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(Transportation-News.com, April 14, 2020 ) The ongoing COVID-19 pandemic—and the worldwide reaction to it—has compelled companies to radically rethink their strategies and the way they operate. We salute the industry experts helping companies survive and sustain in this pandemic.
At MarketsandMarkets™, analysts are undertaking continuous efforts to provide analysis of the COVID-19 impact on the ADAS Market. We are working diligently to help companies take rapid decisions by studying:
• The impact of COVID-19 on the ADAS Market, including growth/decline in product type/use cases due to the cascaded impact of COVID-19 on the extended ecosystem of the market
• The rapid shifts in the strategies of the Top 50 companies in the ADAS Market
• The shifting short-term priorities of the top 50 companies’ clients and their client's clients
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According to the recent report "ADAS Market by System (ACC, AFL, DMS, NVS, IPA, PDS, TJA, FCW, CTA, RSR, LDWS, AEB, & BSD), Component (Radar, LiDAR, Ultrasonic, and Camera Unit), Vehicle (PC, LCV, Buses, & Trucks), Offering (Hardware, Software), EV and Region - Global Forecast to 2027"published by MarketsandMarkets™, The advanced driver assistance system (ADAS) market is estimated to be USD 30.0 billion in 2019 and is projected to reach USD 134.9 billion by 2027, at a CAGR of 20.7%.
The market is principally driven by the increasing demand for a safe, efficient, and convenient driving experience. The increasing demand for autonomous vehicles has also fueled the ADAS market. Driver errors can be minimized by transforming the vehicle into a self-driving unit as automated driving technology helps to reduce the errors caused by drivers. ADAS would play a crucial role in reducing the number of road accidents and would lead to a safe, productive, and efficient driving experience.
Browse in-depth TOC on “ADAS Market”
174– Tables
48 – Figures
175 – Pages
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The radar sensor is the fastest-growing segment of the ADAS market, by component
The increased traffic congestion, roadways infrastructure, and government regulations for vehicle safety will drive the growth of various radar-based ADAS applications. The rising trend of autonomous and semi-autonomous vehicles in the automobile industry is projected to be another major driver for the global automotive radar market. The increased traffic congestion, infrastructure roadways, government regulations for vehicle safety, and the adoption of automotive radar-based ADAS technology by OEMs has eventually created opportunities for various radar-based ADAS applications.
Hybrid Electric Vehicle (HEV) to acquire the largest share of the ADAS market, by electric vehicle type
HEV is estimated to hold the largest share of the ADAS market, by electric vehicles. Stringent emission norms, environment safety, vehicle electrification, and government regulations are expected to boost the market for ADAS in the HEV segment. ADAS is installed in HEVs for increasing passenger safety and also mitigate imminent accidents. Hence, an increase in demand for safer, efficient, and convenient driving experience will propel the demand for ADAS.
Hyundai Ioniq and Toyota Prius are the top-selling hybrid cars. Hyundai Ioniq is fitted with ADAS features such as adaptive cruise control, automatic emergency braking, and lane departure warning. Toyota Prius is equipped with ADAS as a pedestrian detection system, adaptive front light, collision avoidance system, adaptive cruise control, intelligent park assists, and lane departure warning.
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Asia Pacific: The largest market for the ADAS market
The Asia Pacific region is estimated to hold the largest share, by value, of the ADAS market in 2018. The safety regulations are present in a few Asia Pacific countries such as Japan and South Korea, and demand in these countries is anticipated to be on a rise for the next 5 years. Countries such as China, South Korea, and Japan are estimated to come up with vehicle and road safety regulations regarding the installation of ADAS in vehicles due to the growing population as well as vehicle demand.
The report analyzes all major tier I suppliers in the ADAS Market. Robert Bosch (Germany), Continental (Germany), ZF Friedrichshafen (Germany), Intel (US), and Aptiv (UK) are some of the leading suppliers in the ADAS market.
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