According to a recent report published by Allied Market Research, titled “Advance Driver Assistance Systems Market by Component Type: Global Opportunity Analysis and Industry Forecast, 2017-2025,” the global advance driver assistance systems market was valued at $25,116 million in 2016, and is projected to reach at $143,051 million by 2025, growing at a CAGR of 21.2 percent from 2017 to 2025.
Allied Market Research says ADAS applications are widely adopted in the European region; thus, this region contributes to maximum revenue in the global market, followed by North America, Asia-Pacific and LAMEA, respectively.
The research firm says the ADAS market is driven by the forthcoming need for comfort, growth in government regulations related to safety and high focus on consumer safety. However, pricing pressure, inflation and complexity and difficulty in testing systems hamper the market growth.
TMPS expected to see highest growth
In 2016, the system type dominated the component type segment, in terms of revenue. Furthermore, based on system type, adaptive front-lighting systems led the global market, followed by lane departure warning systems in 2016. However, the tire pressure monitoring system segment is expected to witness the highest CAGR throughout the forecast period. Similarly, RADAR sensors led the overall market in 2016, in terms of revenue, followed by image sensor in sensor type segment.
The key players in this field that are profiled in the report include Magna International Inc., Autoliv Inc., Continental AG, Robert Bosch GmbH, Valeo, DENSO Corp., NXP Semiconductor, Panasonic Corp., Renesas Electronics Corp. and Texas Instruments.
