As per a recent market survey by ESOMAR-certified consulting firm Future Market Insights (FMI), the global Advanced Driver Assistance System Testing Equipment Market reached US$ 222,486 Thousand in 2021.
Key Takeaways:
- Based on product type, hardware is anticipated to record maximum sales in the ADAS testing equipment market.
- OEMs and tier-1 suppliers will emerge as prominent users of ADAS testing equipment.
- The U.S. is expected to exhibit high demand for ADAS testing equipment, with the North America market expanding at a prolific 11.30% CAGR through 2031.
- The U.K. will emerge as an attractive market, owing to stringent ADAS testing policies. FMI projects the European market to grow at a healthy 8.0% CAGR.
- Sales prospects of ADAS testing equipment are projected to be bright in China, owing to rapid adoption of high-tech ADAS testing equipment in the automotive sector.
- India will exhibit steady demand for ADAS testing equipment due to growing concerns regarding road safety and the recent influx of autonomous vehicles in the country.
- Japan and South Korea will collectively account for 14% of the total market share.
Request a Sample of this Report:
https://www.futuremarketinsights.com/reports/sample/rep-gb-283
Development of sophisticated ADAS equipment, coupled with increasing adoption of autonomous vehicles in various countries, is identified as key growth accelerators in the report. Owing to these factors, FMI has projected the market to expand at an impressive 12.10% CAGR through 2031.
Sales of ADAS testing equipment dampened in the first half of FY’2020 due to the onset of the COVID-19 outbreak. Restrictions in movement and halted production, along with disrupted supply chains further impacted the market growth. However, recovery of the ADAS market is on card, as the market experienced year-over-year growth by 9.1% from 2020 to 2021.
In addition, stringent government regulations regarding appropriate testing of advanced and newly launched ADAS-equipped vehicles will continue driving market sales. Advancements in sensor technology and increasing incorporation of connective technology such as artificial intelligence (AI) and big data will create opportunities for expansion in the ADAS testing equipment market.
FMI’s in-depth regional analysis estimates the U.S. to lead the North American ADAS testing equipment market. Increasing cases of road fatalities have underscored the need for efficient ADAS equipment in the country, which in turn is augmenting the ADAS equipment market growth.
“Government initiatives regarding the maintenance of road safety, coupled with technological advancements in ADAS by OEMs will continue facilitating the growth of the global ADAS testing equipment market through 2031,” says the FMI analyst.
Get Your Report Customize, Visit:
https://www.futuremarketinsights.com/customization-available/rep-gb-283
Competitive Landscape
Konrad GmbH, AB Dynamics plc, National Instruments Corporation, TKH Group NV, Oxford Technical Solutions Ltd., and Racelogic Ltd. are among the leading players operating in the ADAS testing equipment market. As per FMI, top 5 players in the market are estimated to hold around 50% of the total market share.
As a part of their growth strategies, players are focusing on collaborations, mergers, and acquisitions to incorporate the latest ADAS technologies in their current product portfolios. Further, intensive research and development, coupled with private sector funding will remain among the prominent growth strategies through 2031. For instance:
- In July 2021, National Instruments Corporation and Seagate Technology Holdings, a leader in data storage solutions, announced a collaboration to launch first of its kind ADAS record offering, further enhancing their data storage and transfer services.
- In January 2021, Park Assist and ParkEyes, leading suppliers of ADAS equipment, merged with TKH Security, a part of TKH Group. The merger is aimed to strengthen TKH Group’s global footprint and to expand its product line and services to cater to evolving customers’ needs.
Key Segment
By Product:
- Hardware
- Software
By End-User Type:
- Automotive OEMs
- Tier-1 Suppliers
- Labs and Other Institutes
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Middle East and Africa (MEA)
Speak to our Research Expert:
https://www.futuremarketinsights.com/ask-question/rep-gb-283
Key Points Covered in ADAS Testing Equipment Market Survey
- Market estimates and forecast 2021-2031
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on ADAS Testing Equipment and how to Navigate
- Recommendation on Key Winning Strategies
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Browse All Reports: https://www.futuremarketinsights.com/reports
LinkedIn| Twitter| Blogs
