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 growing use of multifunctional sensors creates a big opportunity for the US ADAS sector. These sensors function as smart systems and are rapidly being utilised in electric and self-driving automobiles to provide mechanical stimulation and environmental information such as strain, pressure, light adjustment, and so on.
According to FMI researchers, the US accounted for almost US$ 8.9 billion of the North American ADAS industry. Aside from that, the big businesses in the US are increasing their joint ventures and acquisitions.
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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.
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.
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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
ADAS Market by Category
By System:
- Adaptive Cruise Control (ACC)
- Automotive Emergency Braking (AEB)
- Adaptive Front Light (AFL)
- Blind Spot Detection (BSD)
- Driver Monitoring System (DMS)
- Forward Collision Warning (FCW)
- Lane Departure Warning (LDW)
- Night Vision System (NVS)
- Park Assist (PS)
- Tire Pressure Monitoring System (TPMS)
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By Technology:
- Ultrasonic Sensor
- Lidar Sensor
- Radar Sensor
- Camera Sensor
- Infrared Sensor
- Pressure Sensor
By Sales Channel:
- Original Equipment Manufacturer (OEM)
- Aftermarket
By Vehicle Type:
- Passenger Vehicle
- Heavy Commercial Vehicle
- Light Commercial Vehicle
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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