By 2030, the market for ADAS Sensors Market Size is expected to surpass US$ 43.2 Billion. Sales of improved driver comfort and safety in passenger cars are anticipated to grow at an amazing 14.1% CAGR over the course of the projection period.
Electrification and autonomous mobility have the potential to completely transform the market for advanced driver assistance systems (ADAS) sensors, according to a recent report by Future Market Insights (FMI).
Key Takeaways of ADAS Sensors Market Study
- High repurchase rate of ADAS sensor equipped passenger vehicles will boost market prospects
- Market will see steady revenue streams from OEMs and their suppliers which will remain primal sales channels through 2030
- Park assist sensors are set to generate steady revenue streams followed by emergency braking, collision warning and cruise control
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The two together are estimated to drive the ADAS sensors market to a remarkable 14% increase over the forecast period.
FMI forecasts that the market for ADAS sensors would grow faster than the automotive sector as a whole, which is anticipated to expand by 2% to 4% during the same forecast period, notwithstanding the COVID-19 issue’ recessionary headwinds.
According to FMI’s analysis, tier 2 competitors in the market for ADAS sensors will gain a lot by modernising their sensor design and using analytics, UI, and UX technology.
The new ecosystem will place more focus on collaborations between OEMs and vendors of ADAS systems.
“The market will witness soaring sales with effective collaboration between semi-conductor companies and OEMs with best opportunities prevailing in new processor technology and advancements in optical semi-conductors” – says FMI analyst
COVID-19 Impact on ADAS Sensors Sales
The growing pandemic has put a complete stop to all manufacturing in the car industry. The European markets, particularly those in countries like France, Germany, Italy, and Spain, have been severely damaged by the supply chain bottlenecks and slowing demand for ADAS sensors.
The first quarter of 2020 saw revenue declines recorded by many major automakers and sensor manufacturers. Leading manufacturers of ADAS sensors predict that over the remaining quarters of 2020, the market will continue to experience falling sales and sluggish demand as the pandemic shows no signs of slowing down. According to our projections, car production would decline by as much as 50% in 2020, portending dire future prospects for the ADAS sensors market.
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ADAS Sensors Market: Segmentation
By Product Type
- Blind Spot Detection
- Night Vision Sensors
- Light Sensors
- Parking Sensors
- Cruise Control
By Vehicle Type
- Passenger Cars
- Compact
- Midsize
- Luxury
- SUVs
- Commercial Vehicles
- Heavy Commercial Vehicles
By Sales Channel
- Original Equipment Manufacturer (OEM)
- Original Equipment Spares (OES)
- Independent Aftermarket (IAM)
By Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa
Photonic Technologies in LIDAR to Herald a New Era in Autonomous Mobility
Within the fleet and commercial vehicle space there has been proliferation of new technologies. Besides conventional radar and LIDAR sensors, advanced photonic technologies have become the primary enablers in order to achieve very high levels of autonomous control.
MEMS mirrors, and photodetectors and silicon photomultipliers and new photodiodes are novel innovations in the LIDAR system designs helping to better perceive and understand the environment.
These accurate and affordable new designs are augmenting conventional radars and LIDAR for more comprehensive 3D detection.
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Find More Valuable Insights on ADAS Sensors Market:
FMI in its new market research study, offers an unbiased analysis of the ADAS sensors market which comprises global industry analysis for 2015–2019 and opportunity assessment for the 2020–2030. The report offers complete analysis on global ADAS sensors market through four different categories – By Product Type, By Vehicle Type, By Sales Channel and region. The global ADAS sensors market study provides information of pricing by different life cycle analysis, product life cycle, key market trends and technologies which are being implemented in the production of the ADAS sensors market and product adoption in various end use industries.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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