The Global Advanced Driver Assistance System (ADAS) Market to Gain $80.974 Billion by 2027

According to a Triton Market Research report, the global Advanced Driver Assistance (ADAS) market, which generated $16.915 billion in 2018, is estimated to grow at a CAGR of 19.46% by the year 2027.

A study by Triton Market Research with the title 'Global Advanced Driver Assistance (ADAS) Market,' covers the Global Analysis and Forecast for 2019-2027 by Vehicle Type (Heavy Commercial Vehicles, Light Commercial Vehicles), by Components (Sensor [Ultrasonic, Radar, Lidar, Image, Laser, Infrared], Software, Processor, Other Components), by Level of Automation (Level 1, Level 2, Level 3, Level 4, Level 5), by Solutions (Tire Pressure Monitoring System, Lane Departure Warning Systems, Blind Spot Detection, Adaptive Cruise Control, Traffic Sign Recognition Systems, Parking Assistance Systems, Adaptive Front Lighting Systems, Collision Warning Systems, Electronic Stability Control, Driver Drowsiness Detection, Advanced Emergency Braking System, Other Solutions) and by Geographical Region (Asia-Pacific, North America, Europe, Latin America, Middle East and Africa).

The advanced driver assistance system (ADAS) refers to a system that is developed to complement the driver's actions and consequently replace them in the control of the vehicle. It is enabled with the camera, radar and sensors to help the drivers with real-time data about the surrounding environment.

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As per the report, the Global Advanced Driver Assistance System market is predicted to reap $80.974 billion by 2027, growing with a CAGR of 19.46% in the forthcoming period 2019-2027. The rapidly growing automotive industry and the growing production of vehicles are primarily driving the global ADAS market growth. Rising concerns regarding the security of vehicles are likely to push the demand for the ADAS market globally. Strict crash test ratings disclosed by the government have compelled the companies to comply with the safety standards, thereby fuelling the demand for ADAS. Moreover, there is an increased awareness among the people regarding ADAS and its benefits, which is expected to aid market growth. However, the huge costs of the ADAS systems and the technological limitations are restraining the global ADAS market growth.

Based on vehicle type, the ADAS market is segmented into heavy commercial vehicles and light commercial vehicles. According to the components, the market is divided into sensor, software, processor and other components. Within the sensor, it is sub-segmented into ultrasonic, radar, lidar, image, laser and infrared. While according to the level of automation, the ADAS market is categorized into Level 1 (Advanced Driving Assist Systems), Level 2 (Partial Automation), Level 3 (conditional automation), Level 4 (High Automation) and Level 5 (Full Automation). Based on solutions, the market is segmented into tire pressure monitoring system, lane departure warning systems, blind spot detection, adaptive cruise control, traffic sign recognition systems, parking assistance system, adaptive front lighting systems, collision warning systems, electronic stability control, driver drowsiness detection, advanced emergency braking system and other solutions.

Considering the geographical landscape, Europe is likely to be the fastest-growing region for the advanced driver assistance system (ADAS) market in the forecasted period. It is also expected to be the largest ADAS market with the highest revenue in the world. Europe is witnessing considerable growth in the Sport, Luxury and Autonomous cars market, which are the major segments employed with ADAS, thereby indicating the directly proportional growth of the ADAS market in the region. The rising investments in European countries, including Germany and France, are also boosting the regional market growth.

Some of the eminent companies in the ADAS market are Continental AG, Denso Corporation, Autoliv Inc, Mobileye, Valeo, Panasonic, Magna International Inc and Hella GmbH & Co.

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Question & Answer: Advanced Driver Assistance System (ADAS) Market

Question 1: Which are the key drivers of the global ADAS market?
Answer: The rapidly growing automotive industry and the growing production of vehicles are primarily driving the global ADAS market growth. Rising concerns regarding the security of the vehicles are likely to push the demand for the ADAS market globally. Strict crash test ratings disclosed by the government have compelled the companies to comply with the safety standards, thereby fuelling the demand for ADAS. Moreover, there is an increased awareness among the people regarding ADAS and its benefits, which is expected to aid market growth.

Question 2: What are the factors restraining the growth of the global ADAS market?
Answer: The huge costs of the ADAS systems and the technological limitations are restraining the global ADAS market growth.

Question 3: How is Europe impacting the global ADAS market outlook?
Answer: Considering the geographical landscape, Europe is likely to be the fastest-growing region for the advanced driver assistance system (ADAS) market in the forecasted period. It is also expected to be the largest ADAS market with the highest revenue in the world. Europe is witnessing considerable growth in the Sport, Luxury and Autonomous cars market, which are the major segments employed with ADAS, thereby indicating the directly proportional growth of the ADAS market in the region. The rising investments in European countries, including Germany and France, are also boosting the regional market growth.

Question 4: Which are the companies in the ADAS market mentioned in the report?
Answer: Some of the eminent companies in the ADAS market are Continental AG, Denso Corporation, Autoliv Inc, Mobileye, Valeo, Panasonic, Magna International Inc and Hella GmbH & Co.

Related Report:
Global Parking Management Market

The global parking management market is estimated to reap a growth of $9505.60 million by 2027, proliferating at a CAGR of 11.68% during the projected period 2019-2027.

The ever-expanding automotive industry and the growing need for eliminating traffic jams are the primary drivers of the global market growth. The increased focus on traffic management will push the demand for efficient parking management systems, thereby aiding the market growth. The rising occurrence of automotive thefts and the rising concerns regarding security are likely to influence the parking management market positively. The benefits provided by the real-time information in parking management systems will attract new opportunities in the market.

The advent of advanced license plate recognition (LPR) technology is likely to open new horizons for the market growth. Moreover, rising smart city projects across the globe will boost the growth of the smart transportation market. As it enables optimal space utilization, an increase in the adoption of these systems is estimated over the coming years.

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