According to a recent report published by Allied Market Research, titled, “Advance Driver Assistance Systems Market by Component Type: Global Opportunity Analysis and Industry Forecast, 2017-2025,” the global advanced driver assistance systems (ADAS) market was valued at $25.1 billion in 2016, and is projected to reach $143 billion by 2025, growing at a CAGR of 21.2% from 2017 to 2025.
ADAS applications are majorly 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 advanced driver assistance systems 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, adaptive front-lighting system led the global market, followed by lane-departure warning system in 2016. However, 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 system 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.