The global ADAS market is expected to grow at a significant CAGR during the forecast period. ADAS is a rapidly emerging technology and is expected to find a significant growth in the automotive industry to increase safety, comfort, and tracking. Major factors augmenting the growth of the market include the high number of road accidents globally. Most of the road accidents involve human errors which can be reduced by the use of the ADAS system. Due to this, a number of government regulations are introduced in favor of ADAS. For instance, the individual New Car Assessment Program (NCAP) has been introduced by various countries such as Euro NCAP, Chinese C-NCAP, ASEAN NCAP other than Global NCAP. Earlier the technology was employed for high-end cars to provide better comfort. With the increasing focus on safety, the market potential for ADAS has been extended to mid-range cars as well. A major restraint to the market is the additional cost associated with the ADAS. Moreover, the trade war between major automotive export countries such as the US & China, and Japan and South Korea are is also expected to increase the manufacturing cost of the component, which will increase the market value.
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The ADAS market is segmented on the basis of technology, system, and vehicle type. By technology, the market is segmented into Cameras, LiDAR, Radar, and Wi-Fi. All these find a significant application in a vehicle. LiDAR technology is widely adopted for the self-driving vehicle by companies such as Google (Waymo) and Tesla, which is expected to provide a significant market growth to the segment. Radar technology is widely used for a short distance and will find significant growth due to the shift from 20s GHz technology to 70s GHz technology in the upcoming period. By vehicle type, the market is segmented into two-wheelers, passenger cars, commercial vehicles, and construction equipment. The passenger vehicle segment is expected to have a major market share along with a considerable growth rate during the forecast period.
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By system, the market is divided into Adaptive Cruise Control, Intelligent Park Assist, Electronic Stability Control, Automatic Emergency Braking, Blind Spot Detection, Driver Monitoring System, Forward Collision Warning, Lane Departure Warning, Night Vision System, Pedestrian Detection System, and Others. Among these, Adaptive cruise control, Electronic stability system, and Intelligent Park Assist are expected to have a major market during the forecast period. Regulations related to these technologies have been already introduced in various economies including the US, and European countries.
Market Segmentation
ADAS Market by Technology
- Camera
- LiDAR
- Radar
- WiFi
Global ADAS Market by System
- Adaptive Cruise Control (ACC)
- Intelligent Park Assist (IPA)
- Electronic Stability Control (ESC)
- Automatic Emergency Braking (AEB)
- Blind Spot Detection (BSD)
- Driver Monitoring System (DMS)
- Forward Collision Warning (FCW)
- Lane Departure Warning (LDW)
- Night Vision System (NVS)
- Pedestrian Detection System (PDS)
- Other (Cross Traffic Alert, Road Sign Recognition, Adaptive Front Light)
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