How will ADAS market profit from the rising application of LiDAR sensors?

ADAS market size from LiDAR sensors will witness a CAGR of 12.5% CAGR over the forecast timeframe. Effective prevention from angular landscapes & geometrical distortions will provide a positive outlook for ADAS market from LiDAR sensors. In 2017, LiDAR sensors secured over 20% of the ADAS revenue market share. The growth can be attributed to the fact that these sensors require minimum human dependence, are fast processing, and have high accuracy. Owing to properties such as competitive sensor costs and weather independence costs.

The loss of human lives on account of road accidents, due to reduced visibility at night, user misjudgment, increased mobile phone usage during driving and drunk driving has necessitated the safety systems in vehicles, driving ADAS (Advanced Driver Assistance System) market size. According to World Health Organization estimates, road traffic related fatal accidents accounted for over 1.25 million cases, globally. Increased preference for advanced sensing systems for avoiding crashes & accidents are expected to proliferate ADAS market over the forecast timeline.

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Escalating consumer inclination toward vehicles featuring ADAS and stringent regulations by government to decrease fatal accidents by deploying ADAS will drive the market growth. Rising adoption by leading automotive OEMs to maintain their strong foothold in the industry on account of the ground-breaking innovations in automotive market will also fuel ADAS market share.

As per an announcement made by NHTSA-IIHS, twenty vehicle manufacturers have undertaken a pledge to introduce low speed AEB (Auto Emergency Braking) systems in their passenger vehicles. As per estimates, these companies represent over 99% of the U.S. automotive industry. The initiatives are a result of rigorous regulations by the government, pertaining to vehicle safety, including the mandatory implementation of safety technologies & parking sensors, which will support growth of ADAS market by 2024.

Leading automotive OEMs have initiated collaborating with the technology providers & providing built-in systems to maintain their foothold in the industry. For Instance, in 2017, Nissan in partnership with
Volkswagen AG & BMW AG, made use of chips & sensors developed by Mobileye, which were utilized in mapping & autonomous driving, that strengthened the company’s automotive sales. Such collaborations are likely to help in the proliferation of the overall Advanced Driver Assistance Systems (ADAS) Market share.

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