Electrification and autonomous mobility have the potential to be game changers for advanced driver assistance systems (ADAS) sensors market, according to a new study by Future Market Insights (FMI).
The amalgamation of the two is set to fuel an astounding 14.1% growth of the ADAS sensors market during the period 2022-2030.
Despite the recessionary headwinds of the COVID-19 crisis, FMI estimates that ADAS sensors market will outpace the overall growth in the automotive sector which is pegged at anywhere between 2%-4% in the same forecast time frame.
FMI’s analysis suggests that tier 2 players in the ADAS sensors market landscape will benefit greatly by scaling up sensor architecture and embracing technology in analytics, UI and UX.
Greater emphasis on partnerships between OEMs and ADAS systems suppliers will be witnessed in the new-found ecosystem.
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Key Takeaways of ADAS Sensors Market Study
High repurchase rate of ADAS sensor equipped passenger vehicles will boost market prospects
Market will see steady revenue streams from OEMs and their suppliers which will remain primal sales channels through 2030
Park assist sensors are set to generate steady revenue streams followed by emergency braking, collision warning and cruise control
“The market will witness soaring sales with effective collaboration between semi-conductor companies and OEMs with best opportunities prevailing in new processor technology and advancements in optical semi-conductors” – says FMI analyst
COVID-19 Impact on ADAS Sensors Sales
The ongoing pandemic has brought all manufacturing activity within the automotive sector to a screeching halt. Decelerated demand for ADAS sensors along with supply chain bottlenecks have heavily impacted the European markets especially in regions such as France, Germany, Italy and Spain.
Many automotive majors and sensors’ suppliers reported a loss of revenues in the first quarter of 2020. With the pandemic showing no signs of abating, leading players of ADAS sensors opine that the market will continue to witness plummeting sales and decelerated demand through the remaining quarters of 2020. Our estimates suggest that vehicle manufacturing is set to fall by as much as 50% in 2020, beholding bleak prospects for the ADAS sensors market in the near term.
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Photonic Technologies in LIDAR to Herald a New Era in Autonomous Mobility
Within the fleet and commercial vehicle space there has been proliferation of new technologies. Besides conventional radar and LIDAR sensors, advanced photonic technologies have become the primary enablers in order to achieve very high levels of autonomous control.
MEMS mirrors, and photodetectors and silicon photomultipliers and new photodiodes are novel innovations in the LIDAR system designs helping to better perceive and understand the environment.
These accurate and affordable new designs are augmenting conventional radars and LIDAR for more comprehensive 3D detection.
Find More Valuable Insights on ADAS Sensors Market:
FMI in its new market research study, offers an unbiased analysis of the ADAS sensors market which comprises global industry analysis for 2015–2021 and opportunity assessment for the 2022–2030. The report offers complete analysis on global ADAS sensors market through four different categories – By Product Type, By Vehicle Type, By Sales Channel and region. The global ADAS sensors market study provides information of pricing by different life cycle analysis, product life cycle, key market trends and technologies which are being implemented in the production of the ADAS sensors market and product adoption in various end use industries.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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