ADAS technology aims to reduce human errors that may lead to vehicle accidents. ADAS operates both actively and passively, alerting the driver of a potential collision or braking and steering the vehicle. Due to its dynamic nature, regulating ADAS is a constant challenge globally. Therefore, safety standards need to remain flexible to accommodate the evolution of ADAS technologies. For example, the regulatory environment in the U.S. has fostered innovation and growth in the field of partially and fully autonomous vehicles. However, the safety of certain ADAS technologies has not been fully evaluated. Hence, regulators are focused on ensuring that ADAS technologies integrated into cars improve vehicle safety & comfort.
Increasing Developments in the Autonomous Shared Mobility Space Generating Growth Opportunities for Market Stakeholders
Technological advancements have made autonomous vehicles a real-world possibility, with many automotive manufacturers heavily investing in developing such vehicles due to the increasing demand. Autonomous vehicles are completely driven by sensors and electronics, ensuring a complete driverless experience. ADAS technologies are crucial in such vehicles as they play a major role in enabling functions such as blind-spot monitoring, lane-keep assistance, lane-departure warning, and collision warning that can limit the rising number of accidents that occur due to human errors.
The emergence of autonomous vehicles, initiatives such as demonstration programs, and OEMs’ partnerships with sensor manufacturing companies are driving the development of new and advanced LiDAR sensors, which are important components of ADAS. Presently, more than 80 automobile companies are testing self-driving cars, and the adoption of autonomous vehicles is expected to gain traction by 2025. The sales of autonomous vehicles are expected to cross 12 million units by 2035, and by 2050, all vehicles are expected to be autonomous. According to Nissan, 55% of small businesses are expected to operate fully autonomous fleets within two decades. Thus, the emergence of autonomous vehicles is expected to generate growth opportunities for the players operating in the ADAS market.
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