The global advanced driver assistance systems market was valued at USD 17.6 billion in 2020. The market is projected to grow at a CAGR of 12.3% from 2020 to 2027. Geographically, the European market is the largest market for advanced driver assistance systems as of 2020. Demand for semi-autonomous vehicles or the requirement of driving assistance features for the new versions of EV is generating additional demand for ADAS in the market.
The COVID-19 pandemic has resulted in a decline in the advanced driver assistance systems industry globally. Several OEMs have paused or reduced manufacturing vehicles. This has directly affected the tier 1 suppliers and providers of advanced driver assistance systems globally. However, the automotive market is currently recuperating from the effects of the pandemic. While the market is yet to reach normalcy, industry experts expect that by Q2, 2022, the demand for automobiles, especially ones with semi-autonomous vehicle features and safety features like advanced driver assistance systems will increase.
Read report summary or request a free sample copy of the report “Advanced Driver Assistance Systems Industry Procurement Intelligence, Supplier Intelligence, Supplier Ranking, Pricing & Cost Structure Intelligence, Best Practices, Engagement Model, Low & Best Cost Country, Day One Analysis Report, 2020 – 2027”
The majority of the automotive accidents occurring currently are due to human error or are ones whose impact could have been avoided with better and cautious driving. To reduce and prevent such instances, automotive companies are implementing Advanced Driver Assistance Systems in their vehicles. Advanced Driver Assistance Systems, commonly known as ADAS, provide five safety-essential features. These include pedestrian detection and avoidance, lane departure warning and correction, traffic sign recognition, automatic emergency braking, and blind-spot detection. ADAS is one of the primary features that lay down the foundations for an autonomous vehicle. ADAS works on three primary types of sensors. They are radar/LIDAR, cameras, and ultrasound. The objective of an ADAS is to provide a 360-degree detection capacity of the vehicle, including the blind spots to minimize risks while driving.
The advanced driver assistance systems industry is still innovating and undergoing technical changes. With changing requirements from end-users, OEMs are laying down varying requirements which the suppliers of advanced driver assistance systems have to cater to. This makes it difficult for suppliers to have market-level cost drivers. However, manufacturing processes and procurement strategies help reduce the cost of manufacturing and the cost of operations. Also, depending upon the vehicle type, margins may be adjusted, leaving scope for better profit margins. But there are other market drivers like shifting preference to semi-autonomous vehicles and focus on vehicle safety in addition to government mandates which makes OEMs inculcate a certain safety standard in their vehicles to achieve the required NCAP rating for selling their vehicles in a certain geography. These factors are helping drive the market in terms of the adoption of advanced driver assistance systems.
Find more research reports by Grand View Research:
Car Rental Services Industry Procurement Intelligence - The global car rental services market was valued at USD 98 billion in 2020 and it is expected to grow at a CAGR of 4-5% from 2020 to 2027.
Aircraft Tires Industry Procurement Intelligence - The global aircraft tires market was valued at USD 1.6 billion in 2020 and it is expected to grow at a CAGR of 4-5% from 2020 to 2027.
Automotive Brake Pads Industry Procurement Intelligence - The global automotive brake pads market was valued at USD 12 billion in 2020 and it is expected to grow at a CAGR of 7-8% from 2020 to 2027.
One of the major challenges for implementing advanced driver assistance systems in developing countries is the lack of infrastructure. For example, the lack of well-organized road and lane markings with the unavailability of GPS for the proper functioning of ADAS makes it difficult for the safety systems to function effectively. To add to this, the pandemic has resulted in a decrease in the average spending of consumers. Hence, the additional cost required to incorporate an advanced driver assistance system in vehicles for regions where lack of infrastructure makes it infeasible for the ADAS to function efficiently is repelling for the consumers. This challenge is external to the supplier dynamics and is hard to adjust to make ramifications to overcome this challenge internally.
The key suppliers for advanced driver assistance systems market are:
Robert Bosch
Continental
ZF Friedrichshafen
Aptiv Denso
Magna International
Valeo Mitsubishi Electric
Nvidia
Panasonic
Texas Instruments
Vector
Hitachi Automotive Systems
Hyundai Modis
Delphi Automotive
The industry is fragmented in nature with the presence of several local as well as global suppliers and the ever-evolving nature of the market makes it lucrative for the suppliers to enter the market..
Check out the featured Add-on Services offered with Advanced Driver Assistance Systems Industry Procurement Intelligence Report.
About us:
A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of the supply chain which helps in efficient procurement decisions.
Our services include (not limited to):
Market Intelligence involving - market size and forecast, growth factors, and driving trends
Price and Cost Intelligence - pricing models adopted for the category, the total cost of ownership
Supplier Intelligence - rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
Sourcing / Procurement Intelligence - best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best-suited countries for sourcing to minimize supply chain disruption
Our market/procurement Intelligence reports include in-depth and actionable insights that help clients in understanding the different aspects of the supply chain and take more effective decisions.
Find More information @ https://www.grandviewresearch.com/pipeline
Contact Information:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com