Major players in the ADAS market are Continental AG, Denso, Magna International, Robert Bosch, NXP Semiconductors, Panasonic, Renesas Electronics, Texas Instruments, Hyundai Mobis, ZF Friedrichshafen, Mobileye, Autoliv Inc, Nvidia, Hitachi, and TRW Automotive Holdings Corp.
New York, June 28, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Advanced Driver Assistance Systems (ADAS) Global Market Report 2022" - https://www.reportlinker.com/p06286066/?utm_source=GNW
The global ADAS market is expected to grow from $26.99 billion in 2021 to $31.36 billion in 2022 at a compound annual growth rate (CAGR) of 16.17%. The ADAS market is expected to reach $57.77 billion in 2026 at a CAGR of 16.51%.
The advanced driver assistance systems (ADAS) market consists of sales of ADAS and related services by entities (organizations, sole traders, and partnerships) that refers to passive or active electronic systems designed to reduce human error component during the operations of vehicles.These systems utilize a wide range of technologies to assist the driver during driving and improve driving performance.
Sensors such as radar and cameras are used to provide information to the driver or to take automatic action which prevents injuries and deaths caused by car accidents.
The main types of ADAS include tire pressure monitoring system (TPMS), drowsiness monitor system, intelligent parking assist system (IPAS), adaptive cruise control system, blind spot object detection system, lane departure warning system, adaptive front-lighting system, and others.Adaptive front-lighting system refers to electronics or sensor-based systems, designed to help in adjusting the lights depending on vehicle speed and steering input.
The offering offered in ADAS includes hardware and software and these systems are used in passenger vehicles, commercial vehicles, buses, and trucks.
North America was the largest region in the ADAS market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the ADAS market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing government regulations for mandatory ADAS implementation in vehicles are propelling the advanced driver assistance systems market.The governments across the globe are implementing mandatory ADAS inclusion regulations in the vehicle to strengthen driving convenience and safety of the drivers and commuters.
For instance, in May 2019, The European Regulation adopted a new regulation No.2019/2144 that requires all vehicle manufactures across the EU to incorporate ADAS into their new vehicles starting from mid-2022. This regulation was focused on increasing general safety of motor vehicles and protection of vehicle occupants, and vulnerable road users, in a move to decrease the number of road accidents. Therefore, the increasing regulations for mandatory implementation of ADAS in vehicles are driving the growth of advanced driver assistance systems.
Technological advancements are a key trend gaining popularity in the ADAS market.Major companies operating in the ADAS market are focused on developing new technological solutions to strengthen their position through the implementation of next-generation ADAS technologies into their products such as sensor fusion, embedded vision, HMI, software infrastructure, and autosar.
For instance, In September 2021, ZF Friedrichshafen, a German-based company, launched a high-performance Mid-Range Radar (MRR), the nextgen advancement in the ADAS tech market, which is designed to meet safety ratings and enable semi-automated driving functions. The Mid-Range Radar has modes that provide the proper resolution and range tuned for the driving situation.
In June 2021, Magna International Inc., a Canada-based manufacturer and developer of advanced mobility technologies acquired Veoneer, Inc. for $3.8 billion. This acquisition, expands Magna’s ADAS product portfolio and industry position, as this provides access to new customers and new regions, including Asia. The acquisition also provides access to engineering and software expertise such as sensor perception and drive policy software. Veoneer, Inc. is a Sweden-based manufacturer and developer of automotive safety technologies.
The countries covered in the ADAS market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06286066/?utm_source=GNW
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