ADAS Sensor Market was Pushed by the Supportive Government Initiatives
The ADAS sensor market will touch 40.8 billion by 2030, powering at a rate of 11.7% by the end of this decade. The main reasons for the growth of the industry are the technological advancements taking place all over the world, increasing adoption of ADAS features in vehicles, and supportive initiatives of the government for the implementation of ADAS features in the vehicles.
The rising acceptance of LRR sensors in vehicles is a key trend being observed in the industry. An LRR can detect signals from a greater distance, as opposed to an SRR. Therefore, the greater capacity of data detection of LRRs creates suitable push for its fast acceptance, which is why these products are in trend.
The rising acceptance of semi-autonomous vehicles is a key propellor of the industry. Different countries have made it compulsory for vehicle producers to install diverse ADAS features. With the convincing promise of improved passenger safety, the autonomous technology is a key reason for the acceptance of these automobiles.
Ultrasonic sensors led the industry in the past with regards to volume, based on type. This is because, presently, a level 1 autonomous vehicle, averagely, includes 4 ultrasonic sensors, as opposed to one or two each of radar, LiDAR, and camera sensors. Though, the radar sensor was leading in the past, because of its higher cost as compared to that of camera and ultrasonic sensors.
Semi-autonomous vehicles, with level 1 automation, were the larger category on the basis of vehicle autonomy. This is for the reason that, in numerous countries, the basic ADAS features in level 1 autonomous automobiles are made compulsory in vehicles.
For achieving level 1 automation, the vehicle should have minimum one of the ADAS features or ESC. The NHTSA in the U.S. has instructed the usage of ESC in all passenger vehicles manufactured since 2012. This ultimately made all passenger cars semi-autonomous, as ESC-equipped cars are called level 1 autonomous car.
Europe was the leader of the ADAS sensor market in the past. This has a lot to do with the widespread regulations in the region are appropriate for the improvement of the autonomous car market.
For example, in Spain, the rules implemented by the DGT boost the functionality of all self-driving automobiles to level 5 on the roads. Additionally, the initiatives taken by major regional market players have further contributed in the direction of the regional market growth.
It is because of the tech advancements taking place all over the globe, the demand for ADAS sensors is on the rise. This trend will continue in the years to come as well.
Source: P&S Intelligence
