The technological advancements in the automotive industry are increasing in number with every step towards the future. The consumer preference is rapidly shifting towards products that provide luxury, safety, and comfort. Advanced Driver Assist Systems (ADAS) has gained traction over the last 2-3 years, with the European Union and the United States making it mandatory for all the vehicles in the respective regions to be equipped with autonomous emergency-braking systems and forward-collision warning systems by 2020. Governments of developed economies are focusing on crash avoidance rather than crash survival, hence, stringent regulations are being made to tackle the rising number of accidents.
Federal authorities such as National Highway Traffic Safety Administration (NHTSA), European Commission (EC), and Ministry of Land, Infrastructure, Transport and Tourism (MLIT), among others, are supporting and promoting an early integration of ADAS in automobiles. This is helping in the growth of the ADAS market, as well as, pushing the automakers to advance to semi-autonomous vehicles and ultimately, towards fully-autonomous vehicles. The automotive industry has experienced a visible surge in the number of vehicles with automated features such as adaptive cruise control, parking assistance, lane departure warning, traffic jam assist, automated emergency braking, and blind spot detection.
This surge could pave the way for the acceptance of fully or semi-autonomous vehicles among the consumers. Although ADAS is still at an initial phase in the market, and with the addition of telematics and connected cars features to the available ADAS features, the vehicles can be upgraded to autonomous or human independent vehicles. The technologies used for the current ADAS vehicles could also be used for the development for fully autonomous vehicles, which is now garnering importance from OEMs and technology players such as Google. Companies are investing enormously in the research and development related to autonomous components of a vehicle, and it is attracting other technology verticals such as semiconductor companies, which are now offering ADAS products and developing them.
Companies are focusing on different components that are incorporated into an autonomous vehicle. The market for ADAS and autonomous driving components is a bit ambiguous at present as it depends on the support an ADAS technology gets in the market. The market is also proportional to the development of autonomous vehicles, whose market is growing owing to the need for safety, rising demand for luxury cars as a result of the increasing disposable income of the middle-income population of the developing countries, and stringent government regulations. Hence, its components market has also witnessed a healthy growth in the last few years.
Currently, ADAS integrated vehicles share a major part in the global autonomous vehicles market, but this will be overtaken by vehicles with an inbuilt higher level of autonomous systems in the next decade. Components such as cameras, radars, ultrasonic sensors, LiDARs, and automotive ECUs in autonomous vehicles constitute the majority of applications for autonomy. The ADAS and autonomous driving components market generated $2.76 billion in 2016 and is expected to rise at a robust rate by 2026. Radars held the largest market share among the types of components in the year 2016 and mapping sensors are witnessing a growth in the demand currently. The market is evolving gradually and is expected to witness a rise in the competition among the market players. The main challenge to overcome for the market is the lack of awareness among the consumers about the ADAS and autonomous features.
BIS Automotive has conducted an extensive market research on ‘Global ADAS and Autonomous Driving Components Market – Analysis and Forecast: 2017 to 2026‘. The market intelligence report aims at providing an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.
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