Global ADAS mkt pegged at $71.6 bn by 2030
Favourable govt initiatives, such as ‘Made in India’, will boost the manufacturing of battery and electric vehicle segment, thereby propelling the market growth in India
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Almost all vehicle accidents are caused by human error, which can be avoided with Advanced Driver Assistance Systems (ADAS). The role of ADAS is to prevent deaths and injuries by reducing the number of car accidents and the serious impact of those that cannot be avoided.
Essential safety-critical ADAS applications include: Pedestrian detection/avoidance; Lane departure warning/correction; Traffic sign recognition; Automatic emergency braking and blind spot detection.
These life saving systems are key to ensuring the success of ADAS applications, incorporating the latest interface standards and running multiple vision-based algorithms to support real-time multimedia, vision co-processing, and sensor fusion subsystems. The 'SmartPhonezation' of ADAS applications is the beginning steps to realization of autonomous vehicles.
Automobiles are the foundation of the next generation of mobile-connected devices, with rapid advances being made in autonomous vehicles. Autonomous application solutions are partitioned into various chips, called SoCs (systems on a chip). These chips connect sensors to actuators through interfaces and high-performance ECUs (electronic controller units).
Self-driving cars use a variety of these applications and technologies to gain 360-degree vision, both near (in the vehicle's immediate vicinity) and far. That means hardware designs are using more advanced process nodes to meet ever-higher performance targets while simultaneously reducing demands on power and footprint. Significant automotive safety improvements in the past (e.g., shatter-resistant glass, three-point seatbelts, airbags) were passive safety measures designed to minimize injury during an accident. Today, ADAS systems actively improve safety with the help of embedded vision by reducing the occurrence of accidents and injury to occupants.
The global ADAS market is forecast to grow to $71.6 billion by 2030, registering a compound annual growth rate (CAGR) of 11.5 per cent during the forecast period from 2022 to 2030.
The global ADAS market size was $26.1 billion in 2021. The global ADAS market is forecast to grow to $71.6 billion by 2030, registering a compound annual growth rate (CAGR) of 11.5 per cent during the forecast period from 2022 to 2030.
ADAS is an advanced technology that assists the driver about the vehicle safely. ADAS includes subsystems and functions that work together to offer convenient services to modern car drivers and enhance the safety of the vehicles.
Vehicle production significantly declined during the Covid-19 pandemic. The sudden onset of the pandemic raised various concerns for industries all around the world. Industries had to suffer significant losses, and the automotive industry was one of them. Moreover, the production and manufacturing of automobiles reduced abruptly. As a result, it affected the demand for ADAS.
Government regulations mandating the installation of ADAS are driving the growth of the market. In addition, the growing trend pertaining to driverless vehicles or automated vehicles is forecast to offer ample growth opportunities for the global ADAS market during the study period.
The growing number of accidents and increasing security concerns are forecast to drive the growth of the global ADAS market during the forecast period. In addition, rising awareness about the importance of ADAS safety features will propel the market growth during the forecast period.
The rapidly growing automotive industry is forecast to accelerate the growth of the global ADAS market. Furthermore, the functions of ADAS, such as alert features and growing advancements, are forecast to benefit the market during the study period.
The increasing demand for electric vehicles and the growing production of EVs and hybrid vehicles will benefit the ADAS market players during the forecast period. The lack of proper infrastructure in emerging economies may hamper the growth of the ADAS.
According to the International Energy Agency, China will be the major contributor to the electric car industry by 2030. Thus, the global ADAS market is forecast to witness ample growth opportunities in the country during the projected period. In addition, favourable government initiatives, such as 'Made in China 2025' and 'Made in India', will boost the manufacturing of battery and electric vehicle segment, thereby propelling the market growth.
