The advanced driver assistance system (ADAS) market is estimated to be USD 24.24 billion in 2018 and is projected to reach USD 91.83 billion by 2025, growing at a CAGR of 20.96%
LONDON, June 28, 2018 /PRNewswire/ -- Government regulations pertaining to vehicle safety and increasing demand for a safe, efficient, and convenient driving experience are set to drive ADAS market
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The advanced driver assistance system (ADAS) market is estimated to be USD 24.24 billion in 2018 and is projected to reach USD 91.83 billion by 2025, growing at a CAGR of 20.96% during the forecast period. Stringent regulations pertaining to vehicle safety across the globe, increasing demand for a safe, efficient, & convenient driving experience, and rising sales of luxury vehicles are the key factors driving the growth of the ADAS market. On the other hand, the lack of infrastructure in developing countries can hinder the growth of the market. For effective functioning, advanced driver assistance systems require basic infrastructure such as well-organized roads, lane marking, and availability of GPS. For highways, the information such as a lane change, object detection, distance between vehicles, traffic, and services such as navigation and connectivity are very important for vehicles equipped with ADAS. In developing countries like China, Brazil, and India, the development of IT infrastructure on highways is slow as compared to developed economies. Therefore, the lack of information technology communication infrastructure and lag in government norms are the major restraints for the growth of ADAS market in developing regions.
AEB segment to hold the largest share of the ADAS market, by system
Governments of developed countries have mandated the fitment of AEB in buses & trucks.For instance, Regulation No 661/2009 of the European Parliament and of the Council (dated 13 July 2009) mandated the inclusion of AEB system in buses & trucks.
It also stipulated the standard fitment of LDW in the same vehicle categories and with the same deadlines as autonomous emergency braking systems. The system is expected to be equipped in all new commercial vehicles above 3.5 tons and buses from November 2013, and in all vehicles of these categories sold in the European Union from November 2015. In 2018, the South Korean government mandated AEB from January 2019 in all new passenger vehicles. These mandates will drive the growth of the AEB market in the near future.
Software: The fastest growing offering type of the ADAS market
The software segment is estimated to be the fastest growing segment of the ADAS market, by offering.The main purpose of the software is to communicate autonomously with other devices.
The increase in software content in the advanced applications of the vehicle is expected to drive the software segment of the ADAS market.
Asia Pacific: The fastest growing region in the ADAS market
The Asia Pacific region is estimated to dominate the ADAS market and is projected to grow at the highest CAGR during the forecast period. Increasing demand for luxury vehicles and safety awareness among consumers would drive the growth of the ADAS market in the region.
The study contains insights of various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
• By Company Type– Tier 1- 45%, Tier 2- 35% Tier 3 - 20%
• By Designation— C level - 35%, D level - 25%, Others - 40%
• By Region— North America - 40%, Europe - 30%, Asia Pacific - 25%, RoW - 5%
Major players profiled in the report are:
• Robert Bosch (Germany)
• Continental (Germany)
• Intel (US)
• Aptiv (UK)
• Magna (Canada)
• ZF Friedrichshafen (Germany)
Research Coverage:
The report segments the ADAS market and forecasts its size, by volume and value, on the basis of region (Asia Pacific, Europe, North America, and RoW), system, vehicle, component, EV, and offering.
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the ADAS market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market by providing them the closest approximations of the revenue numbers for the overall ADAS market and its subsegments.This report will help stakeholders to understand the competitor landscape better and gain insights to position their businesses better and make suitable go-to-market strategies.
The report also helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
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