APAC ADAS market to depict an appreciable CAGR over 2019-2025
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
Global smart sensor market to register a stupendous CAGR of 17% over 2016-2024, North America to be the leading revenue source
The Internet of Things revolution worldwide is providing a remarkable impetus to the smart sensor market, the testimony of which is the huge share of USD 20 billion recorded by this industry in 2015. Over the past few years, smart and sustainable technologies have generated a significant momentum in the global business space and the growth chart depicts a linear adoption curve for these devices in the years ahead. In this regard, the government support indeed holds a significant credit in nurturing the expansion of smart sensor industry.
U.S. Smart Sensor Market Share, By Application, 2016
Smart home and smart city development are the prominent initiatives of the government bodies, exponentially increasing the deployment of smart sensors globally. These projects are substantially contributing toward the smart sensor industry share by incorporating this technology in a series of applications such as energy management and climate control, home security, windows and appliance control, lighting, assisted living, and audio-visual entertainment. Among these applications, home security and energy management applications are anticipated to exhibit massive contribution toward smart sensor market share in the coming years. The security needs of the houses can be met by the installation of image sensors at the doors to keep a check on visitors entering the house or alerting the residents in case of emergencies such as fire, thefts, etc. Moreover, the growing inclination toward sustainable energy is also fueling the smart sensor industry size from residential applications, where these sensors can enable optimal usage of the energy.
The industry players are also taking immense interests to gain significant profits from the smart technology investments. One such move in this respect was from General Electric. Earlier this year, the giant announced its plan for smart city development in San Diego. The company would provide sensors to be incorporated on 3200 street lights in the city with an aim to monitor traffic and detect the crime. Some other participants sharing the smart sensor market space are ABB Group Ltd., Atmel Corporation, Analog Devices, Inc., Eaton Corporation PLC, Honeywell International, Inc., NXP Semiconductors, Robert Bosch AG, and Smart Sensors, Inc.
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Looking at the commercial aspect, automotive industry is one of the major sectors propelling smart sensor market share. The sensors are installed in automobiles to regulate the temperature inside the vehicles and optimize the energy consumption by the vehicles. Moreover, the driverless cars which are the next big thing in the automotive business space will further augment the smart sensors industry size, attributed to the technology’s pivotal role in making these cars truly intelligent. Auto industry giants such as Mercedes-Benz, Toyota, Volvo, etc. have a strong pipeline for the launch of these smart cars in the coming years.
The exponentially increasing driverless cars industry is itself a testimony to the remarkable growth of the smart sensors market. These smart sensors comprise self-diagnostics and data gathering features that enhance the control, reliability, and interoperability features of the vehicle. Audi, the renowned automotive giant has embedded 16 smart sensors in its Smart Car A7 model, making it one of the chief driverless cars in the luxury car segment. These sensors assist the car in analyzing the surrounding environment with impending dangers, communicating with other vehicles, and navigating the travel route.
Speaking of the smart sensor technologies prominent in the automobiles, LiDARs are the most robustly deployed sensors in the vehicles. Other major technologies include ultrasonic, radars, and vision-based sensors. The LiDAR sensor has been tested by Ford in its Ford Fusion Hybrid autonomous vehicles and has been acclaimed for providing the cars with precise navigation even in complete darkness.
Consumer electronics is another major sector influencing the growth dynamics of smart sensor industry. The increasing share of smartphones, tablets, wearable devices, smart watches, etc. is directly impacting the smart sensor market size. In response to the aforementioned fact, smart touch sensors are accumulating a major share of the smart sensor industry.
The expanding wearable devices market has built a huge scope for the smart sensors industry. The growing trend of device miniaturization has provided a remarkable push to the deployment of these sensors. Micro-electro-mechanical- systems or MEMS is the major technology incorporated in these wearable devices, prominently in the smart watches. Estimates suggest that the MEMS technology adoption in the smart sensor market is likely to grow at an annual rate of 15% over the period of 2016-2024.
The cost-curtailment in the infrastructure is becoming the priority of almost every industry today. Pertaining to this fact, wireless networks are gaining a competitive edge over their wired counterparts. The wireless network based smart sensor market is anticipated to accumulate a major chunk of the overall industry share, owing to their ease of installation, increased productivity, and cost-effectiveness.
Talking about the geographical aspect, Asia Pacific is projected to have a strong foothold in smart sensors market over the coming years. The appreciable economic development of APAC countries such as China, India, and Japan, expanding consumer electronics industry, and efforts toward sustainable energy are the factors driving APAC smart sensor market growth over the years to come.
On grounds of technological advancements, North America is leading the race. This factor is also making the region a leading participant in smart sensor industry. Robust development of smart homes, especially across U.S. and increasing adoption of IOT devices are the chief driving forces behind North America smart sensor market.
With the growing energy sustainability trends and escalating efforts toward development of smart homes and smart cities, the global smart sensor market is poised to witness a strong trajectory roadmap ahead. A report by Global Market Insights, Inc. states that the smart sensor market will cross a revenue of USD 80 billion by 2024, with a CAGR of 17% over the period of 2016-2024.
Author Name :Shikha Sinha