The advanced driver assistance systems (ADAS) market is projected to grow rapidly as vehicles edge ever closer to an automated future. For suppliers with the right in-house capabilities, scale and financial backing, the segment could prove a major revenue driver.
The global ADAS market in 2020 was estimated at US$13bn but that should triple over the coming ten years, expanding at a compound annual growth rate (CAGR) of about 14%, according to Magna. The Canadian supplier, which is already a key player in this segment, recently announced a deal to acquire Swedish rival Veoneer. The acquisition will give it immediate access to Veoneer’s portfolio of automotive sensing technology including camera vision systems, surround-view cameras, radars, the perception stack and LiDAR. Magna believes the move will position it as one of the largest global ADAS players while simultaneously bolstering the Canadian giant’s underlying aim to provide full vehicle competencies for the car of the future.
