The intricate nature of advanced components and the associated high manufacturing costs pose a significant challenge for the industry
Wilmington, Delaware, United States, Oct. 31, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global advanced driver assistance system market stood at US$ 26.6 billion in 2021, and the global market is projected to reach US$ 80.93 billion in 2031. The global advanced driver assistance system market is anticipated to expand at a CAGR of 11.8% between 2021 and 2031.
The global adoption of Advanced Driver Assistance Systems (ADAS) faces legal and regulatory hurdles that vary from country to country. Testing and commercializing ADAS in some regions in automobiles are still not fully legalized. Furthermore, the lack of standardized and transparent regulations regarding the application of ADAS in personal and commercial vehicles has created ambiguity and uncertainty in the market. These legal and regulatory challenges pose a potential restraint on the growth of the ADAS market.
To address these challenges, automotive industry leaders are collaborating closely with government and regulatory bodies to advance the testing and deployment of ADAS in vehicles. These collaborative efforts aim to accelerate the adoption of ADAS features, focusing on cost-efficient 3D surround view systems designed for entry- and mid-range vehicles. This innovative technology provides a 360-degree panoramic view to assist drivers during parking and low-speed operations. It enhances the safety of cars and expands their accessibility to a broader consumer base, contributing to the goal of a safer vehicle society.
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Companies in the ADAS market, particularly those based in the Western Hemisphere, are taking strategic measures to secure their supply chains and reduce dependence on Asian manufacturers, particularly in China. To mitigate potential supply chain disruptions, they are relocating bulk production to their respective countries, promoting self-reliance and ensuring a stable supply of essential components.
Global Advanced Driver Assistance System (ADAS) Market: Key Players
- Bosch has been a critical player in the advancement of ADAS technologies. They’ve developed systems like adaptive cruise control, lane-keeping assistance, and automated parking to assist drivers and enhance road safety.
- Qualcomm is at the forefront of bringing 5G connectivity to vehicles. This will enable faster and more reliable communication between vehicles and the infrastructure, enhancing features like real-time traffic updates, remote diagnostics, and over-the-air updates.
Competitive landscape in the global Advanced Driver Assistance System (ADAS) market:
- Continental AG
- Magna International Inc.
- Infineon Technology AG
- NXP Semiconductors
- Siemens AG
- DENSO CORPORATION
- Autoliv Inc.
- Robert Bosch GmbH
- Qualcomm Technologies, Inc.
- Ficosa Internacional SA
- Gentex Corporation
- HARMAN International
Key Takeaways of the Market Report
- Global ADAS market to generate absolute dollar opportunity worth US$ 80.93 billion until 2031.
- Global ADAS market from 2021 to 2031 is 11.8%
- Global ADAS market is currently valued at US$ 23.75 billion in 2020.
- Global ADAS market stood at US$ 26.6 billion in 2021.
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Global Advanced Driver Assistance System (ADAS) Market: Growth Drivers
- The global advanced driver assistance market is poised for growth due to the increased production of vehicles integrated with higher safety standards worldwide. The rising demand for safer vehicles pushes manufacturers to develop advanced driver assistance systems.
- The enforcement of strict rules and regulations concerning vehicle safety standards is anticipated to bolster the advanced driver assistance systems market further globally. Governments in developed countries are mandating the incorporation of various safety technologies in vehicles to enhance consumer safety and security.
Global Advanced Driver Assistance System (ADAS) Market: Regional Landscape
- Europe emerged as a dominant player in the global advanced driver assistance systems market, securing a significant share of the market’s revenue in 2020. This was attributed to the tech-savvy nature of European consumers, who exhibited a robust appetite for adopting cutting-edge technological features in their vehicles. The European automotive landscape has quickly recognized this trend, driving the development of more advanced driver-assist systems.
- The Asia Pacific region also played a pivotal role in the global advanced driver assistance systems market. Here, consumers showcased a remarkable inclination toward embracing advanced technological features within their vehicles.
- This tech-savvy attitude spurred an accelerated adoption of advanced driver assistance systems. The automotive sector in Asia Pacific responded to this burgeoning demand by focusing on the development of more sophisticated driver-assist technologies.
Global Advanced Driver Assistance System (ADAS) Market: Segmentation
Technology
- Adaptive Cruise Control
- Lane Departure Warning
- Tire Pressure Monitoring System
- Blind Spot Detection
- Adaptive Front Light System
- Night Vision System
- Park Assist System
- Automatic Emergency Braking
- Forward Collision System
- Pedestrian Detection System
- Others
Component
- LiDAR
- RADAR
- Camera
- Sensor
- Others
Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Duty Trucks
- Bus & Coaches
Level of Autonomy
- Level-1
- Level-2
- Level-3
- Level-4
- Level-5
Propulsion
- Internal Combustion Engine
- Gasoline
- Diesel
- Electric
- Battery Electric
- Hybrid Electric
- Plug-in Hybrid Electric
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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