NEWARK, Del, March 16, 2023 (GLOBE NEWSWIRE) -- The global ADAS calibration equipment market is expected to generate a value of US$ 911.2 million in 2033, with sales growing at a stellar CAGR of 12.6% from 2023 to 2033. The target market was valued at US$ 277.8 million in 2023 and is shaped by elevated demand for advanced safety measures in vehicles. The incorporation of the ADAS brought the ADAS calibration equipment into the spotlight. Advanced Driver Assistance Systems (ADAS) are increasingly becoming popular in the latest generation of vehicles owing to their ability to enhance safety, lessen the risk of accidents, and offer better comfort while driving. These factors are key to the growth of the ADAS calibration equipment market.
Historically, the ADAS calibration equipment market registered a moderate CAGR of 6.3% from 2018 to 2022 and reached US$ 249.2 million by 2022. The rapid advancement of the automotive sector and the increasing adoption of advanced driving technologies drive the expansion of the ADAS calibration equipment market. An upsurge in the adoption of ADAS technology is expected to boost the global sales of ADAS calibration equipment. In addition, increasing incidences of road accidents and the implementation of stringent regulations regarding the improvement of passenger safety also propel the ADAS calibration equipment market forward in the upcoming years.
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Recent years have also witnessed the development of advanced driver assistance system calibration equipment. This aspect is anticipated to open avenues of opportunity for market manufacturers. The integration of IoT and artificial intelligence (AI) into ADAS calibration equipment also results in improved prospects for the market. It is estimated that the surging adoption of ADAS calibration equipment in the automotive OEM and service stations will bolster sales over the forthcoming years. A key trend that will have a positive impact on sales is the implementation of strict safety regulations. However, factors like a lack of awareness of the technology and non-availability of the same in some parts of the world will likely hamper the growth of the global ADAS calibration equipment market.
Key Takeaways:
- While a lack of awareness of the technology may stymie market growth; it is estimated that the integration of advanced technology and the introduction of camera-based systems will strengthen market prospects.
- The US will dominate the North American ADAS calibration system market with a share of 22.9% in 2023.
- In 2023, the ADAS calibration system market in the U.K will account for 3.4% of the global market share.
- By vehicle type, the passenger vehicles segment will account for 70% of the market sales.
- Based on the end-user, the automotive OEM segment will create high demand for the market.
Competitive Landscape
Autel Intelligent Technology Corp., Ltd., Launch Tech Co., Ltd., Mahle GmbH, Robert Bosch GmbH, and TEXA S.p.A, among others, are some of the significant players in the ADAS calibration equipment market profiled in the full version of the report.
Eminent market players are focusing on manufacturing advanced ADAS calibration equipment products. These enterprises also employ various mergers and acquisition strategies to strengthen their market position. For instance, in April 2022, Autel introduced IA900WA, a new wheel alignment and ADAS calibration frame.
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ADAS Calibration Equipment Segmentation
By Vehicle Type:
- Passenger Vehicles
- Commercial Vehicles
By End User:
- Automotive OEMs
- Tier 1 Suppliers
- Service Stations
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
More Insights into ADAS Calibration Equipment Market
FMI offers the latest, unbiased, and detailed analysis of the global ADAS calibration equipment market, providing historical data from 2018 to 2022 and forecast statistics for 2023 to 2033. For a complete understanding of the global market potential, growth, and scope, the market is segmented on the basis of vehicle type, end-user, and region.
According to the reports, based on segmentation, the passenger vehicle type will account for 70% of the market sales due to increasing demand for advanced functionalities with greater automation of driving functions. In terms of end-user, automotive OEMs will generate higher demand for the market. Based on region, the ADAS calibration equipment market in the US will perform well during the period of observation. The country will account for 22.9% of the market share in North America. A rapidly growing automotive sector with increasing sales will propel the market forward in the US. Besides the US, Germany and the U.K. will also present notable growth and contribute significantly to the global growth of the ADAS calibration market.
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Table of Content
1. Executive Summary | ADAS Calibration Equipment Market
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product USP’s / Features
4.3. Strategic Promotional Strategies
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