DUBAI, UAE, July 15, 2020 /PRNewswire/ -- The global ADAS sensors market is poised to record a double-digit growth from 2020-2030, according to Future Market Insights' recent publication.
The advent of automation has brought about paradigm shifts in driving technologies since the recent past. The advent of autonomous driving has laid firm ground for the introduction of advanced driver assistance systems, or ADAS. However, the market is still in a niche stage, registering modest revenues ranging from US$ 5 Bn- US$ 8 Bn as compared to other automotive systems.
The prevention of vehicular road accidents is a top priority for all the countries. Every year, a substantial amount of lives are lost due to road accidents. Against this backdrop, the adoption of ADAS sensors has become a top priority. As these systems acquire more popularity, the market shall soon become mainstream.
"The ADAS sensors market shall witness major collaborations between OEMs and semi-conductor companies to design sensors for parking systems, adaptive cruise control and emergency braking," opines an FMI analyst.
Key Takeaways from FMI's ADAS Sensors Market Report
Passenger cars shall find maximum usage of ADAS sensors due to the need for reducing accident fatalities
Radar-based collision avoidance systems shall gain maximum traction in semi-autonomous vehicles
Global ADAS systems market shall expand at an impressive 14% CAGR from 2020-2030
North America to witness maximum adoption of ADAS sensors, Asia-Pacific to follow close behind
ADAS Sensors Market- Key Trends
Thermal imaging sensors have boded well for the ADAS sensors market, helping reduce night-time fatalities to a significant extent
Emphasis on de-icing mechanisms to promote high accuracy for all-weather conditions are being investigated, providing traction to the ADAS sensors market
Opportunities in ADAS hardware abound for prominent market players, thereby uplifting market growth prospects
ADAS Sensors Market: Region-wise Analysis
Asia-Pacific shall be the largest revenue generator, with China spearheading demand for park sensors and adaptive cruise control
Japan & South Korea shall enjoy heightened revenues, attributed to the involvement of major automotive companies such as Volkswagen, Mercedes Benz and GM
Europe is witnessing heightened ADAS sensors usage for blind spot detection and reduce fatalities
The United States is an investment hotbed for OEMs and component manufacturers
The ADAS sensors market are resorting to innovations by virtue of doling out new products based on detection, depth perception, high performance and stereo vision. A major challenge posed to ADAS sensors manufacturers is the problem of communication between two different devices. Market players such as Diamler are availing the services of research and academic institutions to address data fusion challenges between non-image and image data.
Developments in the short-wave infrared imaging sensors (SWIR) are also on the cards. To this end, Porsche has collaborated with Israel-based TriEye to improve ADAS sensors in the former's autonomous vehicle segment. For this project, the automotive giant contributed US$ 2 million as capital investment.
Find More Valuable Insights on ADAS Sensors Market:
FMI in its new market research study, offers an unbiased analysis of the ADAS sensors market which comprises global industry analysis for 2015–2019 and opportunity assessment for the 2020–2030. The report offers complete analysis on global ADAS sensors market through four different categories – By Product Type, By Vehicle Type, By Sales Channel and region. The global ADAS sensors market study provides information of pricing by different life cycle analysis, product life cycle, key market trends and technologies which are being implemented in the production of the ADAS sensors market and product adoption in various end use industries.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.