Impact of COVID-19 on Automotive ADAS Component Market

Penetration of ADAS (Advanced Driver Assistance Systems) technology is rapidly increasing in the field of automotive electronics. Increased awareness about road and traffic safety across the globe is a key factor boosting the demand for ADAS.
Primarily, vehicles with ADAS components help detect certain obstacles, alert the driver of hazardous road conditions, and in some cases, ADAS components help stop or decelerate the vehicle. Integration of ADAS components in the vehicle not only to improves the safety of the passenger and the vehicle, but also helps improve the overall user experience.

Key Drivers of Global Automotive ADAS Component Market

Rise in demand for a safe and convenient driving experience is likely to boost the automotive ADAS component market across the globe. Increase in demand for luxury vehicles that contain major advance drive assist system functions including adaptive cruise control and pedestrian detection system, which is expected to help avoid major accidents and ensure vehicle and passenger safety, is likely to boost the automotive ADAS components market across the globe.
Rising preference toward autonomous vehicles is likely to propel the automotive ADAS component market, as most autonomous vehicles include ADAS system, which is likely to boost the automotive ADAS component market across the globe. Major vehicle manufacturers are jointly working to provide a safer drive experience with full passenger safety. This, in turn, is estimated to fuel the automotive ADAS component market across the globe.

Europe and Asia Pacific to hold prominent share of global automotive ADAS component market

Europe is projected to account for a major share of the global automotive ADAS component market due stringent rules and regulations enacted across the region regarding vehicle safety features. Increase in sale of electric vehicles across the region is also likely to boost the automotive ADAS component market in the region. Europe has presence of major original equipment manufacturers as well as tier-1 suppliers, including Denso Corporation, Robert Bosch GmbH, and Continental AG who have major facilities that undertake research and development regarding the pedestrian protection system and blind spot monitoring system, which would help increase vehicle safety. This, in turn, is likely to boost the automotive ADAS component market in Europe.

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Followed by Europe, Asia Pacific is projected to hold a significant share of the global automotive ADAS component market due to the presence of major ADAS component manufacturers across the region. Most developed countries including China and Japan have major research and development facilities regarding the ADAS system and additionally, major vehicle manufacturers are trying to invest in the manufacturing of ADAS component across the region. This is likely to boost the automotive ADAS component market in Asia Pacific.

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Key Players Operating in Global Automotive ADAS Component Market

The global automotive ADAS component market is highly concentrated owing to the presence of top manufacturers. A few of the key players operating in the global automotive ADAS component market are: