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The Advanced Driver Assistance System (ADAS) Market is set to grow from its current market value of more than $30 billion to more than $100 billion.
June 24, 2022
3 Min Read
Image courtesy of Global Market Insights
Robust advancements in vehicular technologies will positively impact the global advanced driver assistance system (ADAS) market forecast. The growing frequency of traffic congestion and increased focus on safety has made it increasingly difficult for people to navigate through heavy traffic, thereby fueling the need for innovative car technologies.
Rising concerns regarding road safety have prompted automakers to deploy ADAS systems to reduce the incidence of road accidents. Governments across the world are introducing a variety of initiatives to enhance road safety and encourage companies to take steps to ensure vehicle safety.
For example, in June 2020, the National Highway Traffic Safety Administration (NHTSA) launched the AV-TEST initiative to provide U.S. citizens easy and direct access to information about the testing of vehicles equipped with ADAS systems. This will enhance the public’s knowledge about the safety precautions taken, on-road testing, and principles guiding the testing.
AEB technology will be widely used:
Road safety has been a major issue for customers as well as authorities for several years. The rising mortality rate from vehicle accidents has urged governments to strengthen traffic laws. According to the European Commission, around 19,800 people were killed across Europe in road crashes in 2021.
Automatic Emergency Braking (AEB) system can reduce fatalities to a great extent because it stops or slows the vehicle down if there are high chances of a collision. As per reports by Consumer Reports and Insurance Institute for Highway Safety (IIHS), more than 12 top carmakers installed AEB systems in nearly all their vehicles for 2021.
The IIHS also predicts that if all automobile manufacturers install this technology, it will prevent 20,000 injuries and 42,000 crashes by 2025.
LiDAR sensors find robust demand:
LiDAR sensors will hold a major share of the global ADAS market by 2030. These sensors are being heavily used by autonomous vehicle manufacturers to improve the driving experience of their customers. They help the car ‘see’ its surroundings better, helping drivers get a 360-degree view of the traffic and road lanes.
Many companies are entering into partnerships to boost their competitive edge and expand their customer base. For instance, in January 2022, luxury carmaker Mercedes-Benz partnered with Luminar Inc., one of the leading LiDAR developers, to supply LiDAR sensors for its autonomous driving systems. This strategy will positively influence the development of automated driving technologies.
Europe ADAS market share will grow:
Europe has a large presence of reputed luxury car manufacturers. The region is also one of the leaders in innovative technologies like automation and robotics. Automakers, such as Mercedes-Benz, Audi, and BMW are incorporating ADAS technologies into their products to not only contribute toward the progress of car automation but also take steps to improve road safety.
According to a new EU regulation announced in March 2022, ADAS systems will be a mandate in all new automobiles manufactured in and after summer 2022, with the mandate being applicable for used cars from May 2024 onward. The European Transport Safety Council (ETSC) had announced that all buses, cars, trucks, and vans should be equipped with ‘black boxes’ for additional safety.
The global ADAS market outlook will remain progressive due to the growing popularity of autonomous driving technologies. Companies, including DENSO Corporation, Continental AG, HARMAN International, Mobileye, Magna International Inc., Robert Bosch GmbH, and Texas Instrument Incorporated, among many others, are the top providers of ADAS solutions.
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