Dublin, May 16, 2024 (GLOBE NEWSWIRE) -- The "Advanced Driver-Assistance System (ADAS) Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The advanced driver-assistance system (ADAS) market is on a robust growth trajectory, with forecasts projecting a market size surge to US$86.14 billion by the year 2029, stemming from a value of US$27.741 billion in 2022. This impressive growth, calculated at a CAGR of 17.57% over the designated forecast period, is fueled by a confluence of pivotal drivers.
Chief among these drivers is the heightened imperative for road safety, as global road traffic accidents continue to claim over a million lives annually, with 20-50 million more individuals facing non-fatal injuries. National responses include stringent regulations mandating the incorporation of driver assistance features aimed at curbing the incidence of vehicular mishaps.
Simultaneously, the surge in electric vehicle adoption serves as a parallel engine of growth for the ADAS market. As environmental concerns mount, nations across North America and Europe are introducing legislative bans on the sale of vehicles powered by fossil fuels, paving the way for a seismic shift towards vehicles equipped with sophisticated driver-assistance systems.
Technological Advancements and Market Dynamics
The advanced driver-assistance systems market continues to evolve with advancements in Radar, LiDAR, Camera, and Ultrasonic technologies, each playing a distinctive and crucial role in the enhancement of vehicular safety features. North America remains at the forefront of the ADAS market, with its robust infrastructure and consumer predilection for embracing new technologies that augment both safety and convenience.
However, emerging trends and developments within the market are shaping new opportunities and dynamics. Recent innovations from industry players feature cutting-edge calibration equipment for passenger car ADAS, while strategic collaborations aim to spearhead the development of software-defined vehicles, leveraging platforms such as NVIDIA DRIVE Orin™ for a gamut of new electric vehicle offerings.
Market Segmentation Insights
With these developments underway, the advanced driver-assistance systems market is set to redefine vehicular safety and mark a significant milestone in the automotive industry's evolution. Stakeholders are poised to witness substantial opportunities and advancements as the global demand for ADAS continues to climb.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 124 |
| Forecast Period | 2022 - 2029 |
| Estimated Market Value (USD) in 2022 | $27.74 Billion |
| Forecasted Market Value (USD) by 2029 | $86.14 Billion |
| Compound Annual Growth Rate | 17.5% |
| Regions Covered | Global |
Companies Featured
- Robert Bosch GmbH
- Continental AG
- Aptiv
- Valeo
- Autoliv Inc.
- DENSO corporation
- Magna International Inc
- HELLA GmbH & Co. KGaA
- Mobileye
- Delphi Automotive
For more information about this report visit https://www.researchandmarkets.com/r/c37o4u
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