Advanced Driver Assistance System (ADAS) Market to reach $78.22 Bn by 2020

2024-04-23 11:15:37 Automotive

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One of the most remarkable technological developments concerned with active safety in the automobiles has become a rapid trend in all classes of automobiles. The introduction of automotive electronics in vehicles and digitization of the automobile have led to an increase in the safety of the driver and the passengers. Today?s modern vehicles are deployed with active safety systems that assist drivers in onerous traffic situations and help to prevent imminent damages in the event of a crash, or help elude the accident all together. ADAS is currently available in luxury and few models of the economy segment of the passenger vehicles. These systems are, moreover, provided as the aftermarket automobile add-ons based on the customer requirements and preferences. The technology has also been proposed for commercial vehicles that includes both Light Commercial Vehicle (LCV) and Heavy Commercial Vehicle (HCV). There are around 15 different types of ADAS technologies and the markets for each application vary by the purpose they serve. Applications such as Lane Departure Warning System (LDWS) and Blind Spot Detection Systems (BSD) have wider range of applications in the commercial vehicle segment. Adaptive Cruise Control and Pedestrian Detection System are generally preferred for the passenger vehicle segment for safety in dense traffic areas.

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According to a recent report published by IndustryARC, the overall market for the Advanced Driver Assistance Systems (ADAS) reported revenue of $27.26 Billion in 2014. The market is forecast to reach $78.2 Billion by 2020 at a CAGR of 14.9%. In 2014, ADAS applications such as Adaptive Cruise Control (ACC) and Advanced Parking Assistance systems manifested better growth rates compared to the past five years. The reason for increase in the market share of the ADAS applications is the customers? willingness to adopt safety systems in the vehicles as well as the knowledge regarding driver assistance systems. Major factors accountable for driving the ADAS market growth were the government legislations and the need for safety in automobiles.

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A considerable rise in the number of fatalities caused by road traffic accidents was observed. Few applications such as Driver Drowsiness Detection System that have the capability to monitor the psychological condition of the driver such as eye pupil movement, heart beat and so on. The system will automatically analyze the data and will send this data to the nearest service station so that remedial actions could be taken. These applications are expected to attain record-breaking market shares in the coming years because of their peerless functionalities. Key suppliers of the ADAS applications include Continental, Bosch, and Valeo and others. The market also has a number of regional suppliers in the Asia-Pacific region; thus, increasing competition among the industry. The development cost of the ADAS systems has always been a resistance to its growth. The automotive components manufacturers are investing into R&D to reduce the cost of developing these applications and making it available to all the segments of passenger vehicles other than luxury or premium segment.

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Recent norms set by the National Highway Traffic Safety Association (N.H.T.S.A) in North America and European Commission have led to mandatory installation of ADAS applications like Back-up Cameras in passenger cars and Lane Departure Warning System (LDWS) in commercial vehicles by 2015. These regulations will not only prevent the severity of the highway accidents but will also result in the increasing adaptation of ADAS technology. Furthermore, stringent and favorable economic reforms and policies and government regulations across different regions are expected to drive the ADAS market to new heights.

Related Report You May Be Interested:
Driver Monitoring Systems Market Analysis and Forecast (2013 ? 2020): By Key Technology (Image Sensing, Pressure Mats, Infrared Sensing, Strain Guages, Steering Angle Sensors & Other) By Type of Monitoring (Distraction , Driver Fatigue, Drunk Driving)

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