ADVANCE DRIVER ASSISTANCE SYSTEM MARKET ANALYSIS
The advance driver assistance systems (ADAS) are used to assist the driver and enhance safety in terms of crash avoidance. Moreover, the ADAS tries to reduce the severity of the crashes by using solutions such as intelligent speed adaptation and automatic braking systems. The ADAS uses several types of sensors such as Camera Unit, LiDAR, Radar Sensor, and Ultrasonic Sensors to detect the objects on the roads.
Increasing vehicle accidents and partnership among market players to develop ADAS Systems is expected to propel the market growth during the forecast period.
Every year about 1.3 million people lose their lives in the road accidents across the globe, according to Coherent Market Insights’ analysis in 2021. The increasing awareness about vehicle safety is propelling vehicle buyers to adopt the advance driver assistance systems. To cater to the increasing demand for ADAS, the auto manufacturers are also increasing the production of ADAS. For instance, in February 2020, Continental AG, a key automotive part manufacturer, announced that the company would construct a production plant in Texas, U.S. for ADAS System. The company would invest around US$ 109 million for construction of plant and systems over the next three years. Moreover, in November 2020, Denso Corporation, global automotive components manufacturer, partnered with Metawave Corporation, a U.S.-based company, to develop the advanced radar systems for the self-driven cars. Owing to above mentioned parameters the advance driver assistance market is expected to show significant growth during the forecast period 2021-2028.
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