Global Market Insights’ report on the Worldwide Advanced Driver Assistance Systems (ADAS) Market indicates that the market was valued at $28 billion in 2018 and will surpass $67 billion by 2024 with an annual growth rate of 12% over 2018 to 2024. According to the research firm, the ADAS Market is driven by reduced visibility at night and steep turns, growing mobile phones usage during driving, and user misjudgment due user fatigue resulting in significant loss of human life and property damages. According to global status report on road safety by World Health Organization (WHO), around 1.3 million people are faced with fatal accidents, accounting for the world’s third largest contributor to human fatalities.
- Stringent government regulations pertaining to vehicle safety, including the mandatory fitment of safety technologies including AEB and parking sensors will support ADAS Market expansion till 2024.
- Park assist system accounted for 11% of the ADAS market share.
- Partnerships will be a strategy for companies to maintain their strong industry foothold. For instance, in April 2017, Nissan partnered with BMW AG and Volkswagen AG for using chips and sensors developed by Mobileye.
- Features that include intelligent park assist system, blind spot detection, image sensors and surround view have significantly contributed towards advanced driver assistance systems market growth.
- LiDAR sensors acquired over 20% of the ADAS revenue market share in 2017, will witness 12.5% CAGR over the forecast timeframe.
- Based on vehicles, LCV is expected to witness highest growth demands through the forecast period.
- Asia Pacific Worldwide advanced driver assistance systems market is expected to witness highest growth through the forecast period.
- Major industry participants of the advanced driver assistance systems (ADAS) market are Continental AG, Robert Bosch, Autoliv, Magna International, Texas Instruments and TRW Automotive. Other notable industry participants include Delphi, NXP Semiconductor Inc, Aisin Seiki Co., Denso Corporation, Harman International, NVIDIA Corporation, and Hyundai Mobis.
U.S. Advanced Driver Assistance System Market, By Sensor, 2017 & 2024 (USD Million)
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