The market for advanced driver assistance systems is growing robustly in the automotive industry. Lane departure warning systems, adaptive cruise control, and blind spot recognition are just a few of the safety features included in ADAS technology.
In 2021, the advanced driver assistance system market was worth USD 23.44 billion, and by 2030 it will be worth USD 75.23 billion, growing at a 13.83% CAGR during the forecast period.
The expanding emphasis on automobile safety, the demand for luxury automobiles, and government rules requiring the adoption of cutting-edge safety features all contribute to the need for ADAS systems. In the upcoming years, the market for ADAS will expand rapidly due to the rising popularity of connected automobiles, autonomous vehicles, and electric vehicles.
The rise in customer preferences for safety and comfort features and the rising demand for premium and luxury vehicles are the primary factors contributing to the advanced growth of the advanced driver assistance systems (ADAS) market. Government initiatives to improve passenger safety and lower system and component costs will increase demand for ADAS.
The ADAS market will increase due to increasing consumer awareness of car safety ratings and falling component costs as a result of the broad use of cameras and radars. Leading original equipment manufacturers are securing ADAS systems to increase safety ratings and win over consumers. As a result, there will be a surge in demand for components, including LiDAR, ultrasonic sensors, cameras, and radar sensors. Due to the increasing penetration of advanced driver assistance systems.
ADAS needs proper infrastructure, including well-maintained roads, lane markings, and GPS accessibility. The market expansion for advanced driver assistance systems (ADAS) is constrained in developing nations by a lack of infrastructure outside of urban areas and a lack of discipline or training in driving.
The development of fully and partially autonomous vehicles will result in significant potential. Long-term prospects for manufacturers of advanced driver support systems are anticipated to be greatly enhanced by the growing production of semi-autonomous. And driverless vehicles and the growing demand for luxury vehicles.
By System Type
Adaptive cruise control held the greatest market share in 2020, with a share of roughly 22.5%. An active safety system manages the brakes and acceleration of a vehicle. The device can be engaged by physically using the brakes or pressing a steering wheel button. Due to its capacity to reduce brake failure incidents, adaptive cruise control is chosen, which propels the segment’s expansion.
The RADAR was the greatest market segment in 2020 on the basis of components. Radar sensors are in higher demand in markets, including those in the United States, China. And major European nations, as a result of the rising accident rate and increased safety awareness. In order to detect and identify huge objects that are in front of the vehicle, RADAR (Radio detection and ranging) is frequently utilized in automobiles with ADAS.
By Vehicle Type
The passenger car sector ruled the market with a share of roughly 74% in 2021. Worldwide, car sales and production have increased due to expanding urbanization, industrialization, rapid demographic development, and rising disposable incomes. According to a study, car sales in China reached almost 21 million in 2021, up 5.7% from 19.8 million in 2020. While they reached over 15 million in the United States in 2021, up 3.4% from 14.49 million sales in 2020. The ADAS (ADAS) market is growing due to the rising demand for passenger cars with more safety, comfort, and driving economy features.
North America ruled the regional market in 2021 with a revenue share of more than 37.1%. Technical advancements, major company presence, a higher acceptance rate of new technologies, stronger manufacturing infrastructure. And better economic conditions in the region are the main factors driving the market expansion in North America. Nations like the United States and Canada have seen a sharp increase in demand for advanced driver safety systems. Which can be due to the region’s high rate of traffic accidents and increased sales of high-end vehicles.
Developing extra cash, monetary dependability, and a rising inclination for materialistic ways of life are driving the deals of extravagance vehicles around the world. Created nations like the U.S., Canada, Japan, Spain, South Korea, and Germany represented a greater part portion of extravagance vehicle proprietors. In any case, emerging nations, for example, India and China are seeing high development in the deals of extravagance vehicles over the most recent couple of years. Germany is the most rewarding extravagance vehicle market attributable to the presence of significant driving players like BMW, Mercedes-Benz, Audi AG, and Volkswagen. It is likewise the biggest exporter of extravagance vehicles overall with the U.S. being one of the biggest buyer markets for a wide range of extravagance vehicles.
- Delhi Automotive PLC
- Hyundai Mobs
- Jayson Electronics
- Panasonic Corporation
- NXP Semiconductor
- Renesas Electronics Corporation
- Continental AG
- Aptiv PLC
- Magna International Inc.
- Harman International
- GENTEX CORPORATION
- Aisin Seiki Co. Ltd
- Mobileye N.V.
- Magna International Inc.
- Denso Corporation
- Robert Bosch GmbH
- Valeo SA
In 2021, the advanced driver assistance system market was worth USD 23.44 billion. And by 2030 it will be worth USD 75.23 billion, growing at a 13.83% CAGR during the forecast period. The market will expand primarily as a result of the rising demand for advanced driver assistance systems (ADAS) in small passenger automobiles. Rising government laws requiring ADAS in vehicles will further fuel market demand.
Electric Vehicle Charging Station Market Report – The global electric vehicle charging station market will witness a robust CAGR of 31.14%, valued at $12.41 billion in 2021, expected to appreciate and reach $142.36 billion by 2030, confirms Strategic Market Research. The continuous growth of the rising EV sales across the globe is one of the main reasons that is fuelling. The overall growth of the market as these are increasing the overall demand for EV charging stations worldwide.