ADAS sensor market expected to attain valuation of $40.8 billion by 2030: Report 2020-10-23

Advanced Driver Assistance System (ADAS) Sensor Market Research Report: By Type (Radar, LiDAR, Camera, Ultrasonic), Vehicle Autonomy (Semi-Autonomous Vehicle, Fully-Autonomous Vehicle), Vehicle Type (Passenger Car, Commercial Vehicle), Application (ACC System, AEB System, BSD System, LKAS, AFL System, CTA System, DMS, IPA System, NVS) - Industry Size, Trend, Growth and Demand Forecast to 2030.

NEW YORK, March 04, 2020 (GLOBE NEWSWIRE) -- From $11.5 billion in 2019, the advanced driver assistance system (ADAS) sensor market is predicted to grow to $40.8 billion in 2030, at an 11.7% CAGR between 2020 and 2030 (forecast period). Among all sensor types, radar sensors dominated the market during 2014–2019, in value terms. During the forecast period, the light detection and ranging (LiDAR) category would observe the fastest progress, on account of the increasing sale of fully autonomous vehicles.

A key trend in the ADAS sensor market share is the increasing research and development (R&D) activities in the automotive sector, which have made possible the production of better autonomous vehicles. For instance, the U.S. government sanctioned $100 million for autonomous vehicle R&D, in 2018, and supplemented it with another funding, of $60 million, the next year, for a project to test the feasibility and safety of such automobiles.

The most prominent growth driver for the ADAS sensor market is the various government regulations being introduced that encourage the manufacturing and sale of autonomous cars. Every year, an increasing number of such regulations are being passed and policies introduced. While 33 U.S. states introduced such bills in 2017, an additional 15 tabled a total of 18 bills in 2018. Similarly, the Spanish Directorate General of Traffic partnered with Mobileye NV to create infrastructure and regulatory policies for the usage of autonomous cars in the country, in 2017.

Fully autonomous cars would experience higher CAGR in the ADAS sensor market, based on vehicle autonomy, during 2023–2030. This is because compared to level 1,2, and 3 semi-autonomous cars, level 4 and 5 fully autonomous cars require ADAS sensors more. The passenger car category, under the vehicle type segment, dominated the market in 2019, as such cars account for a higher production volume than commercial vehicles. Additionally, any automotive technology is first experiment on passenger cars, which is another reason for their leading position.

Adaptive cruise control (ACC) is predicted to be the largest application category during the forecast period, as the system has increased in demand, with a decline in its costs.

During the historical period, Europe was the largest ADAS sensor market. Asia-Pacific (APAC) would grow the fastest during the forecast period, with China witnessing the highest CAGR in the region. The robust growth of the Chinese market is attributed to its heavy automobile production volume and constant evolution in the automotive technology, which is leading to the development of autonomous vehicles.

To stay relevant and augment their revenue, the major ADAS sensor market players are looking at product launches, partnerships and collaborations, mergers and acquisitions, and several other measures. For instance, in September 2019, Omnivision Technologies Inc. and Arm Ltd. announced a partnership, under which the former’s OX03A1Y image sensor is being integrated into the latter’s Mal-C71 image signal processor (ISP), so that a dual-mode camera module for automobiles can be created.

——Source:Prescient & Strategic Intelligence Private Limited

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