A detailed analysis of the Advanced Driver-Assistance System (ADAS) market by the leading market research firm UnivDatos Market Insights says it will reach $ 72.9 billion by 2026, recording a CAGR growth of 15.9%.
The report aggregated by collecting informative data of various dynamics such as market drivers, restraints and opportunities says ADAS market will grow at 15.9 per cent CAGR globally.
The report was recently included by UnivDatos Market Insights to its database. The study makes use of several analyses to get a closer outlook on the ADAS market.
The report provides a detailed overview of the latest industry developments and trending factors in the market that are influencing the market growth.
Moreover, this research repository examines and estimates the advanced driver-assistance market at the global and regional levels.
The Global Advanced Driver-Assistance System (ADAS) Market is expected to grow at a CAGR of 15.9% from 2021-2026 to reach $ 72.9 billion by 2026.
ADAS is an intelligent system installed inside the vehicles that support and assist the driver while driving or during parking and reduce the chance of road accidents and the associated casualties.
In 2015, there were around 6.09 billion passenger cars sold globally, and the number reached 6.43 billion in 2019. Moreover, the OEMs are doing strategic alliances with the technology providers to develop ADAS owing to the surging number of road fatalities across the globe.
For example, in 2019, Hyundai Motor Company announced its investment in tech company “Netrasyne” to develop advanced driver assistance systems. On an estimate, it is expected that by 2024, nearly 18.43 million cars plying on roads will have at least level 2 automation, which allows drivers to take their hands off from the wheel. ADAS market is expected to grow significantly over the forecast period due to increasing demand for autonomous vehicles.
Impact of Covid-19
The coronavirus pandemic has adversely impacted the industries and left a negative impact on the sales of automobiles in 2020 as the end-users limited their discretionary purchases.
It was found in a study that the sales of passenger cars witnessed a decline of around 20 per cent in 2020 as compared to 2019.
In 2020, passenger car sales reached 71 million units. However, it is expected that after Covid-19, with the stabilisation in the global economy, the demand for car sales would witness an uptick, therefore the market for ADAS would also in the case.
Also, the disruption in the supply chain leads to a shortage of automotive components. Therefore, the demand and market also got hampered.
However, it is projected that after COVID-19 the demand for car sales is likely swing up, therefore the market for ADAS would witness upsurge, .
The primary ADAS market segment is divided into several segments including Adaptive Cruise Control, Intelligent Park Assist, Automatic Emergency Braking, Adaptive Front Light, Blind Spot Detection, Lane Departure Warning and Drowsiness Monitor System.
Of this, interestingly the intelligent park assists dominated the sub segments of the overall ADAS market and will increase at CAGR 13.5% to reach $ 17.3 billion by the year 2026.
Growth prospectus in Asia
The Europe region ranks first in the chart of ADAS market with almost $ 11.3 billion revenue in 2019. At the same time, the Asia-Pacific region is expected to grow remarkably with a CAGR of 18.5% over the forecast period on the back of the increasing strategic alliances between technology providers and OEMs.
The major players that are adding growth in ADAS market includes the technology giants like Continental AG, Robert Bosch, Delphi Automotive Company, Autoliv Inc, Aptiv, ZF Friedrichshafen, Denso Corporation and Hyundai Mobis
It may also be noted that by sensor type, the market is mainly divided into Image Sensor, LiDAR Sensor, Ultrasonic Sensor and Radar Sensor. In these sub segments, image sensor dominates with the largest share and is expected to grow at CAGR 14.1% during the projected period of 2021-2026. In 2019, the image sensor segment witnessed a revenue share of about 35.9%.
(With inputs from Automotive Lead Research Team)
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