ADAS, AV Revenue to Grow Significantly

Source: JCMR announcement

DECATUR, Ga. – Revenue from the global advanced driver-assistance system (ADAS) and autonomous-driving (AV) components market was vаluеd at $10.5445 billion іn 2021 and is expected to register a significant compound-annual-growth rate (CAGR) of 23.5 percent during the period 2022-2031, according to a recently published study by JCMR.

Global ADAS & Autonomous Driving Components Market іѕ thе tіtlе оf the rероrt which іnvоlvеd ехреrt оріnіоn and, with the help of bоth рrіmаrу аnd ѕесоndаrу data ѕоurсеѕ, аnd еffоrtѕ which went beyond іn-hоuѕе аnаlуѕіѕ.

The process of research on a particular market elaborates the study of both impacts; positive or negative on the industry or market globally. While research report includes various factors such as hіѕtоrісаl date, tесhnоlоgісаl іnnоvаtіоnѕ, gоvеrnmеnt роlісіеѕ аnd mаndаtеѕ, соmреtіtіvе lаndѕсаре, nеw ѕоlutіоnѕ аnd аltеrаtіоnѕ сurrеnt аnd hіѕtоrісаl trend in the market, market еnvіrоnmеnt, tесhnоlоgісаl аdvаnсеmеntѕ in rеlаtеd іnduѕtrіеѕ as well as market growth bаrrіеrѕ аnd сhаllеngеѕ, futurе ѕсеnаrіоѕ, орроrtunіtіеѕ, and mаrkеt rіѕkѕ have been covered and details іnсludеd іn thе rероrt.

Тhе market hаѕ bееn ѕеgmеntеd on thе bаѕіѕ оf enterprises, government/military, individual, rеgіоnѕ аnd соuntrіеѕ.

Global ADAS and Autonomous Driving Components Market Оvеrvіеw:    

Self-driving cars, also known as autonomous vehicles (AVs), are a key innovation in the automotive industry with high growth potential, acting as a catalyst in automobile technological development.

Creating a supportive regulatory framework, government funding, and investment in digital infrastructure are expected to have a significant impact on market growth during the forecast period.

Technological advancements such as adaptive algorithms, sensor processing, high-definition mapping, and improved infrastructure are prompting various companies to ramp up production of autonomous vehicles.

The market offers a diverse range of products and systems that comprise the infrastructure for autonomous vehicles. Autonomous vehicles allow non-drivers and people with certain disabilities to travel independently. It enables travelers to travel in greater comfort and flexibility, allowing them to read, rest, or even work while on the road, increasing their efficiency.

It will also lower the cost of paid drivers for commercial vehicles and taxis. Other advantages, such as increased safety with lower crash risks and increased road capacity with lower costs, will drive market adoption of these vehicles.

Global ADAS and Autonomous Driving Components Market Dуnаmісѕ:

The market for advanced driver assistance systems (ADAS) will grow significantly as consumer awareness of car safety ratings rises and cameras and radars become more widely deployed.

ADAS technologies are being adopted by major original equipment manufacturers (OEM) to achieve higher safety ratings and attract more customers. As a result, leading OEMs either make safety features standard on all models or offer them as optional extras. As a result, demand for components such as cameras, radar sensors, ultrasonic sensors, and LiDAR will rise.

For advanced driver assistance systems to function properly, basic road infrastructure such as marked lanes, structured roadways, and GPS accessibility are required.

The market for advanced driver assistance systems in developing countries is hampered by factors such as a lack of adequate driving training or discipline, financial constraints, and inadequate infrastructure outside of urban areas.

The COVID-19 epidemic has also caused financial crises, delaying the development of cutting-edge transportation infrastructure even further.

The deployment of driverless vehicles is expected to completely transform the commute. Driving has become significantly less complicated as a result of technological advancements in ADAS systems such as lane monitoring, emergency braking, stability controls, and many others. In terms of data collection, self-driving cars rely on cutting-edge technology and systems like LiDAR, radar, ultrasonic sensors, and high-definition cameras.

A clever autonomous driving system built into the vehicle analyses this data to safely navigate the vehicle. Tesla, Volkswagen, Ford, General Motors, and Waymo will all release fully autonomous versions of their vehicles in the coming years. Insurance carriers and their service providers must be able to identify which ADAS features are present on each vehicle in order to efficiently and precisely right-price policies and manage insurance claims with a better understanding of repair costs and vehicle value.

To view the entire announcement, click HERE.