Report: ADAS Market to be Worth $43.27B by 2025
Dec. 4, 2017—Transparency Market Research states that the ADAS (advanced driver-assistance systems) market has a high degree of competition with players operating in the global market, emphasizing the development of innovative products with a fair level of product differentiation.
Leading companies include Audi AG, Continental AG, BMW AG, Delphi Automotive PLC, Denso Corporation, GM Company and the Ford Motor Company.
The growing focus on safety with an added need to make the vehicles affordable will one of the key strategies of the companies operating in the global ADAS market.
Mergers and acquisitions along with joint ventures will be some of the commonly seen developments amongst multinational as they work toward expansion and acquiring better technological talent.
According to the report, the global ADAS market is likely to be worth $43.27 billion by the end of 2025 compared to the $11.83 billion in 2016. During the forecast years of 2017 and 2025, the global market is projected to rise at a CAGR of 15.9 percent.
In terms of technology, the global market is likely to be dominated by the radar sensors segment due to its growing applications.
ADAS applications ensure better protection of the vehicles and drivers by reducing the risk of accidents. Several large and small auto suppliers are working on the similar type of safety features which is expected to boost the market growth.
The growing number of automotive companies in various developing countries are also expected to spike the demand for ADAS solutions.
The growing uptake of cars in emerging economies of China and India due to improving disposable incomes has also boosted the growth of the overall market in recent years.
Analysts expect that growing awareness about safety and increasing emphasis on car care will likely encourage car owners to make feature-rich purchases. Furthermore, ADAS is also being used to solve issues pertaining to traffic congestion in urban areas. Supportive government policies that are promoting better road safety help the market witness potential growth in the near future.
Market Segmentation of Global ADAS Market:
ADAS Market, by type
Adaptive Cruise Control
Automatic/Intelligent Emergency braking
Blind Spot Detection System
Cross Traffic Alert
Drowsiness Monitor System
Lane Departure Warning System
Surround View Camera System
Tire Pressure Monitoring System
ADAS Market, by technology