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Global ADAS Market is Anticipated to grow at a Significant Pace i.e., USD 72.6 Billion during the Forecast Period 2021-2027

01-17-2022 07:11 PM CET | Logistics & Transport

Press release from: VynZ Research

ADAS Market

ADAS Market

The global ADAS market is expected to grow at a CAGR of 11.6% during 2021-2027. ADAS offers an extensive range of active and passive systems designed to provide safety, comfort, and efficiency, and improve the safety and security of drivers, passengers, and pedestrians. There is a need to comply with safety mandates and rising demand for semi-autonomous driving systems will fuel the growth of the ADAS market. Moreover, emphasis by the government to focus on vehicle and pedestrian safety, steps taken by OEMs to offer advanced safety features, innovation in autonomous vehicles, and stringent regulations imposed by government authorities will fuel the growth of the ADAS market.

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Continental AG has announced that it has signed a joint venture contract with Beijing Horizon Robotics Technology R&D Co., Ltd and is focused on providing hardware and software integrated solutions for advanced driver assistance systems (ADAS) and autonomous driving.

The COVID-19 outbreak has led to the temporary suspension of vehicle production and supply disruptions, resulting in a halt in the automotive industry. However, the market is anticipated to witness robust growth in 2022 as mandates regarding safety regulations will be imposed and deployment of autonomous driving systems will take place, resulting in the growth of the global ADAS market.

Based on system type, the global ADAS market is divided into Intelligent Park Assist (IPA), Lane Departure Warning (LDW), Road Sign Recognition (RSR), Tire Pressure Monitoring System (TPMS), Night Vision System (NVS), Automatic Emergency Braking (AEB), Adaptive Cruise Control (ACC), Adaptive Front Light (AFL), Blind Spot Detection (BSD), Cross-Traffic Alert (CTA), Driver Monitoring System (DMS), Forward Collision Warning (FCW), Adaptive Front Light, Pedestrian Detection System, Traffic Jam Assist, and others. The intelligent park assist system is anticipated to have the highest CAGR during the forecast period 2021-2027 as it involves less cost, easy installation process, and is applied in an extensive range of vehicles. It spots the objects in the surroundings of the vehicle and assists the driver to park the car easily.

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APAC is anticipated to have the fastest growth owing to the rising demand for ADAS in countries like Japan, China, South Korea, etc. The advancement in infrastructures like high-speed internet connectivity, organized roads, lane markings, and availability of GPS is anticipated to propel the use of ADAS in the APAC region. Various European and American automobile manufacturers like Volkswagen (Germany), Mercedes Benz (Germany), and General Motors (US) have shifted their production plants to emerging economies.

Some of the major players in the global ADAS market include Valeo, Robert Bosch GmbH, Continental AG, ZF Friedrichshafen AG, DENSO CORPORATION, Aptiv, Hyundai Mobis, Autoliv Inc., NXP Semiconductors, and Magna International Inc.

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About VynZ Research

VynZ Research is a market research firm offering research, analytics, and consulting services on business strategies. The company focuses on providing valuable insights on various technology verticals such as Chemicals, Automotive, Transportation, Energy, Consumer Durables, Healthcare, ICT and other emerging technologies. VynZ Research assists enterprises to take strategic decisions for helping their businesses to grow. The reports developed by VynZ are based on market facts that include comprehensive analysis and quantification of market drivers, industry dynamics, opportunities, challenges, threats, market shares and anticipated new trends & technologies arising across a wide range of industries.

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