The advanced driver assistance system market is likely to exceed a valuation of $60 billion by the end of 2026, according to a research report by Global Market Insights.
Growing number of research and development activities centered on integrating technologies like AI to enhance passenger safety is stimulating the development of new ADAS systems.
The advanced driver assistance systems form an integral and intelligent cog of the automobile interiors. These systems assist the main driver in ample ways by providing them the vital information about traffic, roadblock, congestion levels, suggested routes, and others.
Furthermore, ADAS are also used to monitor the fatigue and distraction levels of the human driver thereby developing precautionary alerts for safe and sound driving. Evidently, the driver assistance systems are making way for the automated driving in this era of living.
Increasing vehicle safety regulations and standards globally will influence the advanced driver assistance system market trends in the coming years.
To leverage competitive advantage, various companies form strategic agreements while introducing advanced technologies in the market.
For instance, Velodyne Lidar bought Mapper.ai in July 2019 in a view to integrate mapping and localization software into its ADAS applications.
With the rise in demand for semi-automatic and automatic vehicles that are fully equipped with advanced technology, detecting any obstruction near the vehicle such as cars, cyclists and pedestrians is possible with LiDAR technology.
The segment is expected to rise at nearly 10 percent compound annual growth rate from 2020 to 2026. The laser-based sensors create a 3D model of surroundings near the vehicle and helps in taking quick decision prior to any kind of collision.
In 2019, advanced driver assistance system market share in North America was around 30 percent with growing awareness about advanced vehicle safety systems and luxury features such as self-driving technology, infotainment.
The United States, which is the home of major automobile companies such as Volvo, Fiat Chrysler and Ford, is adopting these latest advanced technologies, and creating a huge product demand for ADAS solutions.
To take technological advantage and expand their businesses, major automobile companies are involved in creating and innovating new product range. For an example, in February 2020, Continental AG announced their expansion of production capacity for ADAS system and RADAR sensors by constructing a new plant in Texas, US.
Some major industry players developing and providing advanced driver assistance solutions are:
- Delphi Technologies;
- Hyundai Mobis; and
- Texas Instruments.
The outcome of technological enhancements encompass accurate data and information to identify and eliminates problems.