Advanced driver assistance system market is projected to showcase favorable growth on account of rising emphasis on improving overall vehicle & passenger safety. Increasing number of research and development activities geared towards integrating advanced technologies like AI to enhance safety features of automobiles could boost the ADAS industry growth.
Automakers are concentrating on developing and launching new vehicle models with advanced safety systems that allow real-time monitoring and ensuring optimum vehicle safety. Incorporation of AI and machine learning in ADAS would considerably lower the chances of false alarm & missed detection, and offer high accuracy.
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Numerous countries across the globe have begun to impose strict mandates and regulations that promote the use of safety systems like ADAS into vehicles to minimize the frequency of road accidents. According to reports, North America advanced driver assistance system market recorded a 30% share in 2019. The U.S. is one of the key countries to adopt latest automotive technologies with presence of global automobile biggies like Ford, & Fiat Chrysler.
Increasing emphasis on passenger safety has compelled companies to shift their efforts on developing ADAS technologies for mid-range vehicles. As a result, companies have started to collaborate with innovative technology providers to improve their ADAS systems while their cost-effectiveness.
Citing an instance, earlier in 2020, Phantom AI joined forces with Renesas to deliver full-stack Level 2 ADAS solutions. Companies are planning to democratize the use of advanced driver assistance systems to minimize fatal accidents and offer users a more enhanced driving experience. The advanced driver assistance system market might reach USD 60 billion by the year 2026.
However, the ongoing COVID-19 crisis has significantly deteriorated production capabilities of the automobile sector due to lack of manpower and overall supply chain. Meanwhile, shutdown of prominent manufacturing units has worsened the business scenario for automotive companies. Besides, the outbreak has even affected the consumer buying power, thereby causing a steep decline in vehicle sales. Factors like these might adversely affect the advanced driver assistance system market growth.
Industry players however are planning to uplift their business graph by launching new initiatives like “the Automated Drive Series” that help stimulate the demand for new ADAS technologies by exhibiting multiple technologies from different companies. The initiative which was conducted by VSI Labs intends to showcase the abilities of AV & ADAS solutions across a diverse range of driving conditions like rough terrains, adverse weather, and unfamiliar environments.
Prominent players like Autoliv Inc., Bosch Group, Denso Corporation, Continental AG, Hyundai Mobis, and Delphi Technologies are constantly focusing on developing advanced products to expand their consumer base. In addition to this, companies are signing multiple strategic deals to integrate state-of-the-art technologies into their product offerings. Taking July 2019 for instance, Velodyne Lidar, Inc. signed an acquisition deal with Mapper.ai to incorporate its localization and mapping software into Velodyne’s ADAS solutions.
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Partial Chapter of the Table of Content
Chapter 6. Advanced Driver Assistance System Market, By Sensor (Revenue)
6.1. Key trends, by sensor
6.2.1. Market estimates and forecast, 2016 – 2026
6.3.1. Advanced Driver Assistance System Market estimates and forecast, 2016 – 2026
6.4.1. Market estimates and forecast, 2016 – 2026
6.5.1. Market estimates and forecast, 2016 – 2026
6.6. Image sensor
6.6.1. Market estimates and forecast, 2016 – 2026
Chapter 7. Advanced Driver Assistance System Market, By Vehicle (Revenue, Shipments)
7.1. Key trends, by vehicle
7.2.1. Market estimates and forecast, 2016 – 2026
7.3.1. Market estimates and forecast, 2016 – 2026
7.4.1. Market estimates and forecast, 2016 – 2026
Chapter 8. Advanced Driver Assistance System Market, By Distribution Channel (Revenue, Shipments)
8.1. Key trends, by distribution channel
8.2.1. Market estimates and forecast, 2016 - 2026
8.3.1. Market estimates and forecast, 2016 - 2026
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