Global Automotive ADAS market to reach 51 billion USD by 2022 from 11 Billion USD in 2016, growing at a CAGR of 26.98% between 2016 and 2022. There is a rising demand for passenger car applications. Moreover, the popularity of ADAS system in family car creating a huge demand for Automotive ADAS worldwide. The major factors driving the growth of the Automotive ADAS market further include the promotion of government policy and the increasing consumer demand for safety.
Parking Assist Systems is expected to lead the global ADAS market. In 2015, parking assist systems held the largest share in the market owing to the development of the partial and fully autonomous cars. This system helps the driver to safely park the cars in the exhaustive and challenging situation by giving a full perspective of the vehicle back side including the blind spots. From the one that would help demonstrate the driver of any possible collisions while parking, park assist systems have evolved into one what would park the vehicle without any intervention from the driver’s side. Ford Global Technologies and Bosch are the major players that own most of the patents related to the park assist technology.
The European Advanced Driver Assistance System market is expected to hold the largest share by 2022 owing to the major driving factors such as matured automotive sector, higher adoption of advanced technology, and high consumer preference for the driver safety and safety regulations. The expansion of European Automotive market will drive the growth of ADAS market After Germany and the UK; the US is expected to be the next emerging country for the global ADAS market. The low-interest rates and growing customer confidence are playing a key role in the increased sales of cars in this region. The new vehicle registrations have in fact surpassed pre-recession levels, indicating a positive growth prospect for the automotive sector in the country.
The demand for luxury vehicles, increased adoption from the automotive sector, stringent government regulations and accelerating the need for road safety systems are the major drivers for the market growth. Conversely, factors inhibiting the market growth software failure in sensors, the high cost of the equipment and intensive competition.
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