Advanced Driver-Assistance Systems (ADAS) Market to Reach US$ 72.9 Billion by 2026, Globally |CAGR: 15.9%|UnivDatos Market Insights
NOIDA, India, Dec. 4, 2020 /PRNewswire/ -- A comprehensive overview of the advanced driver-assistance system market is recently added by UnivDatos Market Insights to its humongous database. The advanced driver-assistance system market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the advanced driver-assistance system market. The advanced driver-assistance system market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the advanced driver-assistance market at the global and regional levels. The Global Advanced Driver-Assistance System (ADAS) Market is expected to grow at a CAGR of 15.9% from 2021-2026 to reach US$ 72.9 billion by 2026.
Market Overview
The advanced driver-assistance system is an intelligent system installed inside the vehicles that assist and supports the driver while driving or during parking and reduce the chance of road accidents and the associated casualties. In 2015, there were around 6.09 billion passenger cars sold globally, and the number reached 6.43 billion in 2019. Moreover, the OEMs are doing strategic alliances with the technology providers to develop ADAS owing to the surging number of road fatalities across the globe. For instance: In 2019, Hyundai Motor Company announced its investment in tech company "Netrasyne" to develop advanced driver assistance systems. On an estimate, it is expected that by 2024, nearly 18.43 million cars plying on roads will have at least level 2 automation, which allows drivers to take their hands off from the wheel. ADAS market is expected to grow significantly over the forecast period due to increasing demand for autonomous vehicles.
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COVID-19 Impact
The outbreak of COVID-19 has adversely impacted the industries and left a negative impact on the sales of automobiles in 2020 as the end-users limited their discretionary purchases. In a study, it was found that the sales of passenger cars witnessed a decline of around 20% in 2020 as compared to 2019. In 2020, passenger car sales reached 71 million units. However, it is expected that after COVID-19, with the stabilization in the global economy, the demand for car sales would witness an uptick, therefore the market for ADAS would also in the case. Moreover, during the COVID-19 pandemic, the government's across countries announced the temporary lockdown due to which the manufacturing facilities shut down and production stopped. Moreover, the disruption in the supply chain leads to a shortage of automotive components. Therefore, the demand and market also got hampered.
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Global Advanced Driver-Assistance System Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By System Type, the market is primarily bifurcated into
- Adaptive Cruise Control (ACC)
- Intelligent Park Assist (IPA)
- Automatic Emergency Braking (AEB)
- Adaptive Front Light (AFL)
- Blind Spot Detection (BSD)
- Lane Departure Warning (LDW)
- Drowsiness Monitor System (DMS)
- Other Advanced Driver-Assistance Systems (ADAS) Systems Market
The intelligent park assist dominated the system type segment of the global advanced driver-assistance market and will row at 13.5% CAGR to reach US$ 17.3 billion by the year 2026.
By Sensor Type, the market is primarily segmented into
- Image Sensor
- LiDAR Sensor
- Ultrasonic Sensor
- Radar Sensor
- Other Advanced Driver-Assistance Systems (ADAS) Sensor Type
Amongst sensor type, image sensor accounted for the largest share and is expected to grow at 14.1% CAGR during the forecast period 2021-2026. In 2019, the image sensor segment accounted for a revenue share of almost 35.9% in 2019.
By Vehicle Type, the market is primarily studied into
- Passenger Vehicles
- Light Commercial Vehicle
- Heavy Commercial Vehicle
In 2019, the Passenger Vehicles segment dominated the global advanced driver-assistance system market with nearly 52.8% of the market share and it is anticipated by 2026, the segment will garner US$ 39.6 billion of the market.
By Distribution Channel, the market is primarily segmented into
- Original Equipment Manufacturer
- Aftermarket
Amongst Distribution Channel, Original equipment manufacturer accounted for the largest share and is expected to grow at 14.2% CAGR during the forecast period 2021-2026. In 2019, the Original equipment manufacturer segment accounted for a revenue share of 79.1% in 2019.
Advanced Driver-Assistance System Market Geographical Segmentation Includes:
- North America (the United States, Canada, and Rest of North America)
- Europe (Germany, United Kingdom, Italy, France, Spain and Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific)
- Rest of the World
Based on the estimation, the Europe region dominated the advanced driver-assistance system market with almost US$ 11.3 billion revenue in 2019. At the same time, the Asia-Pacific region is expected to grow remarkably with a CAGR of 18.5% over the forecast period on account of the surging strategic alliances between technology providers and OEMs.
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The major players targeting the market includes
- Robert Bosch
- Continental AG
- Autoliv Inc.
- Aptiv
- Delphi Automotive Company
- ZF Friedrichshafen
- Denso Corporation
- Hella KGAA Hueck & Co
- Hyundai Mobis
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the advanced driver-assistance market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the advanced driver-assistance market?
- Which factors are influencing the advanced driver-assistance market over the forecast period?
- What are the global challenges, threats, and risks in the advanced driver-assistance market?
- Which factors are propelling and restraining the advanced driver-assistance market?
- What are the demanding global regions of the advanced driver-assistance market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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