July 1, 2020—A new report projects the Advanced Driver Assistance System (ADAS) market to hit $60 billion by 2026, according to a press release.
The market value of ADAS in 2019 hit $35 billion, increasing on average by about $3.6 billion each year.
The report from Global Market Insights Inc. suggests that the growth is majorly attributed to rising concerns about vehicle safety and increasing government regulations to integrate advanced safety systems into vehicles. Increasing research and development for the integration of advanced technologies, such as AI, for safety applications will further drive the advanced driver assistance system (ADAS) market growth.
The LiDAR segment in the advanced driver assistance system market is set to witness a growth rate of around 10 percent through 2026. The growth is majorly attributed to the rising adoption of semi-autonomous and autonomous vehicles to detect objects such as cyclists, cars, and pedestrians.