ADAS Market Size
The robust demand for safer vehicles on account of increasing road accidents have led to a massive spurt in advanced driver assistance system (ADAS) market size in recent years. Having recognized the extensive benefits of ADAS systems, numerous automakers have been working toward deploying this feature in their latest automobile brands. This paradigm shift toward implementing safety systems in vehicles on account of the increasing number of road accidents is certain to stimulate ADAS market trends.
U.S. Advanced Driver Assistance System (ADAS) Market, By Vehicle, 2018 & 2025, (USD Million)
In the face of potentially hazardous driving scenarios, autonomous systems have been taking increasing precedence in recent times. Consequently, major players in advanced driver assistance system industry are focusing on the development of advanced automated ADAS systems. In order to retain a control over driving, these systems are embedded with features like emergency braking, lane keeping, automatic parking, and adaptive cruise control.
The incorporation of additional features such as machine learning and ADAS vision have even enabled vehicles to adapt themselves to adverse climatic conditions. Numerous ADAS market firms have been striving to launch diverse live-saving technologies, which have been instrumental in augmenting the industry trends.
Although ADAS is one of the benchmark features introduced in automotive industry, it has been found that the system is massively prone to cyber-attacks. Therefore, numerous ADAS market giants have been continuously working on LIDAR and Radar sensors to control cybersecurity threats. Tech companies are playing their part in eliminating security issues as well and have been found developing advanced solutions to improve security measures in ADAS systems.
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In this regard, recently, Groupe PSA collaborated with Harman International to design a cyber security strategy for protecting connected and next-generation autonomous vehicles. The collaboration is a vivid indicator of the fact that the growing concerns regarding cyberattacks and protection capabilities of ADAS integrated vehicles will play a pivotal role in augmenting advanced driver assistance system market outlook.
The Indian OEM Tata Motors has scarcely extended its partnership with the pioneering technology provider, Wabco, having already deployed the latter’s ADAS facility in its vehicles. Tata has also conveniently implemented a collision mitigation system (CMS) and a lane departure warning system (LDWS) for its Signa and Prima trucks. The move apparently, is targeted toward the minimization of road accidents and the provision of occupant safety. Having already been a strong player in the India automotive industry, Tata, through this partnership, will further strengthen its position in the regional ADAS market as well.
In 2018, one of the prominent China-based heavy-duty truck manufacturers, Sinotruk Limited, extended its cooperation agreement with WABCO Holdings Inc., that supplies advanced technology for enhancing efficiency, connectivity, and safety of commercial vehicles. The deal is anticipated to substantially improve WABCO’s capability in innovative technologies such as ADAS, AMT, EBS, and ECAS. Incidentally, this agreement has so far, spanned almost three decades, and stands as a classic evidence to the fact that long-term business deals across the automotive sector are certain to propel advanced driver assistance system market size over the forecast period.
The robust developments across the automotive cosmos in the economies of India and China vividly portray that APAC will tur out to be a prominent revenue contributor for ADAS market. The rising sales pf passenger vehicles in the continent combined with the increasing demand for road safety and emission control will augment APAC ADAS market trends over the forecast duration.
The rapidly shifting trends toward the adoption of technologically advanced vehicles are thus likely to fuel ADAS industry share in the ensuing years. As the demand for such vehicles continues to increase along with changing consumer preferences, companies in ADAS market will be looking forward to launching advanced safety solutions. In accordance with the same, strategic collaborations, joint ventures, and R&D program are expected to become highly commonplace in ADAS industry soon enough. Driven by a supportive regulatory spectrum and the robust requirement of technically developed automotive parts, advanced driver assistance system market size is forecast to exceed USD 67 billion by 2024.
Author Name : Sunil Hebbalkar