The global advanced driver assistance systems (ADAS) market is expected to grow from an estimated $19,813.0 million in 2015 to $99,643.7 million in 2022. Europe dominated the global market with an estimated $7,726.8 million market size in 2015.
The global ADAS market is being driven due to several factors, including government initiatives to include advanced technology in public safety on roads, increasing demand for premium passenger cars and growing demand for connectivity in vehicles. The increasing partnerships and collaborations have been observed during the recent past in the global ADAS market. The key players are also engaged in launching new products with up graded technology and features. Europe dominated the global market; however Asia-Pacific is estimated to surpass it during the forecast period.
Technical collaborations are very important for the growth of a company in the ADAS market. The leading manufacturers in the industry are collaborating within or outside the industry to upgrade their product portfolio. Valeo entered into two agreements in 2015 with Safran and Mobileye N.V. The partnership with Safran aims at enhancement in driving aids in autonomous vehicles. On the other hand, under the partnership with Mobileye, Valeo will design front-facing camera solutions and products based on sensor fusion with the use of Mobileye’s EyeO microprocessors and computer vision algorithms. During the same year, Robert Bosch collaborated with Axel Springer Media Entrepreneurs to develop products with connected mobility solutions including digital content.
In 2015, Ford entered into collaboration with RWTH Aachen University, Germany. The aim for collaboration is to conduct research in the field of ADAS to meet changing customer preferences in driving assistance systems. In 2014, Autoliv entered into an agreement with Neonode Inc. for the development and licensing of active sensor steering wheel application to develop a new human machine interface-sensing product for vehicle steering. Under the agreement terms, Neonode will license its zForce drive technology to Autoliv.
The key players in the global ADAS market include Magna International Inc., Autoliv Inc., Continental AG, Robert Bosch GmbH, Valeo, Denso Corporation, Ford Motors Company, BMW AG, and Audi AG.
News Courtesy: P&S Market Research