The dynamic automotive industry is undergoing myriads of transformation and the increasing demand for autonomous or driverless vehicles has propelled the growth of the industry. Since the introduction of low cost and compact size sensors in the automotive industry, the emerging technologies have gained momentum significantly, especially the Advanced Driver Assistance System (ADAS), which is growing at a constant pace. Original equipment manufacturers (OEM) are taking heed of the regulations and safety rating, which has consequently influenced the research and development in the industry. Moreover, rising awareness about driver safety among the populace is helping in widespread application of ADAS system in vehicles.
ADAS market has an impending growth in the commercial automotive industry which can be attributed to the high penetration of the sensors and emerging technologies in the automotive industry. The global ADAS market is expected to reach $2.6 billion by 2022, growing at a CAGR of 10.6% from 2016 to 2022, moreover, the ADAS equipped commercial vehicles are expected to grow at a CAGR of 8.9%, from 2016 to 2022. The growing awareness towards driver safety, goods carried using commercial vehicle, and prompt delivery of goods are also few important factors responsible for the exponential growth of the ADAS equipped commercial vehicles.
The cost of sensors has declined drastically over the period of past six years, and hence, the volume of sensors has increased in the industry proportionally. Various sensor technologies such as image sensor, laser, infrared, ultrasonic, and radar, among others, are used in commercial vehicle ADAS. Among these, image sensors held the largest share in 2015 because of wide usage in ADAS such as driver-drowsiness warning system, lane-departure warning, backup camera and surround-view systems, and collision avoidance. Furthermore, the vehicle manufacturers are induced to incorporate safety features in commercial as well as passenger vehicles due to the rising influence of regulators and, national and international safety organizations which issue safety ratings. The global ADAS market for commercial vehicles was estimated at $ 122.5 billion in 2015 and this figure is estimated to increase exponentially by 2022.
The ADAS includes various components such as parking assistance system, drowsiness monitoring system, blind-spot detection system, adaptive front lighting system, autonomous emergency braking system and distance warning system, Adaptive Cruise Control(ACC) system, night vision system, pedestrian detection, tire pressure monitoring, lane departure warning, and e-call Telematics. Among these varied components, ACC system contributed the maximum share of revenue in 2015, accounting for 20% share of the market. This growth of ACC in commercial vehicles is attributed to the permission allowing drivers to adjust the position of throttle, improving fuel economy of the vehicle, and offering comfortable driving irrespective of traffic flow.
The application of ADAS system in commercial vehicles is predominantly categorized into light commercial vehicle (LCV) and, heavy trucks and busses. In 2015, LCV accounted for the major share of the market, however, the market penetration of ADAS is greater in heavy trucks and busses as compared to LCV. BIS Automotive has compiled an extensive market research report on ‘Global Advanced Driver Assistance System (ADAS) for Commercial Vehicles Market-Forecast & Analysis, 2016 -2022’. The market analysis report provides an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which includes drivers, restraints, and opportunities prevailing in the industry.
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