The automotive industry has seen a recent surge in the development and deployment of Advanced Driver Assistance Systems (ADAS). This trend has seen ADAS become one of the fastest growing markets in the technology sector. The automotive industry is seeing a shift in ADAS implementation and adoption from low volume, high end vehicles to high volume, low end vehicles. Projections are that by 2021, Original Equipment Manufacturers (OEMs) will be spending over $37 billion on ADAS and safety related electronics. With fully autonomous vehicles being the ultimate manifestation of ADAS, much of the growth in the ADAS market has been attributed to OEMs racing to deploy the first, commercially available, fully autonomous vehicle. According to Allied Market Research, the global autonomous vehicle market is projected to be valued at $54.23 billion in 2019. This number is expected to rise to $556.67 billion by 2026. Therefore, there is an enormous financial incentive to develop advanced driver assistance systems that will serve as the backbone of fully autonomous vehicles.
Reference | BM_Jan_20_9 |
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Author | Chipengo. U |
Language | English |
Audiences | Analyst Manager |
Type | Magazine Article |
Date | 16th January 2020 |
Organisation | ANSYS |
Region | Global |
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