ADAS market to reach $261 bn by 2020
The global market for Advanced Driver Assistance Systems (ADAS) is estimated to reach more than $261 billion by 2020 from the $16.6 billion at the end of 2012, growing at a CAGR of 41 per cent in the same period, according to market analyst firm ABI Research.
“ADAS systems are increasingly being offered by mass-market OEMs such as Ford and Volkswagen,” said Gareth Owen, research analyst at ABI Research. He believes that while a majority are offered in bundles and sold as optional “driver-assist” packages, a growing number of OEMs are starting to fit some ADAS systems as standard equipment.”
The ADAS systems are also becoming more sophisticated in recent times, according to Owen. Giving specific example of the European market, he said that the key catalyst driving the adoption of ADAS systems in Europe over the next five years will be the Euro NCAP specifications. The specifications include three types of ADAS systems: Speed Assistance Systems (SAS), Autonomous Emergency Braking (AEB), and Lane Departure Warning/Lane Keep Assist (LDW/LKA).
According to Owen, the specifications also include detailed phase-in fitment requirements. “For example, SAS becomes part of NCAP as early as 2013 and OEMs will need to ensure that 50 per cent of any new model production is fitted with SAS in order to score points. By 2017, however, it is expected that all three ADAS systems will be required to be fitted as standard in all new models in order to qualify for the top five safety rating.”
Similar trends can be observed globally although other regions such as North America and Asia-Pacific are expected to lag Europe by one or two years. In the United States, the National Highway Transportation Safety Administration (NHTSA) is expected to mandate Collision Imminent Braking (CIB) which is similar to AEB. ADAS should also benefit from cost reductions in key components during the next 4-5 years, for example, radar sensors, which will act as an additional adoption driver.
- 5G To Pave Way For Self-driving Cars' Safety: Gartner
- Do Indian Techies Stand Exposed To The Current Tech Evolution?
- Edge Computing Drives Internet Of Thing's Growth: Study
- AI Is The Future of Cybersecurity
- AI, IoT Enhancing Video Surveillance Capabilities
- Businesses Speed Up Adoption of Augmented Analytics Tools
- Digital CFOs Stepping Up Efforts To Transform Finance: Study
- NIC Steps Up Its Efforts To Hire More Cyber Security Pros
- Marketing Automation A Growth Driver For EdTech Sector
- How Livechat Helps Foodpanda Speed Up Its Delivery