Northbrook, IL -- (SBWIRE) -- 08/23/2019 -- "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", The ADAS market (advanced driver assistance system) 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% during the forecast period.
This technology improves the driving experience while enhancing vehicle and pedestrian safety. It is becoming an integral part of modern automobiles and is now adopted in passenger cars as well as commercial vehicles which are driving the growth of this market. The rising disposable income levels, increased vehicle production in developing countries such as India and China, and increase in the number of luxury vehicles in countries such as Japan are expected to fuel the growth of this market in the Asia Pacific region.
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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Passenger cars are expected to be the largest market during the forecast period
Passenger cars are expected to be the largest market, followed by light commercial vehicles. Owing to the growing demand for safer and more comfortable vehicles. The increasing demand for luxury vehicles is another key driving factor. Governments in developed and developing nations are planning to mandate the ADAS system on PCs. For instance, the European Union has extended the scope of mandating ADAS system as AEB and LDW systems in PCs. This mandate will be assessed by the Commission in the framework of the report foreseen in Article 17 of the General Safety Regulation. Developed countries such as South Korea have mandated the AEB and LDW systems for all new passenger vehicles from January 2019.
Asia Pacific market is expected to register the fastest growth during the forecast period
The Asia Pacific market is expected to witness the fastest growth, followed by RoW and North America. Increase in luxury vehicle sales and safety concern among consumers would positively impact on this market in the Asia Pacific. 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 the vehicle and road safety regulations regarding the installation of ADAS in vehicles due to the growing population as well as vehicle demand.
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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 vehicle. Stringent emission norms, environment safety, vehicle electrification, and government regulations are expected to boost the market for ADAS in 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.
Recent Developments:
- In May 2019, Mitsubishi Electric Corporation and HERE Technologies have successfully piloted a system which enables vehicles to automatically warn about upcoming road hazards with lane-level precision. This technology was successfully tested in the US.
- In April 2018, Robert Bosch developed a highway assist system to help drivers keep their vehicle in the lane in order to mitigate an accident. The new Bosch highway assist system is installed on the 2018 Maserati Ghibli, Levante, and Quattroporte.
- In April 2018, Continental developed new concepts designed to warn drivers about an imminent risk of aquaplaning. Aquaplaning assistance concepts utilize surround-view camera images and signals from tire-mounted sensors (eTIS) for advanced tire information.
- In January 2018, ZF Friedrichshafen expanded its manufacturing and engineering footprint in Poland to produce products including an advanced camera for driver-assist systems. The 10,000-square-meter manufacturing facility will be fully operational by the end of 2019. The expansion would add more than 300 jobs.
- In January 2018, Continental opened Center for Deep Machine Learning in Budapest, Romania. The company's advanced driver assistance systems business unit is using machine learning and neural networks for developing high-performance driver assistance system.
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