In the last few years, the automotive industry has been growing at a significant rate, owing to the increase in demand for light and smart vehicles. The high growth rate of the automotive industry has also resulted in the increasing use of various sensor technologies, in order to make driving comfortable, safe, and luxurious. One of the major factors driving the integration of active safety features in automobiles is the automotive safety norms and regulations imposed by the legislative bodies. Moreover, consumers are nowadays interested in luxury vehicles which provide comfort, safety, and memorable journey.
Advanced Driver Assistance Systems (ADAS) are safety systems that are installed to enhance road safety, with regards to crash avoidance, parking assistance, and protection and post-crash phases. They are installed to keep the drivers safe while operating their vehicles by the channel of complex real-time embedded systems. They are integrated in-vehicle or infrastructure based systems that are equipped with advanced sensors and offer vehicular safety and comfort to the driver. The major functions offered by ADAS include collision avoidance, speed control, automated cruise control, rear view, parking assistance, driver drowsiness alert, blind spot detection, etc.
The global ADAS market is expected to reach USD 31.95 Bn by 2023 with a CAGR of 21.1% during 2018-2023.
Drowsiness monitoring systems, road sign recognition systems, and night vision systems are some of the ADAS technologies that are expected to grow substantially throughout the coming years. The tire pressure monitoring system is also expected to have a considerable infiltration in the overall market due to their reasonable prices and ease of availability in the market. Furthermore, the demand for these systems is expected to rise over the forecast period, owing to the technologies such as the adaptive cruise control system, which provides enhanced driver safety and helps to avoid fatal road accidents.
One of the major factors driving the growth of the ADAS market is the development of automated and self-driving cars. These innovations are considered to be the technology of the future. The technologies used in the ADAS, connected cars and self-driving cars overlap. Owing to these technological advancements, several potential growth opportunities are emerging in the global market, as the customers are always in search of a more integrated version to upgrade their vehicles. Technological advancements and innovations have created immense opportunities to ultimately lead to autonomous cars. For example, European Union (EU) has made it compulsory for the automobile manufacturers to equip advanced driver assistance systems such as autonomous emergency braking systems (AEBS) and lane departure warning systems (LDWS) in all heavy commercial vehicles weighing over 7,000 Kilograms. On the other hand, original equipment manufacturers (OEMs) and suppliers are collaborating so as to develop these advanced assistance functions for innovative solutions and technologies.
High Demand From The Emerging Economies To Drive The Growth Of The Market
Europe is expected to account for the largest share of the global ADAS market, followed by North America. Additionally, Europe is regarded as one of the most innovative and largest premium passenger car markets. This growth can be ascribed to the rapid infiltration and mass adoption of ADAS by the OEMs and suppliers. Furthermore, there are customary progressions in the ADAS technology that facilitates competition in the market, making it one of the largest markets in the global ADAS industry. Some of the driving factors for the adoption of the ADAS systems in North America are the high vehicles per capital along with a large number of premium car ownership. Moreover, customers are more inclined towards ADAS-equipped vehicles due to the latest technological advancements. The reduction in the cost of sensors and systems are encouraging the automotive manufacturers to manufacture more models of vehicles with inbuilt ADAS systems. These factors are responsible for the growth of the ADAS market in the North American region.
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Asia Pacific is the most lucrative market for advanced driver assistance systems (ADAS) and is expected to grow at the highest rate during the forecast period. Additionally, the region is expected to exhibit the fastest adoption of ADAS systems, owing to the growing number of automobile manufacturers and the uptake of cars in the emerging economies of China and India. This has also resulted in the improvement of disposable incomes, which is propelling the market in this region. The number of high net-worth individuals (HNIs) in this region has accentuated considerably during the past couple of years, which has further led to the increasing demand for high-end vehicles.
Moreover, the stringent norms and regulations by the legislative bodies, the rise in the purchasing power of automobiles, increasing demand for comfort driving, and improvements in the road safety systems have positively affected the ADAS market in the Asia Pacific region. Consequently, the automobile manufacturers in this region are tremendously investing in the research and development activities, in order to bring innovative features in steering, monitoring, braking, and warning tasks for product differentiation from its competitors, which is ultimately driving the growth of the market in this region.