Advance driver assistance systems (ADAS) are expected to reach $143 billion by 2025 in the global market, according to a recent report published by Allied Market Research. The report titled, “Advance Driver Assistance Systems Market by Component Type: Global Opportunity Analysis and Industry Forecast, 2017-2025,” projects that the market, valued at $25.1 billion in 2016, will grow at a CAGR of 21.2 percent from 2017 to 2025.
ADAS applications have been heavily adopted in the European region; thus, this region contributes to maximum revenue in the global market, followed by North America, Asia-Pacific and LAMEA.
The ADAS market is driven by the forthcoming need for comfort, growth in government regulations related to safety, and high focus on consumer safety. However, pricing pressure, inflation, and complexity and difficulty in testing systems hamper the market growth.
In 2016, the system type dominated the component type segment in terms of revenue. Furthermore, based on system type, the adaptive front-lighting system led the global market, followed by lane-departure warning system in 2016. However, the tire pressure monitoring system segment is expected to witness the highest CAGR throughout the forecast period. Similarly, radar sensors led the overall market in 2016 in terms of revenue, followed by image sensor in sensor type segment.
Other key findings of the study included:
- The system type segment generated the highest revenue in the global ADAS market in 2016
- In 2016, adaptive front-lighting systems generated the highest revenue among the system type segment
- LAMEA is anticipated to exhibit the highest CAGR during the forecast period
The key players profiled in the report are Magna International Inc., Autoliv Inc., Continental AG, Robert Bosch GmbH, Valeo, DENSO Corp., NXP Semiconductor, Panasonic Corp., Renesas Electronics Corp. and Texas Instruments.