The Automotive ADAS (Advanced Driver Assistance Systems) Market will be worth US$ 131 billion by year 2032. The market is estimated to expand at a CAGR of 9.6% over the course of the forecast period. In 2021, the ADAS market was estimated to be worth US$ 29 billion.
The demand for Advanced Driver Assistance Systems (ADAS) in the automotive industry is expected to grow significantly in the coming years. There are several factors driving this growth, including increasing safety regulations, rising consumer demand for safety features, and advancements in technology.
One of the key drivers of ADAS demand is safety regulations. Governments around the world are implementing stricter safety standards for vehicles, which is leading automakers to incorporate more safety features into their vehicles. ADAS systems such as automatic emergency braking, lane departure warning, and adaptive cruise control can help prevent accidents and reduce the severity of crashes, making them an essential component of modern vehicles.
Almost all vehicles accidents are caused by human error, which can be avoided with advance driver assistance system (ADAS). The role of ADAS is to prevent deaths and injuries by reducing the number of car accidents and serious impact of those that cannot be avoided. ADAS manufacturers/ developers have developed systems focusing their efforts on making driving experience safer and having human less human interference. As a result, the advance driver assistance system industry is predicted to grow steadily in the future.
Strict regulations imposed on car manufacturers by various government bodies around the world promoting passenger safety will aid overall growth of the market. During the forecast period, growth in the automotive industry, combined with rising government initiatives to adopt advanced technologies, develop increasingly structured safety features, and a rising trend of government and consumer adoption of autonomous vehicles will open new revenue paths for the global ADAS market.
During the forecast period, the global ADAS market will benefit from an increase in per-capita consumer spending power in developing economies, as well as an increase in demand for premium and luxurious features in their vehicles. However, high initial costs and an increase in malfunctioning components may limit the global ADAS market growth. Nonetheless the market is predicted to grow due to rising demand from emerging countries such as China, India, Germany and others.
For more information: https://www.futuremarketinsights.com/reports/adas-market
Key Takeaways from Market Study
By ADAS type, night vision system (NVS) sales are expected to grow at a CAGR of 9%in global market.
By technology type, ultrasonic sensor and radar sensor segment is expected to lead with a market share of more than 0%.
By vehicle type, the passenger vehicle segment will dominate the market with more than 71%of the market share.
In terms of region, South Asia and Pacific is predicted to exhibit a CAGR of 12.4%.
“The swift expansion of the automotive sector has resulted in an increase in car production, accelerating the growth of the advance driver assistance system market. The market will gain traction in response to the rising demand for safe care driving and implementation of regulations ascertaining improved road safety.” says a Future Market Insights analyst.
Advance Driver Assistance System Market Competitive Landscape
Manufacturers in the global advance driver assistance system market are focusing on the development of new ADAS type with decreased human interference and increased accountability.
Key Companies Profiled
Robert Bosch GmbH, Continental AG, ZF Friedrichshafen AG, DENSO corporation, Mobileye, Aptiv Plc, Veoneer Inc., Autoliv Inc., Valeo SA, Magna International, Aisin Seiki Co. Ltd., Panasonic corporation, Texas Instruments, NVIDIA corporation, NXP Semiconductors NV, Renesas Electronics Corporation, Intel Corporation, Hitachi, Harman International Industries