Pune, India, Dec. 05, 2022 (GLOBE NEWSWIRE) -- The global advanced driver assistance system market size is expected to grow from USD 43.62 billion in 2022 and is projected to reach USD 124.31 billion by 2029, exhibiting a CAGR of 16.1% during the forecast period from 2022-2029. This information is provided by Fortune Business Insights, in its report, titled, “Advanced Driver Assistance System Market, 2022-2029.”
According to our analysts, rapid urbanization, industrial expansion, improving living standards, and rising per-capita income are expected to incite market development.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 To 2029 CAGR | 16.1% |
| 2029 Value Projection | USD 124.31 billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 37.31 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 200 |
| Segments covered | By System Type, By Component Type, By Vehicle Type, And Region |
| Growth Drivers | High Production of Vehicles and Increasing Sales to Boost Market Growth in Asia Pacific |
| Rising Demand for Safety Features to Boost Market Development |
COVID-19 Impact on ADAS market
Supply Chain Disruptions and Raw Material Shortage Negatively Affected Market Growth
This market was negatively affected during the COVID-19 pandemic due to supply chain disruptions and raw material shortages. The sudden spike in COVID-19 patients led to the adoption of stringent lockdowns. The closure of manufacturing facilities severely disrupted the supply chain, thereby hindering the industry’s growth. Furthermore, restrictions on transport and travel led to raw material shortages. However, the adoption of industrial automation and sanitization allowed manufacturers to balance costs and enhance their sales.
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Drivers and Restraints
Rising Concerns Regarding Passenger Safety to Foster Market Progress
Automotive Advanced Driver Assistance System (ADAS) is a software that covers an extensive range of passive and active systems to provide drivers with safety, efficiency, and comfort. Rising consumer demand concerning passenger safety is expected to elevate the product’s demand. Furthermore, the increasing adoption of advanced technologies in sensors, cameras, processors, mapping, and software algorithms has bolstered ADAS adoption in vehicles. Moreover, increasing passenger and driver safety concerns are expected to foster ADAS adoption. These factors may drive the Advanced Driver Assistance System (ADAS) market growth.
However, high installation costs and rising concerns regarding malfunctioning are expected to hamper the industry’s growth.
ADAS Industry Development
June 2021 - Continental AG declared the construction progress of its novel Advanced Driver Assistance Systems (ADAS) manufacturing facility.
List of Key Players Mentioned in the Report:
- Robert Bosch GmbH (Germany)
- Continental AG (Germany)
- ZF Friedrichshafen AG (Germany)
- DENSO CORPORATION (Japan)
- Aptiv PLC (Ireland)
- Valeo SA (France)
- Magna International Inc. (Canada)
- Aisin Seiki Co. Ltd (Japan)
- Autoliv Inc. (Sweden)
- GENTEX CORPORATION (U.S.)
- Harman International (U.S.)
- Hyundai Mobis (South Korea)
- NXP Semiconductor (Netherlands)
- Mobileye (Israel)
- Panasonic Corporation (Japan)
- Renesas Electronics Corporation (Japan)
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ADAS Segmentation
Autonomous Emergency Braking (AEB) System to Dominate Market Share Owing to Strong Demand for Commercial Vehicles and Passenger Cars
By system type, the market is segmented into adaptive cruise control, park assist, Autonomous Emergency Braking (AEB), lane departure warning system, forward collision warning, e-call system, and others.
The Autonomous Emergency Braking (AEB) segment is expected to dominate due to the rising demand for commercial vehicles and passenger cars. Further, increasing demand for the product from several applications is likely to boost segmental growth.
Radar Segment to Dominate Owing to Rising Safety Awareness and Accidents
As per component type, the market is categorized into LiDAR, radar, camera, and sensor.
The radar segment is expected to dominate attributable to rising safety awareness and increasing accidents. Further, the delivery of highly sophisticated ICs by the sensor is expected to enhance segmental growth.
Passenger Car Segment to Dominate the Market Attributable to Strong Adoption of Advanced Safety Systems in Vehicles
Based on vehicle type, the market is classified into passenger cars, Light Commercial Vehicles (LCV), and Heavy Commercial Vehicles (HCV).
The passenger cars segment is expected to lead the market due to the strong adoption of advanced safety systems in vehicles. Further, industrial expansions, urbanization, and rising disposable incomes are expected to foster segmental growth.
Regionally, the market clubbed into North America, Europe, Asia Pacific, and the rest of the world.
Regional Insights
High Production and Vehicle Sales to Foster Market Progress in Asia Pacific
Asia Pacific is expected to dominate the Advanced Driver Assistance System (ADAS) market share due to high production and vehicle sales. The market in Asia Pacific stood at USD 16.35 billion in 2021 and is expected to gain a huge portion of the global market share in the coming years. Further, the rising adoption of electric vehicles in Japan and China is likely to enhance the Advanced Driver Assistance System (ADAS) industry growth
In Europe, the imposition of strict emission norms enhanced ADAS adoption. Furthermore, the increasing demand for highly efficient safety features in vehicles is expected to elevate the industry’s growth.
In North America, the presence of several major automotive companies is expected to foster ADAS demand. These factors may propel the industry’s progress.
Competitive Landscape
Major Players Devise Acquisition Strategies to Strengthen Brand Image
The prominent players operating in the market devise acquisitions to enhance their brand image globally. For example, Magna International Inc. acquired Veoneer Inc. in July 2021 to strengthen its product offerings and brand image. Further, manufacturers invest significantly in research and developments to enhance their product’s effectiveness and boost their sales. Moreover, manufacturers devise partnerships, mergers, novel product launches, industrial automation, and expansions to enhance their market position globally.
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Global Advanced Driver Assistance System Market Size Segmentation:
By System Type
- Adaptive Cruise Control
- Park Assist
- Lane Departure Warning System
- Autonomous Emergency Braking
- Forward Collision Warning
- E-Call System
By Component Type
- LiDAR
- Radar
- Camera
- Sensor
By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles (LCV)
- Heavy Commercial Vehicles (HCV)
Table of Contents
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Key Industry Developments – Mergers, Acquisitions and Partnerships
4.2 Porter’s Five Forces Analysis
4.3 PEST Analysis
4.4 Technological Developments
4.5 Impact of COVID-19
5. Global ADVANCED DRIVER ASSISTANCE SYSTEM Market Analysis, Insights And Forecast, 2018-2029
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By System Type
5.2.1 Adaptive Cruise Control
5.2.2 Park Assist
5.2.3 Lane Departure Warning System
5.2.4 Autonomous Emergency Braking
5.2.5 Forward Collision Warning
5.2.6 E-Call System
5.2.7 Others
5.3. Market Analysis, Insights and Forecast – By Component Type
5.3.1 LiDAR
5.3.2 Radar
5.3.3 Camera
5.3.4 Sensor
5.4. Market Analysis, Insights and Forecast – By Vehicle Type
5.4.1 Passenger Cars
5.4.2 Light Commercial Vehicles
5.4.3 Heavy Commercial Vehicles
5.5. Market Analysis, Insights and Forecast – By Region
5.5.1 North America
5.5.2 Europe
5.5.3 Asia Pacific
5.5.4 Rest of the World
6. North America ADVANCED DRIVER ASSISTANCE SYSTEM Market Analysis, Insights And Forecast, 2018-2029
6.1. Key Findings / Summary
6.2. Market Analysis – By System Type
6.2.1 Adaptive Cruise Control
6.2.2 Park Assist
6.2.3 Lane Departure Warning System
6.2.4 Autonomous Emergency Braking
6.2.5 Forward Collision Warning
6.2.6 E-Call System
6.2.7 Others
6.3. Market Analysis – By Component Type
6.3.1 LiDAR
6.3.2 Radar
6.3.3 Camera
6.3.4 Sensor
6.4. Market Analysis, Insights and Forecast – By Vehicle Type
6.4.1 Passenger Cars
6.4.2 Light Commercial Vehicles
6.4.3 Heavy Commercial Vehicles
6.5. Market Analysis – By Country
6.5.1 U.S.
6.5.1.1 By Vehicle Type
6.5.2 Canada
6.5.2.1 By Vehicle Type
6.5.3 Mexico
6.5.3.1 By Vehicle Type
Continued…
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