Advanced Driver Assistance System (ADAS) Market report for 2020 – 2026 – companies, applications, products and more

Selbyville,Delaware, United States,Nov 18 2020 (WiredRelease) Global Market Insights, Inc–:How will stringent road safety norms favor ADAS market outlook through 2026?

The advanced driver assistance system (ADAS) market is expected to witness tremendous growth on account of proliferating demand for vehicles with advanced safety features. Growing number of research and development activities centered around integrating technologies like AI to enhance passenger safety is stimulating the development of new ADAS systems. 

Numerous countries around the world are imposing strict mandates and regulations that intend to promote the use of safety systems like ADAS into vehicles, solely to curb the frequency of road fatalities. This has impelled companies to shift their focus on developing efficient ADAS technologies for high & mid-range vehicles. Companies have also started to collaborate with innovative technology providers to build new solutions that help improve existing ADAS systems while maintaining cost-effectiveness. 

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Citing an instance, earlier in June 2020, LexisNexis® Risk Solutions released the new LexisNexis® Vehicle Build solution. The platform offers U.S. insurance carriers with precise auto insurance risk assessment and underwriting along with comprehensive information about particular ADAS features installed in the vehicle.

Automakers are also focusing on developing and launching new ADAS systems that enable real-time monitoring and ensure optimal vehicle safety. Incorporation of AI and machine learning in ADAS would considerably lower the chances of false alarm & missed detection and deliver high accuracy. Based on such developments, Global Market Insights, Inc., estimates that the advanced driver assistance system (ADAS) market could touch USD 60 billion by the year 2026.

The ongoing COVID-19 crisis has substantially weakened the production capabilities of automobile companies as a lack of manpower manages to disrupt entire supply chain. Meanwhile, temporary closedown, as well as permanent shutdowns of prominent manufacturing units has worsened the business scenario for automotive firms. 

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Apart from companies, the pandemic has also affected consumer buying power, thus creating a steep drop in vehicle sales. However, industry players are planning to uplift their market share in a COVID-19 era by implementing various federal and private initiatives.

Companies operating in the ADAS industry are signing multiple strategic acquisition and merger deals to integrate state-of-the-art technologies into their product offerings. Taking July 2020 for instance, leading ADAS technology firm, LeddarTech® inked an acquisition deal with VayaVision, a perception software and sensor fusion company, to accelerate the delivery of LeddarTech’s perception platform and open sensor fusion.

North America is considered to be a lucrative region for ADAS developers. The regional market is projected to record remarkable growth over the predicted timeframe. Earlier in 2019, the ADAS market of North America accounted for 30% of the overall industry share. This growth can majorly be contributed to the increasing awareness regarding the benefits of advanced safety systems among the driving population. Consumers nowadays are also willing to spend more on vehicle comfort features like self-driving technologies, ADAS and advanced infotainment systems.
  

This content has been published by Global Market Insights, Inc company. The WiredRelease News Department was not involved in the creation of this content. For press release service enquiry, please reach us at contact@wiredrelease.com.

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