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The global advanced driver assistance system (ADAS) market was valued at $19.8 billion in 2015. The market is expected to reach $99.6 billion by 2022, witnessing a CAGR of 27.0% during 2016–2022.
Among all regions, the Asia-Pacific (APAC) ADAS market is expected to witness the fastest growth during the forecast period. Increasing urbanization and growing demand for high-end vehicles in APAC are the key reasons for the high growth of the ADAS industry in the region. Also, the sale of passenger cars is moderate in developed countries, and the market for high-end cars has been up surging. These factors will boost the demand for ADASs.
Forces Governing ADAS Market
Key trend observed in the ADAS market is increasing number of partnerships and collaborations among market players to expand their footprint and consumer base, and to upgrade their product portfolios. For instance, Valeo SA entered into two agreements in 2015 with Safran SA and Mobileye NV. Partnership with Safran aimed at enhancement in driving aids for autonomous vehicles. On the other hand, under the partnership with Mobileye, Valeo will design front-facing camera solutions and products based on sensor fusion with the use of Mobileye’s EyeO microprocessors and computer vision algorithms. During the same year, Robert Bosch collaborated with Axel Springer Media Entrepreneurs to develop products with connected mobility solutions including digital content.
With the advancement in technology, the demand for safety and comfort features in vehicles has been increasing. This is one of the major factors propelling the growth of the ADAS market. Improvement in technology of sensor has led to development of electronic equipment. This is encouraging vehicle manufacturers to equip their vehicles with advanced features. Applications of ADASs, such as adaptive cruise control and parking aid system, have been introduced to provide comfort to drivers.
Segmentation Analysis of ADAS Market
Based on component, the ADAS market was dominated by system category during the historical period. The category held more than 75% value share in 2015. Furthermore, when classified on the basis of type in the ADAS system market, tire pressure monitoring system (TPMS) category is expected to witness the highest growth during the forecast period, due to its mandatory installation in vehicles in several European countries.
On the basis of technology in the ADAS sensor market, radar ADAS sensor category dominated the market in 2015. However, its share is expected to decline during the forecast period. Whereas, the market for ultrasonic ADAS sensors is expected to grow at the fastest pace during the forecast period.
Geographical Analysis of ADAS Market
Geographically, Europe held the largest share in the ADAS market in 2015. The region is the largest premium passenger car market, which makes it the global leader in the ADAS industry.
Competitive Landscape of ADAS Market
The ADAS market is consolidated in nature, characterized by the presence of established companies, such as Magna International Inc., Autoliv Inc., Continental AG, Robert Bosch GmbH, Valeo SA, Ford Motor Company, BMW Group, Denso Corporation, and Audi AG.
Recent Strategic Developments of Major ADAS Market Players
Players in the global ADAS market have been involved in several strategic activities, such as product launches, and partnerships and collaborations. For instance, in January 2015, Continental launched electronic horizon (eHorizon). Functioning of the product is based on the principle of cloud sourcing that develops car as moving sensor, and allows exchange of data between the cloud and vehicle. In April 2015, Valeo signed a partnership agreement with Safran to enhance driving aids for autonomous vehicles.
Key Questions Addressed/Answered in the Report