Westford, USA, Sept. 04, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Advanced Driver Assistance Systems (ADAS) Market will reach a value of USD 74.75 Billion by 2031, with a CAGR of 10.88% during the forecast period (2024-2031). Advanced Driver Assistance Systems (ADAS) is particularly transforming the automobile industry, offering superior technologies to enhance safety, efficiency, and convenience on the roads. From avoiding accidents to adaptive travel control, the modernized features of ADAS are becoming paramount in new vehicles. Moreover, the growing awareness of improved technologies used in ADAS and increasing demand for autonomous vehicles is fueling the market growth.
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Advanced Driver Assistance Systems (ADAS) Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 32.91 Billion |
| Estimated Value by 2031 | USD 74.75 Billion |
| Growth Rate | Poised to grow at a CAGR of 10.88% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Vehicle Type, Autonomy, Electric Vehicle Type, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Supportive Government Regulations for the Use of ADAS |
| Key Market Drivers | Growing Urbanization and Rising Disposable Income of Consumers |
Escalating Use of Radar Sensors to Help Lead the Domain in Coming Years
By component, the radar sensors segment is projected to hold majority share of the advanced assistance systems (ADAS) market owing to its expanding use in numerous systems like lane-changing systems, emergency assist braking systems, and more. These systems are a major component of modern autonomous vehicles, which are experiencing greater demand at present. Moreover, mounting number of road mishaps and rising awareness for safety are prominently leading the segment growth. However, the sensor segment is also expected to grow considerably over the forecast period owing to its growing importance. Sensors are widely used to detect nearly everything faster and accurately. This key factor is assisting the segment growth over the forecast period.
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Growing Consumer Awareness for Improved Systems in New Vehicles to Drive Passenger Cars Segment
By vehicle type, the passenger cars segment is anticipated to hold a notable share of the market in the coming years owing to the rising consumer awareness for modernized systems that make driving smoother. The segment is also propelled by supporting regulations and enhanced road safety norms. On the other hand, the light commercial vehicles segment is expected to grow steadily due to the increasing number of government initiatives to use primary advanced assistance driver systems functions in commercial vehicles. This is fueling the demand for light commercial vehicles over the forecast period.
North America to Lead Market Due to Growing Number of Innovations and Existence of Large Number of Players
Geographically, North America is the dominating region as compared to others, impacted by major technological improvements in the automobile industry, presence of several leading players, and heavy use of modern technologies, bettering the economic condition and thus, the regional growth. Heavy demand for premium vehicles is majorly seen in developed nations like the U.S. and Canada, driving the market in the region.
Asia-Pacific is anticipated to be the fastest-growing region due to mounting sales and production and notable rise in the adoption of electric cars in Japan and China. OEMs in the developing nations like India and China are aiming to increase their product development and policy makers are enforcing the use of ADAS in modern cars. This is fueling the market growth in Asia-Pacific.
Advanced Driver Assistance Systems (ADAS) Market Insight
Drivers:
- Growing Emphasis on Vehicle Safety
- Rising Number of Regulations for the Use of ADAS by the Governments
- Growing Consumer Demand for Vehicles with Improved Features
Restraints:
- High Implementation Cost of ADAS Technologies
- Technological Complexities
- Low Awareness for ADAS in Unexplored Areas
Prominent Players in Advanced Driver Assistance Systems (ADAS) Market
The following are the Top Advanced Driver Assistance Systems Companies
- Autoliv Inc.
- Continental AG
- DENSO Corporation
- Magna International Inc.
- ROBERT BOSCH STIFTUNG GMBH (ROBERT BOSCH GMBH)
- NXP Semiconductors
- Panasonic Corporation
- Renesas Electronics Corporation
- Texas Instruments
- Delphi Automotive Company
Key Questions Answered in Global Advanced Driver Assistance Systems (ADAS) Market Report
- What is the size of the Advanced Driver Assistance Systems (ADAS) Market, according to SkyQuest Technology?
- Which is the leading segment in the Advanced Driver Assistance Systems (ADAS) Market?
- Which strategies are adopted by the leading market players in the Advanced Driver Assistance Systems (ADAS) Market?
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This report provides the following insights:
- Analysis of key drivers (expansion of global automotive market, growing urbanization and traffic congestion, integration with several technologies), restraints (security concerns, technological limitations, integration with legacy systems), opportunities (development of new technologies, aftermarket opportunities, growing partnerships and collaborations), and challenges (regulatory variability, reliability in adverse conditions, high development costs) influencing the growth of advanced driver assistance systems (ADAS) market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the advanced driver assistance systems (ADAS) market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the advanced driver assistance systems (ADAS) market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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