Market Trends of Automotive Collision Avoidance Systems Industry
LiDAR Segment to Grow Significantly During The Forecast Period
The advanced driver assistance system (ADAS) market is expected to grow significantly during the forecast period. Increasing safety campaigns by different organizations and large-scale OEMs are significant factors for the increased public awareness of vehicle safety.
Rising awareness among customers is leading to a growth in the demand for vehicles with autonomous and advanced safety features. LiDAR is used to measure distances by illuminating the target with laser light and measuring the reflection with a sensor. The automotive LiDAR system is used mainly in Semi or fully autonomous vehicle assistance features such as collision warning & avoidance systems, blind-spot monitors, lane-keep assistance, lane-departure warning, and adaptive cruise control. They also offer complete automation under all driving modes for self-driving cars.
Increasing developments across the autonomous and semi-autonomous vehicle industry, rising emphasis from the governments for ADAS-incorporated vehicles, and a surge in investments and funding in LiDAR startups are some of the keys that are expected to drive the market growth.
For instance, in November 2023, AEye Inc. announced the launch of 4Sight™ Flex, In-cabin Lidar system. It boasts a 120o horizontal (H) x 30o vertical (V) field of view, with ultra-high resolution of up to 0.05° x 0.05° and long-range detection of up to 275 meters at 10% reflectivity, all at approximately half the size and up to 40% lower power consumption compared to AEye’s first-generation design.
Due to such developments from both vehicle manufacturers and equipment suppliers, combined with the immense size and potential for scalability to existing vehicles, this segment of the market is anticipated to witness a significant growth rate during the forecast period.
Asia-Pacific is the Fastest-growing Market
Growing demand for ADAS-equipped vehicles and constructive government support are expected to boost the target market growth over the forecast period. With increased customer demand, automakers invest more in research and development. The combination of sensors and technology has fundamentally transformed the automotive industry. Furthermore, innovative technologies attract new customers, which is likely to witness major growth for the market during the forecast period.
China is one of the prominent countries in terms of vehicle manufacturing in Asia-Pacific. China has a major presence of automotive manufacturers, which is likely to create lucrative opportunities for the market during the forecast period. According to the China Association of Automobile Manufacturers (CAAM), China’s auto sales surged 29.7% in July 2022, standing at 2.42 million units, compared to the previous year. The sales of new energy vehicles, including pure electric vehicles, plug-in hybrids, and hydrogen fuel-cell vehicles, increased by 120% in July 2022 from the previous year.
China is not only one of the world's largest EV markets, but it is also one of the fastest-growing EV manufacturers. Many players are also expanding alongside the Chinese automobile industry, embracing reforms alongside its partners in order to achieve win-win solutions through innovative new products.
In February 2023, Geely officially announced the launch of the new Panda Mini micro-electric vehicle. In standard configuration, the vehicle features a 9.2-inch color instrument panel, ABS (Anti-lock Braking System), and EBD (Electronic Brakeforce Distribution). Some models feature an 8-inch central display and a backup camera, assisting drivers in various driving scenarios.
