Research out last month by leading publisher QY Research predicts that the global ADAS market will reach $56bn in size within the next five years, from around $17bn currently. QY found in their research that the market is reaching a tipping point with a number of key growth factors culminating together, which is expected to result in an increasing growth rate between now and 2023.
The most critical factors responsible for this predicted growth worldwide are:
- A maturing automotive sector with a growing shift toward the luxury end.
- Greater adoption and consumer expectation of advanced driver technologies in vehicles.
- Increasing government and consumer preferences for driver safety.
The European ADAS market is expected to hold the largest market share, owing to the changing automotive landscape particularly with regards to government policy and promotion towards car safety, as well as record consumer confidence combined with abundant cheap credit.
The ADAS market is expect to be lead by parking assist systems, which have so far held the largest share of the market owing to the inclusion of this feature as standard in most partially and fully autonomous vehicles.
The emergence of China as both a producer and growing consumer of partially and fully autonomous vehicles is also expected to play a role in the industry’s rapid growth over the coming years.