Report: ADAS market to reach $189 billion by 2026
High demand for safety features, stringent safety rules & regulations & increased requirement for comfort drive the growth in the global ADAS market.
PORTLAND, Oregon, Aug. 28, 2019 /PRNewswire/ — A new Allied Market Research report estimates the global advanced driver assistance systems (ADAS) market — valued at $39.63 billion in 2018 — will reach $189.14 billion by 2026.
High demand for safety features, stringent safety rules and regulations, and increased requirement for comfort drive the global ADAS market growth. However, high initial cost, complex structure, and lower efficiency in bad weather conditions restraint the growth of the market. On the other hand, technological advancements in advanced driver assistance system and production of multifunctional system is expected to provide growth opportunities for the market.
Adaptive front-lighting system segment dominated in terms of revenue:
Based on system type, the adaptive front-lighting system segment accounted for the major share in 2018, contributing more than one-fifth of the total share. This is due to the ability of adaptive front lighting systems to enhance the driving experience along with improving the safety of both pedestrians as well as occupants. Contrarily, the tire pressure monitoring system (TPMS) is expected to register the highest CAGR of 28.6% from 2019 to 2026. This is attributed to the factors such as improved safety, accident avoidance, efficient fuel consumption, and others.
Radar sensor segment to continue its dominant share by 2026
Based on sensor type, the radar sensor segment held the highest market share in terms of revenue in 2018, contributing for nearly one-third of the total share. This segment is expected to continue its dominant share during the forecast period. This is due to factors such as long range, unlimited potential to extend functions such as stop-and-go support in other applications, and excellent performance in range & angle or angle measurement. On the other hand, the infrared (IR) sensor segment would register the fastest growth rate, with a CAGR of 27.0% from 2019 to 2026. This is due to IR sensor provides night vision in vehicles, and is low in cost.
Passenger car segment to contribute highest share during the forecast period
On the basis of vehicle type, the passenger car segment held the highest market share in terms of revenue in 2018, contributing more than three-fourths of the total share. This is due to high sale of passenger vehicles as compared to other commercial vehicles. On the other hand, the buses segment would register the fastest growth rate, with a CAGR of 31.7% from 2019 to 2026. This is due to factors such as avoidance of accidents by installation of systems such as blind spot detection, adaptive cruise control, and others.
Europe to contribute the highest share, North America to follow
Europe contributed nearly two-fifth of the total share in 2018, due to the factors such as high demand for comfort driving and implementation of Euro-NCAP ratings for cars.
On the other hand, North American region has contributed the second highest revenue in 2018, on the basis of region. LAMEA is estimated to grow at the highest CAGR of 26.8% from 2019 to 2026, due to supportive government mandates and improvements in the economic conditions of the region.
Leading market players
- Magna International Inc.
- Continental AG
- Autoliv Inc.
- DENSO Corporation
- ROBERT BOSCH STIFTUNG GMBH (ROBERT BOSCH GMBH)
- NXP Semiconductors
- Panasonic Corporation
- Renesas Electronics Corporation
- Texas Instruments
- Delphi Automotive Company
- Hyundai Mobis