The Advanced driver assistance system (ADAS) Market size was valued at USD 20.73 billion in 2021 and is predicted to reach USD 74.57 billion by 2030 with a CAGR of 14.2% during the forecast period from 2022 to 2030, reports ResearchAndMarkets.
Increasing demand of ADAS is mainly due to the rising demand for safety and driving comfort features along with upsurge in demand for luxury vehicles. Also, increased adoption of integrated radar and camera systems for ADAS application drives the growth of the ADAS market.
For instance, in 2021 Robert Bosch Investment, Ltd. developed an automated valet parking with Hycan Automobile Technology. This technology was installed in Hycan Z03. When the driver activates the automated valet parking function on the smartphone, the vehicle will automatically drive to the parking lot as commanded and park at the designated location by accurately identifying the direction while avoiding obstacles.
The automated valet parking technology is categorized under Level-4 autonomous driving. In addition, growing disposable income, economic stability, and rising preference for materialistic lifestyles are driving the sales of luxury vehicles worldwide. This, in turn, boosts the growth of the ADAS market.
The Asia Pacific market is projected to hold the lion share by 2030.
Asia-Pacific region holds the lion’s share of the global ADAS market at present, and is expected to drive the market during the forecast period. This is attributed to the factors such as increasing competition among ADAS manufacturers along with rise in per capita income in this region.
Also, rising developments in connected infrastructure and intelligent transportation system are driving the market growth. Also, the presence of several ADAS market players such as Valeo, Hitachi, Ltd., Robert Bosch GmbH, Continental AG, Toyota Motor Corporation, Denso Corporation, Audi AG, BMW AG, Ford Motors, and General Motors (GM) further drive the market growth in this region.
Recent Developments
May 2022 Continental launched new sensors to protect the battery of electrified vehicles. Continental is widening its broad sensor portfolio by launching two new sensors for electrified vehicles: the Current Sensor Module (CSM) and the Battery Impact Detection (BID) system.
May 2022 Magna and BlackBerry collaborate on ADAS. As part of the agreement, BlackBerry will provide Magna with QNX software including the QNX Software Development Platform, QNX OS for Safety, QNX Platform for ADAS, as well as professional engineering services for system-level integration, performance optimization, and solution validation
May 2022 Magna’s advanced driver assist systems (ADAS) are helping pave the way for global automakers to enhance safety, comfort and convenience. The company’s next generation cameras and electronic control units which enable the benefits of 3D and surround view have recently launched on the all-new 2022 Toyota Tundra
March 2022 Renesas announced the expansion of its collaboration with Honda in the field of advanced driver-assistance systems (ADAS). Honda adopted Renesas’ R-Car automotive system on a chip (SoC) and RH850 automotive MCU for its Honda SENSING Elite system featured in the Legend, which went on sale in March 2021. Honda SENSING Elite incorporates advanced technology that qualifies for Level 3 automated driving.
