Source: Future Market Insights announcement
DUBAI — 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 ESOMAR-certified market research and consulting firm Future Market Insights.
The amalgamation of the two is set to fuel an astounding 14-percent growth of the ADAS sensors market during the period 2020-2030.
Despite the recessionary headwinds of the COVID-19 crisis, study estimates that ADAS sensors market will outpace the overall growth in the automotive sector which is pegged at anywhere between two-to-four percent in the same forecast time frame.
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.
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” – said a Senior Research 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 percent in 2020, beholding bleak prospects for the ADAS sensors market in the near term.
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.