In recent years, automotive industry is experiencing an unprecedented transformation with the rise of digital technologies. While in the past, acceleration, top speed, and mechanical design were the most essential factors for purchasing an automobile, electronics and software innovations define the characteristics of the future. One among such innovations is the Advanced Driver Assistance System (ADAS). This innovation is now considered as the major drive force of the automotive domain with the intelligent electronic and software architectures. ADAS is primarily designed with an objective to assist drivers by providing an alert/automate the manual tasks in any adverse conditions. ADAS functions will also have the capability to obtain the signals from roadways, Road Side Units (RSUs) and other vehicles. This research article attempts to provide a comprehensive review on the research developments and technologies used in design, development and implementation of advanced driver assistance systems. The sections included in the proposed study describe about the different ADAS methods such as adaptive and automated cruise control, smart navigation with collision warning and avoidance system, automated vehicle parking assistance and object detection. The primary goal of this research study is to achieve a collective knowledge of ADAS operational capabilities and limitations, as well as to suggest research requirements for future investigations.