ADAS Market Report 2022: Growth Forecast & Industry statistics Till 2030
ADAS market from LiDAR sensors will hold a major share by 2030. These sensors are being heavily used by autonomous vehicle manufacturers to improve the driving experience of their customers. They help the car ‘see’ its surroundings better, helping drivers get a 360-degree view of the traffic and road lanes.
Many companies are entering into partnerships to boost their competitive edge and expand their customer base. For instance, in January 2022, luxury carmaker Mercedes-Benz partnered with Luminar Inc., one of the leading LiDAR developers, to supply LiDAR sensors for its autonomous driving systems. This strategy will positively influence the development of automated driving technologies.
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Road safety has been a major issue for customers as well as authorities for several years. The rising mortality rate from vehicle accidents has urged governments to strengthen traffic laws. According to the European Commission, around 19,800 people were killed across Europe in road crashes in 2021.
Automatic Emergency Braking (AEB) system can reduce fatalities to a great extent, because it stops or slows the vehicle down if there are high chances of a collision. As per reports by Consumer Reports and Insurance Institute for Highway Safety (IIHS), more than 12 top carmakers installed AEB systems in nearly all their vehicles for 2021.
Robust advancements in vehicular technologies will positively impact global ADAS market forecast. Growing frequency of traffic congestions and increased focus on safety has made it increasingly difficult for people to navigate through heavy traffic, thereby fueling the need for innovative car technologies.
Rising concerns regarding road safety have prompted automakers to deploy ADAS systems to reduce the incidence of road accidents. Governments across the world are introducing a variety of initiatives to enhance road safety and encourage companies to take steps to ensure vehicle safety.
For example, in June 2020, the National Highway Traffic Safety Administration (NHTSA) launched the AV-TEST initiative to provide U.S. citizens easy and direct access to information about the testing of vehicles equipped with ADAS systems. This will enhance the public’s knowledge about the safety precautions taken, on-road testing, and principles guiding the testing. the ADAS market value worldwide will surpass USD 100 billion by 2030.
Europe has a large presence of reputed luxury car manufacturers. The region is also one of the leaders in innovative technologies like automation and robotics. Automakers, such as Mercedes-Benz, Audi, and BMW are incorporating ADAS technologies into their products to not only contribute toward the progress of car automation but also take steps to improve road safety.
According to a new EU regulation announced in March 2022, ADAS systems will be a mandate in all new automobiles manufactured in and after summer 2022, with the mandate being applicable for used cars from May 2024 onward. The European Transport Safety Council (ETSC) had announced that all buses, cars, trucks, and vans should be equipped with ‘black boxes’ for additional safety.
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Some Point from Table of Contents:
Chapter 7 ADAS market, By Vehicle
7.1 Key trends, by vehicle
7.2 PCV
7.2.1 Market estimates and forecast, 2018 - 2030
7.3 LCV
7.3.1 Market estimates and forecast, 2018 – 2030
7.4 HCV
7.4.1 Market estimates and forecast, 2018 - 2030
Chapter 8 ADAS market, By Distribution
8.1 Key trends, by distribution
8.2 OEM
8.2.1 Market estimates and forecast, 2018 - 2030
8.3 Aftermarket
8.3.1 Market estimates and forecast, 2018 – 2030
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