Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "ADAS Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Vehicle Type (Passenger Cars and Commercial Vehicles), By Sensor Type, By Level of Autonomy, By Function and By Region, Competition" report has been added to ResearchAndMarkets.com's offering.
Advanced Driver Assistance System (ADAS) market anticipates a robust growth trajectory from 2022's valuation of USD40.66 billion to a projected USD60.10 billion by the year 2028.
This represents a compound annual growth rate (CAGR) of 7.08%. The ADAS market, critical in enhancing vehicle safety with features like monitoring, braking, warning, and steering functionalities, is seeing an uptick in demand attributed to heightened consumer awareness and regulatory mandates for vehicle safety.
Market Drivers and Technological Advances Paving the Way for ADAS Expansion
The integration of ADAS across passenger cars and commercial vehicles is fueled by burgeoning technological advances within the sector and rising safety standards worldwide. Governments and automotive stakeholders are making significant investments in the infrastructure required to support the deployment of connected and autonomous vehicles. The commercial vehicle sector, in particular, has seen encouraging developments with the integration of ADAS components in response to evolving transportation regulations and infrastructure enhancements.
Safety Regulations and ADAS Functionality Trends Spurring Market Growth
Stringent safety regulations are pushing for the implementation of mandatory ADAS features in new vehicles. The impact of such mandates is twofold – it raises consumer awareness about the benefits of ADAS-equipped vehicles while propelling market demand. Moreover, increasing consumer preference for vehicles with parking aids and blind spot detection further endorses the proliferation of ADAS technologies.
The growth prospects of the global ADAS market are bolstered by the imminent arrival of fully autonomous vehicles, with several automakers and tech firms, such as Tesla and Waymo, leading the charge. These developments are set to enhance the suite of ADAS applications and drive market expansion over the coming years.
Market Challenges: Affordability and Complex System Integration
Key challenges impeding ADAS market growth include the elevated costs of developing and maintaining ADAS components, which effectively raise the overall price of vehicles with advanced safety features. The complexity of integrating diverse data inputs from high-end sensors also contributes to the higher vehicle costs.
Expanding Opportunities Amidst Advancements and Partnerships
Progress in connected and electric vehicle technologies presents substantial opportunities for ADAS market participants. Government initiatives promoting electric vehicle adoption indirectly contribute to the increased ADAS uptake, since these vehicles are often equipped with sophisticated ADAS technology.
Collaborations between ADAS solution providers and vehicle manufacturers are expected to flourish, leveraging market opportunities to foster partnerships and expand market presence.
- Hyundai confirms Level 2 ADAS features for the all-new Verna, enhancing consumer appeal and road safety.
- Investments from key players like ZF Friedrichshafen AG in AI for autonomous vehicles signal market confidence and innovation.
- BlackBerry's partnership with Magna International to advance ADAS technologies showcases an industry leaning towards collaboration.
Comprehensive Market Segmentation Analysis
The report segments the global ADAS market by various categories such as vehicle type, sensor type, level of autonomy, function, and region. The research also provides a competitive landscape featuring prominent market players such as Robert Bosch GmbH, Continental AG, Autoliv Inc, and others who are shaping the industry's trajectory.
Regional Market Insights Highlight Global Reach
Detailed regional analysis encompasses key markets in Asia-Pacific, North America, Europe & CIS, South America, and the Middle East & Africa. This review encapsulates the diverse and rapidly evolving ADAS landscape across different geographic regions and serves as a barometer for industry stakeholders looking to navigate the global ADAS market space.
The comprehensive overview revealed by this report on the ADAS market underscores the significance of advanced safety feature integration in the automotive industry. As the sector matures and moves toward increased autonomy, ADAS remains poised as a cornerstone technology, pivotal in shaping the future of vehicle safety and driving experience.
A selection of companies mentioned in this report includes
- Robert Bosch GmbH
- Continental AG
- Autoliv Inc.
- ZF Friedrichshafen AG
- DENSO Corporation
- Aptiv Global Operations Limited
- Magna International Inc.
- Valeo
- Ambarella Inc
- Aisin Corporation
- Huizhou Desay SV Automotive Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/umhpt5
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