The automotive industry has been registering considerable growth, which can primarily be attributed to technological advancements. Owing to this, the adoption of semi-autonomous vehicles has increases significantly as well. Since these vehicles employ automatic features, their safety and security is of the utmost priority. Governments of several countries have now mandated the integration of enhanced security features in vehicles in order to improve the safety on roads and provide the driver with better experience.
From $11.5 billion in 2019, the advanced driver assistance system (ADAS) sensor market is predicted to grow to $40.8 billion in 2030, at an 11.7% CAGR between 2020 and 2030 (forecast period). Amon all sensor types, radar sensors dominated the market during 2014–2019, in value terms. During the forecast period, the light detection and ranging (LiDAR) category would observe the fastest progress, on account of the increasing sale of fully autonomous vehicles.
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In terms of application, the market is classified into night vision system, intelligent part assist system, cross traffic alert system, driver monitoring system, adaptive front light system, adaptive cruise control (ACC) system, lane keeping assistance system, blind spot detection system, and automatic emergency braking system. Out of these, the ACC application accounted for the major share of the market in the past and is further predicted to dominate the market during the forecast period as well. The adoption of these systems have increased considerably due to the decreasing system prices.
Europe dominated the ADAS sensor market during the historical period, according to a report by P&S Intelligence. A number of regulations have been implemented in the region that are responsible for the expansion of the autonomous car market in the region. Moreover, several initiatives are being taken by key companies in the region, which is further leading to the growth of the regional domain.
Hence, the demand for ADAS sensors is growing due to the rising adoption of level 1 autonomous cars and increasing adoption of LRR.