Advanced driver assistance systems (ADAS) are a technology used in cars to make driving more comfortable and intelligent for safety. These systems include safety features intended to prevent accidents and collisions by providing technology to warn the driver of potential collisions or to prevent collisions by putting safety measures in place and taking control of the vehicle. It has several adaptive functions, including automatic lighting, automated braking, adaptive cruise control, built-in GPS, and traffic alerts.
The market for advanced driver assistance systems in 2021 was worth USD 23.44 billion, and it will be worth USD 75.23 billion by 2030, growing at a 13.83% CAGR during the forecast period.
The market is growing due to rising demand for advanced systems, including sleepiness monitoring, night vision, and road sign recognition systems, as well as high demand for safety features and higher requirements for comfort and efficiency.
Market Dynamics
Drivers
Rapid urbanization, growing industrialization, improving consumer standards of living, greater disposable income, and integration of AI with ADAS are some of the main reasons driving the growth of the ADAS industry. Various new capabilities, including autonomous emergency braking, lane warning departure systems, parking assistance, adaptive cruise control systems, and autonomous lighting and windshield sensors, have also been introduced to the ADAD library due to advancing technology. The worldwide ADAD market will increase over the forecast period due to the rising trend of autonomous or self-driving vehicles.
Restraints
Factors like high installation and maintenance costs, component failure, and privacy concerns over data collection constrain the market growth. Additionally, the lack of uniformity among nations regarding regulatory and safety standards is impeding the market’s expansion.
Opportunity
In order to increase vehicle-ADAS compatibility, numerous firms are producing newer cars, which is boosting demand for ADAS systems and the expansion of their global market. The demand for the ADAS system and the market expansion is driven by their predicted exponential sales rise shortly. A study estimates that the number of robo-cars produced would increase 87.5% from the estimated 100 thousand units in 2023 to about 800 thousand units in 2030.
Extending ADAS to newer markets may assist in raising ADAS awareness in these markets. The regional expansion to Europe and China, as well as the commercial vehicle ADAS and electric cars, can all assist in developing the worldwide market. According to SMMT and JATO dynamics, approximately 80% of all new cars in the UK are now equipped with at least one self-activating safety feature, either as standard equipment or as an optional extra. About 1.8 million automobiles are equipped with collision warning systems in a single year.
Market Segmentation
By Solution
In 2021, the tire pressure monitoring system was the biggest market, with 19.8% of the revenue share. The largest share is due to the reduced price of these systems, which allows aftermarket adoption by medium and small car owners.
The autonomous emergency braking segment will expand at a considerable 21.0% of CAGR during the forecast period. Government regulations for the mandatory fixture of these systems in a car manufactured in the US and Europe will significantly contribute to the growth of this market segment.
By Component
In 2020, the RADAR segment led the entire market with the largest revenue share. Radar sensors are in higher demand in markets, including those in the United States, China, and major European nations, due to 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 segment led the entire market in 2021 with 74% of the revenue share. The segment’s expansion is due to the rising consumer awareness of safety systems, supportive legislation, and raising standards for road safety in developing economies.
Regional Analysis
Asia Pacific region significantly ruled the entire market. Factors such as the rapidly expanding luxury vehicle market and rising vehicle manufacturing drive market growth. Furthermore, growing knowledge of the benefits of ADAS has a beneficial impact on market growth. Japan, China, South Korea, and India hold significant market shares.
Additionally, rising car maintenance expenses and safety concerns drive large market demand. The growing demand for luxury vehicles, people’s improved lives, and the region’s well-established automobile sector presents significant prospects. The APAC advanced driver assistance systems market will grow substantially during the forecast period.
Key Players
- Autoliv Inc.
- Robert Bosch GmbH
- DENSO CORPORATION
- ZF Friedrichshafen
- Aptiv PLC
- Aisin Seiki Co. Ltd.
- Valeo SA
- GENTEX CORPORATION
- Renesas Electronics Corporation
- Magna International Inc.
- Panasonic Corporation
- Continental AG
- Harman International
- Hyundai Mobs
- Mobileye N.V
- NXP Semiconductor
- Delhi Automotive PLC
- Jayson Electronics
The market for advanced driver assistance systems in 2021 was worth USD 23.44 billion, and it will be worth USD 75.23 billion by 2030, growing at a 13.83% CAGR during the forecast period. The demand for improved safety and the strict government regulations governing passenger safety and transportation are the main factors driving the market for advanced driver assistance systems (ADAS). During the projected period, technological developments in the vehicle monitoring system will likely spur market expansion.
Developing discretionary cashflow, financial security, 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 larger part portion of extravagance vehicle proprietors. Notwithstanding, 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 shopper markets for a wide range of extravagance vehicles.
The rising interest for cutting edge frameworks, for example, street sign acknowledgment frameworks, night vision frameworks.
Related Reports:
Smoke Evacuation Systems Market Report – The global smoke evacuation systems market will witness a robust CAGR of 5.7%, valued at $128 million in 2021, and expected to appreciate and reach $135 million in 2022 and $195 million by 2030, confirms Strategic Market Research.
