Advanced Driver Assistance Systems (ADAS) Market Revenue to Cross USD 183,814.84 Million by 2028: The Insight Partners Global Analysis with COVID-19 Impact

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Advanced Driver Assistance Systems (ADAS) Market Future Forecast to 2028

Pune, India, - According to our latest market study on" "Advanced Driver Assistance Systems (ADAS) Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Sensor Type (Image Sensor, LiDAR, Radar Sensor, Ultrasonic Sensor, and Infrared Sensor), Technology Type (Adaptive Front Light, Blind Spot Detection, Electronic Brake Assist, Drowsiness-Monitoring System, Lane Departure Warning, Head-up Display, Night Vision System, Park Assist, E-Call Telematics, Tire Pressure-Monitoring System, and Others), and Vehicle Type (Passenger Car, LCV, and HCV)", The Advanced Driver Assistance Systems (ADAS) market is expected to grow from US$ 43,138.44 million in 2021 to US$ 183,814.84 million by 2028; it is estimated to grow at a CAGR of 25.4% from 2021 to 2028.

The majority of road accidents are caused by human error. These advanced safety technologies have been adopted to automate and improve components of the driving experience to improve driver safety and behavior. ADAS has been shown to lower the number of traffic deaths by lowering the risk of human mistakes in the automotive advanced driver assistance systems (ADAS) market. These safety systems aim to improve road safety by lowering the overall number of traffic accidents, thereby minimizing vehicular casualties. They also reduce the number of insurance claims resulting from small collisions that cause property damage but no injuries. ADAS technology based on field-programmable gate arrays (FPGA)/state of charge (SoC) and automotive sensors can be integrated with popular systems in the automotive industry such as vision/camera to increase situational awareness and control, making driving easier and safer in the automotive advanced driver assistance systems (ADAS) market. A car is the largest and most often utilized connected system among the customer base in the automotive advanced driver assistance systems (ADAS) market.

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Companies Profiled in this report includes: Continental AG,Cypress Semiconductor Corporation,First Sensor AG (TE Connectivity),Harman International (Samsung Group),Hitachi, Ltd.,MG Motor India Private Limited,NVIDIA Corporation,Robert Bosch GmbH,Telefonaktiebolaget LM Ericsson,Vector Informatik GmbH

The automotive advanced driver assistance systems (ADAS) market in North America is spread across the US, Canada, and Mexico. North America has a developed automotive industry due to the continuous production of commercial vehicles. For instance, as per the Organisation Internationale des Constructeurs d’Automobiles (OICA) 2021 report, the US produced a total of commercial vehicles of 7,604,154 in 2021; 6,895,604 in 2020; and 8,367,239 in 2019. Similarly, Canada produced a total of commercial vehicles 826,767 in 2021; 1,048,942 in 2020; and 1,455,215 in 2019, as per the OICA 2021 report. Also, Mexico produced a total of commercial vehicles of 2,437,411 in 2021; 2,209,121 in 2020; and 2,604,080 in 2019, as per the same report. The US, Canada, and Mexico are leading in the commercial vehicle production segment worldwide, as per OICA statistics. Thus, with the continuous production of commercial vehicles across the region, the need for automotive advanced driver assistance systems is increasing significantly, supporting the growth of the automotive advanced driver assistance systems (ADAS) market in North America. The automotive advanced driver assistance systems (ADAS) market in North America is fragmented, with many major players such as Bosch, Continental AG, and Visteon Corporation. The automotive advanced driver assistance systems (ADAS) market is rapidly changing, and numerous new technologies will emerge in the coming year to challenge the present ones. To deliver the finest safety features to the driver, ADAS technology firms and automobile manufacturers extend their market presence and strengthen their R&D efforts. For instance, Hyundai Motor Group and Aptiv will form a joint venture in 2020. The JV will work on bringing the SAE Level 4/5 platform to market for rob taxis, fleet operators, and manufacturers. Similarly, BMW launched the 330e and 330e xDrive plug-in hybrids in 2020. Its ADAS incorporates active cruise control with stop and go, which automatically accelerates and slows to maintain the driver’s chosen pace. Active guard, frontal collision warning, city collision mitigation, and lane departure warning are standard features. These factors are leading to the automotive advanced driver assistance systems (ADAS) market growth.

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Impact of COVID-19 Pandemic on Europe Automotive advanced driver assistance systems (ADAS) market

In Europe, despite some challenges arising from the semiconductor shortage, projected to be resolved by the third quarter of 2022, the car industry’s forecast for this year is positive. Automotive manufacturing is estimated to grow by ~13% in 2022. With the EU emphasizing making front-facing cameras and radar systems mandatory in all vehicles, as standard equipment, by 2024, the ADAS technology is projected to improve in Europe in 2022. For example, systems such as collision warning indications and electronic stability control are predicted to increase from 83% in 2021 to 100% by 2025. Similarly, restrictions on the automotive vehicle speed regulations will increase from 48% to 100% over the same period. On the other hand, Europe is likely to outperform all other regions in terms of ADAS occurrence by 2025, owing to stronger legislation focusing on vehicle and passenger safety. Although new car registrations in EU and the UK decreased to 11.7 million in 2020, about 25% less than the previous year and the lowest level since 2001; however, electric car sales are growing in numerous European nations. Further, EV sales in Europe continue to break records in 2021 for electric cars, including hybrids, plug-in hybrids, and full-electric vehicles, with a 63% rise to approximately 1.2 million units sold. This is 3.4 times the amount of EVs sold in 2019. EV market share surpassed 10% for the first time, at 10.2%, up from 6.2% in 2020.

Key Findings of Study:

The global automotive advanced driver assistance systems (ADAS) market has been segmented into five major regions--North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In North America, technological breakthroughs, the presence of significant companies, a greater acceptance rate of new technologies, increasing manufacturing infrastructure, and improving economic circumstances in the region are driving the automotive advanced driver assistance systems (ADAS) market growth. The high prevalence of road accidents and increasing sales of high-end automobiles in the area are driving the demand for improved driver safety technologies in countries, such as the US and Canada. Various innovations in the area contributed to advancing the automotive advanced driver assistance systems (ADAS) market. Continental, for example, expanded by constructing a new plant in the US for advanced driver assistance systems in February 2020.

In Europe, the European Union (EU) is on a mission to eliminate road fatalities by 2022. Following multiple fatalities involving motor vehicles such as commercial trucks, the EU suggested mandating critical safety systems with the potential to minimize such fatalities by 2022 in the automotive advanced driver assistance systems (ADAS) market. Automotive advanced driver assistance systems (ADAS) market, such as lane departure warning, forward collision warning, and blind-spot detection systems, are slated to be mandated in new passenger cars in several nations. The European Union also established a new goal to eradicate all traffic fatalities by 2050. It has made sophisticated emergency braking and lane departure warning systems mandatory in large vehicles. Scania AB debuted electrically assisted steering (EAS) in November 2020 to improve the driving experience via safety assistance in the automotive advanced driver assistance systems (ADAS) market.

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The post Advanced Driver Assistance Systems (ADAS) Market Revenue to Cross USD 183,814.84 Million by 2028: The Insight Partners Global Analysis with COVID-19 Impact appeared first on Herald Keeper.

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