ADAS And Autonomous Driving Components Market Size Worth To Be USD 118.03 Bn By 2027
The global ADAS and Autonomous Driving Components Market size was valued at USD 24.05 billion in 2019 and is anticipated to reach USD 118.03 billion by 2027 at a CAGR of 21.9%. Factors affecting the increasing demand for the Advanced Driver Assistance Systems (ADAS) market are the increasing government regulations globally related to the safety of the vehicle as well as the increasing demand for safe and efficient vehicles. Another factor that is helping the growth of the market is the surging demand for luxury cars which have the feature of Advanced Driver Assistance Systems built into them.
Technological advancement in advance driver-assistance systems (ADAS) and ongoing fast developments in autonomous and connected cars will extrapolate the growth of automotive sensors. Futuristic designs, greater degrees of vehicle automation, and improving vehicle efficiency & safety provided by the innovative automotive sensors manufactured by leading players in the market are deliberately being in demand in the automotive industry.
Extensive investment in R&D, continuous development and implementation has created a huge enforcement in the market. Many leading players in the automotive and IT industries are considering the market to be highly profitable and already started investing in this new business mix to come up with competitive solutions. Remarkable demand for the autonomous vehicle has created plethora of new opportunities and leading brands like Tesla, Honda, Toyota, and others are implementing the ADAS in their semi-autonomous and fully autonomous vehicles.
North America holds the largest share in the market on account of large demand for safe and efficient vehicles in the region. The region is forecasted to remain the largest share-holding region in 2027.
Increasing government initiatives in the region related to the safety of the passengers is the major proponent of the growth of the ADAS market in the European region. Germany, Norway, United Kingdom are some of the mentionable countries in this region.
The Asia-Pacific market is expected to witness steady growth over the forecasted period. Rising number of electric vehicles in the region in countries like China and India is one of the major factors propelling the growth of the ADAS market in the region.
The market for ADAS and Autonomous Driving Components Market is fairly in the fragmented side, with a number of conglomerates as well as medium-sized companies, which account for a major global share of the market. The crucial players involved in the ADAS and Autonomous Driving Components Market are desegregated across the value chain. The key companies of the market are well-equipped with large production facilities and are also engaged in various research & development activities. Some of the prominent players in the market include: Robert Bosch, ZF Friedrichshafen, Denso Continental AG, Valeo, Magna International, Veoneer, Hyundai Mobis, Aptiv, Analog Devices.
In January 2020, TTTech Auto, a global leader in the safety software platforms for autonomous driving (AD) and beyond, announced its acquisition of the Turkish software company Red Pine Software, an expert in ADAS. By this acquisition TTTech Auto created its firm growth strategy and increased its software development capacities for ADAS and Automated Driving series development projects that features its flagship product MotionWise.
Source : Emergen Research