The automotive ADAS sensors market is expected to grow by USD 24.96 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Automotive ADAS Sensors Market 2020-2024 (Graphic: Business Wire)
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Many automobile manufacturers across the world are focusing on the development of autonomous and semi-autonomous vehicles. This has increased the penetration of various features such as automatic braking, adaptive cruise control, lane departure warning system, lane keep assist, electronic stability control, and many others. With the increasing adoption of such features, the percentage of IT and electronic-technology incorporation in vehicles is also increasing. Besides, key automakers are collaborating with technology companies such as Google and Apple to ensure the launch of efficient autonomous vehicles. These developments are positively influencing the growth of the global automotive ADAS sensors market.
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As per Technavio, regulations pertaining to safety systems will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive ADAS Sensors Market: Regulations Pertaining to Safety Systems
Governments across the world are introducing stricter regulations regarding vehicle safety to minimize the number of vehicle accidents. For instance, the Government of India mandated the use of antilock braking systems since April 2019. Besides, technological advances and growing competition have increased the incorporation of advanced safety systems such as airbags, ABS, and EPS even in entry and mid-level vehicles. Many such factors will foster the growth of the global automotive ADAS sensors market during the forecast period.
"Increased accuracy in perceiving environment through sensor fusion technique and rising concerns over road safety, passenger safety, and vehicle security will further boost market growth during the forecast period", says a senior analyst at Technavio.
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Automotive ADAS Sensors Market: Segmentation Analysis
This market research report segments the automotive ADAS sensors market by Product (Radar sensor, Image sensor, Ultrasonic sensor, Infrared sensor, and LiDAR sensor) and Geographic Landscape (APAC, Europe, MEA, North America, and South America).
The European region led the automotive ADAS sensors market in 2019, followed by North America, APAC, South America, and MEA respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the increasing penetration of ADAS systems in the developing and emerging economies such as China, India, and ASEAN countries.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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