July 16, 2020
According to the research report titled ‘Global ADAS & Autonomous Driving Components Market Analysis, 2020’, available with Market Study Report LLC, global ADAS & autonomous driving components market is expected to witness a CAGR of 21% over 2020-2025.
Upsurge in demand for high-end passenger cars owing to rising disposable income and strict government norms for road safety, coupled with technological up-gradation by automakers for improving driver safety and comfort are driving the growth of global ADAS & autonomous driving components market.
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Increase in vehicle fleet, growing adoption of electric vehicles, and launch of low-cost passenger cars with additional safety & comfort features are some of the key factors fueling the demand for ADAS & autonomous driving components.
As per the regional analysis, North America held the highest share of global ADAS & autonomous driving components market in 2019. High product demand in the region is majorly attributed to surging number of car registration and vehicle fleet in nations such as the U.S. and Canada. Further, constant increase in road fatalities across the region is creating a need for technologically enhanced automobiles with features such as adaptive cruise control, automated emergency braking, and lane departure warning parking assistance, thereby boosting the product demand.
Asia-Pacific market is expected to register strong CAGR during the forecast period mainly due to strong presence of several car manufacturers, and emergence of various foreign service providers & local technology providers in the automobile industry.
Based on vehicle type, passenger car segment held majority market share in 2019 and is expected to continue the same in coming years. Rapid rise in passenger car production and growing demand for high-end passenger cars because of increasing per capita income of consumers are augmenting the demand for ADAS and autonomous driving components. Escalating number of electric vehicles and availability of low-cost passenger cars with autonomous features by major car manufacturers are some of the other factors supporting the segment growth.
Elaborating on the level of automation, level 4 automation segment is expected to grow at rapid pace during the assessment period, owing to its several benefits including fully autonomous driving with the ability to navigate highly complex urban driving situations.
Key players operating in global ADAS & autonomous driving components market include Autoliv Inc., Intel Corporation, Continental AG, Delphi Automotive PLC, DENSO Corporation, IBEO Automotive Systems GmbH, HERE, Infineon Technologies AG, LeddarTech, and Analog Devices Inc.