Advanced driver assistance system (ADAS) is an intelligent safety system that offers assistance to driver in terms of traffic control, road safety and also aids in enhancing the driving experience. Various features such as lane monitoring, automate lighting, adaptive cruise control, etc. are offered by advanced driver assistance system.
Asia Pacific market is expected to witness significant growth in terms of revenue in the global advanced driver assistance systems (ADAS) market over the next 10 years
Increasing incidence of road accident and increasing demand for advanced automotive safety system are key factors driving growth of the global advanced driver assistance system. In addition, stringent government regulations for road safety in countries such as the US, Germany, UK, is a major factor driving growth of the global advanced driver assistance system (ADAS) market. Technological advancements such as rising penetration of connected cars, coupled with integration of human machine interface (HMI) with ADAS system is expected to create business opportunities for major automakers and ADAS suppliers in the global market over the forecast period.
Major factors restraining growth of the global advanced driver assistance systems (ADAS) market are high installation and high manufacturing costs. In addition, lack of awareness among car buyers about advanced driver assistance system is another factor hampering growth of the target market.
The global advanced driver assistance systems (ADAS) market is segmented on the basis of solution, sensor type, and region. On the basis of region, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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North America dominates the global advanced driver assistance systems (ADAS) market in terms of revenue contribution and is expected to maintain its dominance over the forecast period. This dominance can be attributed to presence of major ADAS suppliers in countries in this region and stringent government regulation for vehicle and road safety. The market in Asia Pacific is expected witness fastest growth and is expected to register highest CAGR over the next 10 years.
Key players in the global market are Continental AG, Delphi Automotive Plc, Magna International, Denso Corporation, Robert Bosch GMBH, Autoliv Inc., Takata Corporation, Hyundai Mobis, Gentex Corporation, HARMAN International, and other prominent players.