Global ADAS and autonomous driving component market to reach $56.59 billion by 2028
The global advanced driver-assistance system (ADAS) and autonomous driving component market was valued at $4.83 billion in 2017 and is expected to reach $56.59 billion by 2028, growing at a CAGR of 22.31%. According to a new market intelligence report by BIS Research, "Global ADAS and Autonomous Driving Component Market - Analysis and Forecast, 2018-2028," this growth can be attributed to factors including the increasing demand for active safety features such as adaptive cruise control, blind spot detection, and automatic parking system.
Furthermore, factors such as increasing government focus on streamlining traffic infrastructure, growing demand for highly autonomous vehicles (L4 and L5), and the increasing impetus from the government to develop connected and autonomous infrastructure are expected to drive the global market for ADAS and autonomous driving components during the forecast period.
The rising number of road accidents has resulted in an increase in regulations by authorities about the safety of both passengers and pedestrians. These guidelines have led to a rise in the demand for driver-assistance features for passenger cars and commercial vehicles. In addition, constantly evolving consumer preferences toward better driving experience and driver-assist applications has succeeded in boosting the overall demand for ADAS and autonomous vehicles.
A surge is expected to occur in the number of vehicles with automated features such as adaptive cruise control, parking assistance, lane departure warning, traffic jam assist, automated emergency braking, and blind spot detection. These automated features, when combined with telematics and connected car features, is expected to lead to the development of fully autonomous or human independent vehicles.
BIS Research Analyst Eshan Hira said, "Electronic control unit (ECU) is currently dominating the ADAS and autonomous driving component market and is anticipated to maintain its dominance throughout the forecast period. This is mainly due to the higher cost of ECU as compared to other components such as cameras, ultrasonic sensors, and radar. Additionally, the growing number of sensors and electronic components is anticipated to boost the demand for ECU. Moreover, due to the efficient performance and mandatory usage of LiDAR in Level 3 or higher autonomous vehicles, the LiDAR market is expected to grow at the highest pace when compared with other components. Geographically, the region of North America is currently dominating the market for ADAS and autonomous driving components. However, the APAC region is expected to witness the highest growth rate during the forecast period (2018-2028) as compared to North America and Europe, owing to various factors such as growth in the demand for high-end passenger cars, stringent government rules, and regulations regarding driver safety."
The report is a compilation of research on approximately 150 players in the ADAS and autonomous driving component market. It draws upon insights from in-depth interviews of key opinion leaders of more than 25 leading companies, market participants, and vendors. The report also profiles 18 companies who are key contributors in the market, including Analog Devices, Inc., Infineon Technologies AG, Intel Corporation, NXP Semiconductors, Texas Instruments Incorporated, Continental AG, Ibeo Automotive Systems GmbH, Robert Bosch GmbH, Denso Corporation, LeddarTech, Quanergy Systems, Velodyne LiDAR, Aptiv, Autoliv, Inc., Magna International Inc., Murata Manufacturing Co., Ltd, Valeo, and ZF Friedrichshafen AG.