The global driving assistance systems size is projected to reach USD 28.63 billion by 2026 on account of the gradual shift towards automated system infrastructure worldwide. It also ensures pedestrian, passenger, and driver safety as it consists of various components such as radars, sensors, cameras, and multiple software to ensure smooth functioning of the system. A recently published report by Fortune Business Insights™ titled, “Automotive Advanced Driver Assistance System (ADAS) Market Size, Share & Industry Analysis, By System Type (Adaptive Cruise Control, Blind Spot Detection, Park Assist, Lane Departure Warning System, Autonomous Emergency Braking, Forward Collision Warning, Tire Pressure Monitoring, Heads-Up Display, Intelligent Headlights, Road Sign Assistance, E-Call System), By Component Type (LiDAR, Radar, Camera, Sensors), By Vehicle Type (Passenger Car, Light Commercial Vehicle, and Heavy Commercial Vehicle) and Regional Forecasts, 2019-2026” estimates that the market value was USD 16.28 billion in 2018 and will rise at a CAGR of 7.4% between 2019 to 2026.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this, too, shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Automotive ADAS consists of a wide range of passive and active systems that are specially designed to assist the driver in providing him a safe, efficient, and comfortable ride to the destination. Some industries are struggling, and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
What is the Scope of the Report?
The report is based on an elaborate analysis of the market and primarily focuses on factors driving, repelling, challenging, and creating opportunities for the market. It throws light on significant industry developments, current automotive ADAS market trends, and other interesting insights into the market. Besides this, the report discusses the competitive landscape of the market, a list of significant players, and the strategies adopted by them to reach a remarkable position in the forecast duration.
Players Investing in Research and Development of Innovative Features for Maintaining Position in Market
Currently, Robert Bosch GmbH is dominating the market on account of the rising popularity of a wide range of smart assistance solutions to ease urban traffic offered by them. Additionally, the continuous investments in research and development, and launch of innovative features for automated driving assistance will help this company continue to attract high automotive ADAS market revenue in the coming years. On the other side, Denso Corporation is a tough competitor for Bosch, as this company holds the largest share in the Asia Pacific market. Other companies such as Continental AG and others, are engaging in merger and acquisition, joint ventures, contracts and agreements, and other collaborative strategies to gain momentum in the market competition.
List of Top Players Profiled in Automotive Advanced Driver Assistance System Market Research Report:
Renesas Electronics Corporation
Robert Bosch GmbH
Aisin Seiki Co. Ltd
Magna International Inc.
Increasing Popularity of Electric Vehicles will Drive Market
Technological advancements in the automobile sector are the key automotive ADAS market growth driver. Automotive OEMs are engaging in the introduction of artificial intelligence and other smart-end technology to assist drivers. This will help the market gain traction in the coming years. Besides this, the increasing imposition of stringent regulations concerning driver, passenger, and pedestrian safety is also propelling the growth of the market.
On the contrary, the high cost of installation and malfunctioning cases may cause major hindrance to the overall growth of the market. This, coupled with the continuous consumption of battery power, may cause battery disturbances and ultimately hampering the market in the coming years.
Nevertheless, the increasing popularity and adoption of electric vehicles, increasing demand for the efficient driving experience, and the increasing number of accidents caused due to negligence of drivers will help augment the market in the coming years.
ASIA Pacific Dominating Market with Highest Sales and Production of Electric Vehicles
As per geography, Asia Pacific is holding the largest automotive advanced driver assistance system market share on account of the high sales of automobiles in the region. This, coupled with the increasing adoption of electric vehicles in nations such as China and Japan, will further help this region continue dominating the market in the forecast period as well.
On the other side, the European market will witness promising growth on account of stringent regulations imposed by the government on curbing fuel emission and promote the use of safety features in automobiles. This is further expected to increase the demand for driver assistance vehicles in the region.
However, North America earned a significant revenue of USD 3.63 billion in 2018 on account of the presence of prominent players and the rapid adoption of driver assistance systems.
Significant Industry Developments of the Advanced Driver Assistance System Market include:
November 2019 – Advanced rider assistance system developed by Bosch Corporation was announced by Kawasaki Heavy Industries Ltd. This assistance system comprises three components, namely the blind spot detection, forward collision warning, and the adaptive cruise control or the ACC.
January 2019 – Two leading companies operating in adaptive and intelligent computing and chassis and driveline technology, namely ZF Friedrichshafen AG entered into a strategic collaboration for manufacturing ADAS system wherein ZF’s highly advanced AI-based automotive control unit named ZF ProAI will be powered by the Xilinx technology for smooth automated driving applications.
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