ADAS Industry Outlook and Forecast 2020 due to COVID-19 Impact

Posted October 20, 2020 by Rahul_Gautam

The ADAS market, in 2015, valued $19.8 billion, and by 2022, it is predicted to grow to $99.6 billion, at a CAGR of 27.0% during the forecast period
Road accidents claim 1.35 million human victims across the world each year, claimed the World Health Organization in 2018. Failure to pay attention while driving, over-speeding, and driving under the influence of alcohol or drugs are some of the major human errors responsible for traffic crashes. Other causes include vehicle malfunction, due to which the vehicle can spiral out of control. To curb the number of road fatalities, governments across the world are making the integration of safety features in automobiles mandatory. Advanced driver assistance systems (ADAS) are among such features, which, apart from helping prevent collisions, also offers better driving comfort.

With the rising demand for ADAS, solution providers are coming up with improved technologies. For instance, with Continental AG’s eHorizon solution, data can be easily shared between vehicles and cloud. Similarly, Autoliv’s driver assistance product, launched in 2014, offers light-based touchless sensing, with visual guidance. Another among the technological advancements are multifunctional sensors, with which just one sensor can perform numerous functions. This does away with the need for individual sensors, thereby helping automakers keep the purchase price of their vehicles competitive.

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Across the world, the ADAS market growth in Asia-Pacific (APAC) is predicted to be the fastest during the forecast period. This would be due to the rapid urbanization and increasing demand for high-end vehicles, as a result of the growing disposable income in the region. China and India are two of the largest automobile producers and buyers in the world, and the road accident and resulting fatality rates in the countries are also quite high. Both these factors are forecast to have a combined effect on the popularity of ADAS in the region.

Thus, the demand for advanced driver assistance systems would continue increasing, as people become more aware about driver safety features and their spending power rises further.

The ADAS market is consolidated in nature, characterized by the presence of established companies, such as Magna International Inc., Autoliv Inc., Continental AG, Robert Bosch GmbH, Valeo SA, Ford Motor Company, BMW Group, Denso Corporation, and Audi AG.
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Categories Automotive , Business , Research
Tags Advanced Driver Assistance Systems (ADAS) Industry , ADAS Industry Scope , ADAS Industry Share
Last Updated October 20, 2020