Advanced Driver Assistance System (ADAS) Market Report (2018-2025)
Added: (Thu Nov 22 2018)
Pressbox (Press Release) -
The advanced driver assistance system (ADAS) market is estimated to be USD 24.24 billion in 2018 and is projected to reach USD 91.83 billion by 2025, at a CAGR of 20.96% from 2018 to 2025. Government regulations pertaining to vehicle safety, increasing demand for luxury cars, and the growing demand for a safe, efficient, & convenient driving experience are the key factors driving the market growth.
Due to the high adoption rate of ADAS, developed countries such as the US, Germany, and UK are estimated to have a significant share of ADAS market. Furthermore, governments of several countries in Europe and North America have mandated ADAS such as automatic emergency braking (AEB) and lane departure warning (LDWS) in vehicles. For instance, from 1st November 2015, all new trucks and buses were required to be equipped with advanced emergency braking systems and lane departure warning systems. North America has also mandated ADAS in passenger vehicles. In 2016, the National Highway Traffic Safety Administration (NHTSA) and the Insurance Institute for Highway Safety (IIHS) announced to make AEB standard by 1 September 2022 in the US. Several automakers, which represent more than 99% of the US auto market, agreed on this mandate.
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The road sign recognition (RSR) is projected to be the fastest growing segment of the ADAS market. Increasing demand for autonomous vehicles is expected to propel the growth of RSR. Also, the increasing infrastructure activities in developed countries is expected to drive the growth of RSR market. Additionally, as most of the luxury vehicles have RSR as standard or optional feature, the rise in sales of luxury vehicles across the globe would increase the demand for RSR.
The passenger car segment is projected to be the fastest growing vehicle type of the ADAS market. The increasing production of passenger cars due to improved lifestyle and rising disposable income of the consumers will increase the demand for ADAS. Also, ADAS has been mandated for passenger cars in a few countries. This will positively impact the growth of ADAS market for passenger car.
The Asia Pacific region is estimated to be the fastest growing market for ADAS. The ADAS market is projected to grow at the highest rate in emerging economies such as China and India. Recent infrastructure developments and industrialization activities in these countries have opened new avenues, opportunities, and markets for OEMs. Besides, the increasing purchasing power of consumers has stimulated the demand for automobiles in the region. The increasing production of passenger cars, light commercial vehicles, and heavy commercial vehicles is driving the growth of the ADAS market in the region. The growing demand for luxury vehicles and a safe and efficient driving experience has contributed to the growth of the ADAS market in the region.
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