ADAS Market to be led by the Passenger Cars Segment through the Forecast Years
Increasing need for safer and more
effective vehicles among the buyers and governments strict safety regulations
in many countries, for the automakers to implement ADAS technology in the
vehicles are driving the Global ADAS market.
According to the TechSci Research report, "ADAS
Market- Global Industry Size, Share, Trends, Opportunity and Forecast, 2018-2028F,"
the Global ADAS market stood at USD40.66 billion in the year 2022 and is
estimated to reach USD60.10 billion in 2028 growing with a CAGR of 7.08% in the
forecast years.
The demand for luxury and premium vehicles with
cutting-edge safety features has compelled automakers to include cutting-edge
technology into their vehicles. Many nations have declared their intention to
become 100% zero-emission in the upcoming years in response to the growing
environmental concerns. The automobile industry is moving towards more complex
technologies, and every year, new features are added to cars to make driving
easier. Many semiconductor firms currently offer ADAS devices or are developing
them, including some that have not traditionally worked in the automobile
industry. However, much ambiguity still exists about the industry as with any
new technology, particularly how consumers will react to more complex
applications where a computer controls or assists together with other crucial
driving operations, such as steering. The passenger car
segment in the vehicle type held the highest market share of 78.76% in 2022 and
in the forecast years the segment is expected to dominate because of rising
adoption of ADAS features in passenger cars by the automobile OEMs. Asia
Pacific is the market leader as it captured major market share of around 40.66%
in 2022, and the region is also projected to exhibit a CAGR of 5.91% in the
period, 2023E to 2028F. The global
ADAS market is expected to be driven by increasing safety concerns and the rise
in technological advancements in the industry. Moreover, the growth of electric
and connected vehicles is also driving the global ADAS market. Overall, in the
forecast years, the market is expected to create growth opportunities for
players operating globally.
Browse more than 192 market data Figures spread through 255Pages and an in-depth TOC on "Global ADAS Market"
The rate of technological advancement is one
element that can affects the adoption of ADAS. There is still tremendous
opportunity for development, despite the significant improvements made in
recent years by semiconductor makers and other participants. For instance, when
a vehicle is moving quickly, forward-collision warning systems still have
trouble recognizing objects.
Over the next five years, certain ADAS applications
will be mandated by regulators, and many firms are already making plans to capitalize
on this trend. Unprecedented changes are being brought about in the automotive
industry by this effort. First, even if they did not previously have a presence
in the automobile industry, more established high-tech companies, particularly semiconductor
players, are aggressively exploring ADAS potential. For instance, such
prospects are being pursued by Intel, NVIDIA, Panasonic, Qualcomm, Samsung, and
Sony, as well as those involving sensors, ECUs and MCUs, systems, and systems
on a chip.
Global supply networks, particularly those in the
automotive industry, were disrupted by COVID-19. China, among other nations, is
the supplier of many sensors and ADAS parts. The availability of these
components was impacted by factory closures, logistical difficulties, and
reduced production capacity, which caused supply chain disruptions and delays
in ADAS adoption. The delays in the supply chain affected the pace of ADAS
adoption, as automakers and suppliers had less urgency to comply with new
requirements.
The COVID-19 pandemic forced many automobile
manufacturers to temporarily halt production or reduce their output due to
lockdowns, labor shortages, and reduced demand. This slowdown in vehicle
production directly impacted the integration and adoption of ADAS systems, as
production of new vehicles was delayed or put on hold. The slowdown of the
automotive production has also led to the decline in the demand for ADAS
components by the automotive OEMs and this has drastically impacted the global
ADAS market. The pandemic has also hampered the research and development
activities by the companies operating in this domain.
Mercedes-Benz has become
the first company to meet the standard of level 3 ADAS or safety system. The
company has announced that the automated driving technology called DRIVE PILOT
will be available in S-Class and EQS models in the first half of 2022. Some of
the ADAS features that are going to be mandatory from 2022 for vehicles of
categories M (transport of people), N (transport of goods), and O (trailers and
semi-trailers) are adaptive cruise control, automatic emergency braking, driver
fatigue detector, advanced driver distractive warning systems, lane-keeping
system, recording devices, tire pressure, intelligent speed assistance,
detection systems of vehicles and reversing camera.
The Global
ADAS market has been segmented based on vehicle type, sensor type, level of autonomy, and, function,
region and competitive landscape. In terms of vehicle type, the Global
ADAS market is segmented into passenger cars and commercial vehicles. In the global ADAS market, the automotive production is dominated by
level 1 vehicles, and most of the vehicles produced by automotive manufacturers
have a level 1 ADAS or safety system in their vehicle variants. In the level of autonomy type segment, level
1 has dominated the market with a total share of 48.96%, followed by level 2
with 48.83% in 2022.
The
Asia-Pacific ADAS Market stood at USD16.54 billion in value in 2022 and is
expected to reach USD22.89 billion by 2028 at a CAGR of 5.91% over the forecast
period. The South Asian nations, which include some of the largest automobile
makers in the world, mostly control the APAC ADAS market. In APAC, there
are some of the best car companies in the world like Toyota Motor Corporation,
Honda Motors, Hyundai-Kia, and Nissan. In the global automotive value chain,
APAC holds an important place. The development of autonomous vehicles with ADAS
systems is being overseen by original equipment manufacturers (OEMs) in order
to meet the needs of consumers who are becoming more and more adept at using
technology. The demand for automobiles in the APAC area has expanded because of
the population growth and industrialization of nations like China and India.
Additionally, factors including inexpensive labor, raw resources, government
assistance, and the expanding economies of nations like China, Japan, and India
have driven the rise of the automobile industry and this has led to the growth
of Asia-Pacific ADAS Market.
Some of the major players operating in
the Global ADAS Market include:
·
Robert Bosch
GmbH
·
Continental
AG
·
Autoliv Inc.
·
ZF
Friedrichshafen AG,
·
DENSO
Corporation
·
Aptiv Global
Operations Limited,
·
Magna
International Inc.
·
Valeo
·
Ambarella Inc
·
Aisin
Corporation
·
Huizhou Desay
SV Automotive Co., Ltd.
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“Due to the
shortage of microchips (semiconductors), passenger car sales were falling in
European nations, and after COVID's effects, the market for automobiles saw low
demand. According to the European Automobile Manufacturers' Association (ACEA),
there was a 7.9% increase in passenger vehicle registration in 2022, reaching
10.5 million units. Automotive manufacturers are introducing vehicles with advanced
features like adaptive cruise control, collision avoidance, park assistance,
lane departure warning system, rear cross traffic assistance, automatic speed
limit, etc., because of the market's increased demand for vehicles with
advanced technology and features. The growth of the Global ADAS market will
increase in the coming years as the sales of cars will increase -."said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based management consulting firm.
“ADAS Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented By Vehicle Type
(Passenger Cars and Commercial Vehicles), By Sensor Type (Radar, Ultrasonic,
Camera and LiDAR), By Level of Autonomy (Level 1, Level 2, Level 3, Level 4 and
Level 5), By Function (Collision Avoidance, Adaptive Cruise Control, Lane
Departure Warning System, Rear Cross Traffic Assistance, Emergency Braking,
Intersection Assistance, Automatic Speed Limit, Park Assistance and Others) and
By Region, Competition,” has evaluated the future growth potential of Global ADAS Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the Global ADAS Market.
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