ADAS Market Size, Growth, Demand, Opportunities & Forecast To 2027

The global ADAS market is projected to reach USD 74.9 billion by 2030, from USD 27.2 billion in 2021, at a CAGR of 11.9%. The growth of the market is driven by the growing demand for driver assistance systems and stringent safety mandates for a safer driving experience.

Upcoming safety mandates and increasing focus on sophisticated driving assistance features would spur the growth of ADAS solutions. Increasing focus on active safety systems and car assessment programs would drive the demand for ECUs in modern vehicles.

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The increasing number of accidents due to distractions as well as alcohol-impaired driving fatalities have become a major concern for lawmakers and have sparked the demand for advanced safety features such as driver monitoring systems, automatic emergency braking, lane departure warning, and others.

The European Union has outlined Vision Zero, an initiative to mitigate road deaths to zero by 2050. The authority targets to reduce fatalities and injuries by 50% by 2030. The strategic plan also includes mandating major safety features such as lane departure warning, automatic emergency braking, and drowsiness and attention detection in new vehicles by 2022.

Governments in countries such as India, China, the US, and European countries are subsidizing electric infrastructure, which has resulted in the growth of the BEVs segment. OEMs are focusing on launching new electric variants of existing ICE models. In addition, owing to tough competition from major EV manufacturers such as Tesla, major OEMs have planned to introduce more safety and driving assistance features to stay competitive. Leading automakers such as Nissan, Tesla, and Audi are increasingly focusing on green vehicles with more driving comfort features. Hence, the demand for ADAS solutions in the electric vehicle segment is expected to rise during the forecast.

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Increasing investment by major OEMs and tier 1 auto component manufacturers to develop L3 driving systems is likely to spark the adoption of more driving assistance systems in upcoming vehicles. For instance, ZF unveiled its coASSIST level 2+ driving system in January 2020 in an under USD 1,000 price range. Such affordable ADAS solutions will increase the penetration of major ADAS features in a standard ADAS package. According to the company, it will be in production with a major Asian OEM by the end of 2020. ZF offers copilot, a scalable ADAS solution for level 2+ to level 4 driving systems, which was co-developed with NVIDIA.

OEMs are also increasingly working closely with tier 1 players and software providers to deploy autonomous driving systems. Components for fully autonomous vehicles such as LiDAR are currently expensive, and the reliability of these components is still being explored. However, the cost of LiDAR is significantly decreasing over time. For instance, Volvo announced plans to produce vehicles with LiDAR in 2022. The automaker partnered with Luminar, a major LiDAR technology focus startup. According to the company, LiDAR cost can be low as USD 1,000 for level 5 autonomy and USD 500 for driving assistance if produced at a scale. LiDAR systems are also being used in the development of fully autonomous cars by companies such as Waymo (US), Ford Motor Company (US), Nissan Motor Company (Japan), and others. These autonomous cars have performed well under controlled conditions and are expected to be fully commercialized in the coming years. More development in L3, L4, and L5 driving systems would further strengthen the ADAS market.

Key Market Players:

The ADAS market is dominated by global players such as Robert Bosch (Germany), Continental AG (Germany), ZF Friedrichshafen (Germany), Denso (Japan), Aptiv (UK), Valeo (France), Magna International (Canada). These companies have adopted strategies of new product development, expansions, collaborations, partnerships, and mergers & acquisitions to gain traction in the market.

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This release was published on openPR.