Global Advanced Driver Assistance System (ADAS) Market to Exhibit a CAGR of 19.01% over the Forecast Period of 2018-2026
“According to a new market research report by Inkwood Research, the Global Advanced Driver Assistance System Market (ADAS Market), which accounted for nearly $4611 million in 2017, is all set to progress with a CAGR of 19.01%, generating an estimated $19077 million by the end of the forecast period of 2018-2026.”
Browse 22 market data Tables and 91 Figures spread over 164 Pages along with an in-depth TOC for the Global Advanced Driver Assistance System (ADAS) Market Forecast 2018-2026.
ADAS , which stands for Advanced Driver Assisted Systems, are specifically designed to support and complement the actions of a driver, and eventually substitute him for the control of the vehicle. These systems are equipped with sensors, camera, and radars to provide real-time assistance to the driver about his surrounding environment.
Efforts to curb road accidents driving the demand for ADAS
WHO estimates that nearly 1.2 million people die annually due to road accidents. Statistics show that more than 3/4th of these accidents are caused due to the driver’s inability to judge the driving conditions, especially on treacherous paths. Hence, to avoid the horrific outcomes of any spontaneous error by the driver or an error in the system design, a growing demand for Advanced Driver Assistance System (ADAS) has been observed in the global market. Other factors which are positively influencing the market expansion includes rising cases of automotive thefts, strict crash test ratings, concerning government regulations and higher demand for safety from the customers.
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Europe automotive industry shows the highest adoption rate for ADAS
Some of the world’s leading automotive giants are headquartered in Europe. Not only are these giants technologically advanced when it comes to driver assistance systems, but they are also better equipped to enhance their manufacturing facilities and other infrastructure further. Because of this, the ADAS market has seen a higher adoption in Europe as compared to other regional markets like the Asia-Pacific or the Americas. It was estimated that in the year 2017, Europe dominated the global ADAS market with over 34% share. The European government too, with its stringent safety standards like Euro NCAP, are contributing to the increased integration of these technologies in heavy commercial vehicles.
Parking Assistance Systems leads the ADAS market by solutions
The first parking assistance system was developed by Toyota Motor Corp. in 1999 for its hybrid Prius models and Lexus Models. A vehicle equipped with an Intelligent Parking Assist System (IPAS) can steer itself into a parking space via an in-dash screen and button controls, with little or no input from the user. An onboard computer that uses forward and rear cameras estimate the size of the parking space and manoeuvres the vehicle appropriately to be parked. Sensors located at similar locations detect the proximity of nearby vehicles, while the dashboard displays an image of the parking lot so that the driver can determine the exact position of the vehicle in the lot. Other popular ADAS market solutions include Adaptive Front Lighting System, Blind Spot Detection, Collision Warning and Night Vision Systems.
As of 2015, Audi, BMW, Ford, Honda, Hyundai, Mercedes, Nissan, Renault, Toyota and Volkswagen were the 10 top OEMs offering ADAS into the global market. Most of these companies are strengthening their position in the global market by entering into partnership agreements or merging with small players. For instance, Continental and Denso account for over 39% of the overall ADAS market with their tie-ups with automakers, while Audi, BMW and Mercedes accounted for over 20% of the overall market share on the buyer side in 2015.
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Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy; with an objective comprehension acknowledging their business environments. Our geographical analysis comprises of North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.