based ADAS technology by OEMs has eventually created opportunities for various radar-based ADAS applications.
Hybrid Electric Vehicle (HEV) to acquire the largest share of the ADAS market, by electric vehicle type
HEV is estimated to hold the largest share of the ADAS market, by electric vehicle. Stringent emission norms, environment safety, vehicle electrification, and government regulations are expected to boost the market for ADAS in HEV segment. ADAS is installed in HEVs for increasing passenger safety and also mitigate imminent accidents. Hence, an increase in demand for safer, efficient, and convenient driving experience will propel the demand of ADAS.
Hyundai Ioniq and Toyota Prius are the top-selling hybrid cars. Hyundai Ioniq is fitted with ADAS features such as adaptive cruise control, automatic emergency braking, and lane departure warning. Toyota Prius is equipped with ADAS as a pedestrian detection system, adaptive front light, collision avoidance system, adaptive cruise control, intelligent park assists, and lane departure warning.
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Road Sign Recognition segment is estimated to be the fastest-growing market during the forecast period
The road sign recognition uses image sensors to recognize the traffic signs such as, "turn ahead," "speed limit zones,'' and "no-overtaking," on the road. The technology was adopted by many automobile manufacturers, such as Volvo, Audi, BMW, Mercedes-Benz, Opel, and Volkswagen. The European road sign recognition market is estimated to be the fastest-growing market, by value, due to the increase in road infrastructure development activities in the region.
Asia Pacific market is expected to register the fastest growth during the forecast period
The Asia Pacific market is expected to witness the fastest growth, followed by RoW and North America. Increase in luxury vehicle sales and safety concern among consumers would positively impact on this market in the Asia Pacific. Safety regulations are present in a few Asia Pacific countries such as Japan and South Korea, and demand in these countries is anticipated to be on a rise for the next 5 years. Countries such as China, South Korea, and Japan are estimated to come up with the vehicle and road safety regulations regarding the installation of ADAS in vehicles due to the growing population as well as vehicle demand.
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