NEWARK, Del, Nov. 07, 2023 (GLOBE NEWSWIRE) -- The global automotive ADAS (Advanced Driver Assistance System) market value is expected to rise from US$ 64,047.75 million in 2024 to US$ 2,11,710.80 million by 2034. This estimated growth is expected to be driven by a steady CAGR of 12.7% in the automotive ADAS (Advanced Driver Assistance System) market over the next decade.
Increasing demand for automotive ADAS in compact passenger cars is catalyzing the market growth. In developed countries, ownership of luxury vehicles is rising on the back of surging disposable income and a rising proclivity toward a materialistic lifestyle. The influence of this trend is growing larger and sweeping developing economies like India and China as well. As the luxury car segment sees a considerable rise in the global automotive market, the sales of automotive ADAS observe heightened adoption in these automobiles.
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Auto manufacturers are increasingly investing in advanced systems like night vision systems, road sign recognition systems, and drowsiness monitoring systems, which are propelling the sales of automotive ADAS. As government regulations to enhance road safety and decrease road accidents increase, so do the sales of automotive ADAS systems like adaptive cruise control and autonomous emergency braking systems. For instance, in the historical period, the European Union (EU) necessitated the execution of adaptive cruise control systems in commercial vehicles. Regulations like these are expected to offer lucrative opportunities for the automotive ADAS market in the next decade.
“Vehicle electrification is projected to open up doors for the future growth of autonomous ADAS. Increasing investments in autonomous vehicle technology are promoting the integration of ADAS in vehicles. Key players in developed economies are turning their focus on developing economies as avenues for growth emerge in these countries,” says Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.
Key Takeaways from the Automotive ADAS (Advanced Driver Assistance System) Market Report
- The United States automotive ADAS market is projected to expand at a CAGR of 8.9% through 2034, whereas the Canada market is anticipated to register a CAGR of 9.7% through 2034.
- In Europe, Germany, Spain, and France are expected to record CAGRs of 8.8%, 8.5%, 8.4%, respectively, through 2034.
- In Asia Pacific, Japan, China, and India are predicted to register CAGRs of 13.6%, 13.5%, and 13%, correspondingly, through 2034.
- The AEB segment is projected to obtain a market share of 56.3% in 2024.
- The ultrasonic sensors segment is anticipated to accumulate a share of 25.1% in 2024.
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Key Tactics Employed by Players Operating in the Automotive ADAS (Advanced Driver Assistance System) Market
The automotive ADAS industry is significantly fragmented, with a considerable proportion of players competing for a greater market share. Players can be seen competing on the basis of performance, price, features, technology, and scalability. Players are focusing on their dynamics and relationships with automakers and leveraging their expertise in automotive systems integration. Additionally, market participants are developing sophisticated ADAS technologies and are focusing on certain niches like specific vehicle types and specific ADAS features. Surging importance of ADAS systems in autonomous vehicles is expected to increase its sales.
Key Providers of Automotive ADAS
- Robert Bosch GmbH
- Continental AG
- ZF Friedrichshafen AG
- DENSO Corporation
- Mobileye
- Aptiv Plc
- Veoneer Inc.
- Autoliv Inc.
- Valeo SA
- Magna International
- Aisin Seiki Co. Ltd.
- Panasonic Corporation
- Texas Instruments
- NVIDIA Corporation
- NXP Semiconductors NV
- Renesas Electronics Corporation
- Intel Corporation
- Hitachi
- Harman International Industries
Key Developments Taking Place in Automotive ADAS (Advanced Driver Assistance System) Market
- Green Car revealed that it is going to equip its entire fleet with ADAS by 2022 end. Thus, optimizing user convenience.
- Beijing Horizon Robotics Technology R&D Co., Ltd. and Continental AG (Continental) came into a Joint Venture (JV) contract in September 2021. The JV concentrates on offering hardware and software integrated solutions for autonomous driving and advanced driver assistance systems.
- Aptiv PLC, in January 2022, announced a next-Gen ADAS for electric and autonomous vehicles, which is expected to cut cost of software-powered vehicles owing to Aptiv scalable architecture.
- ZF introduced a 360 ° protection system for commercial automotive in January 2022. The system is projected to detect risks from rear and front side and safeguard the vehicle via dynamic control system. Currently, the firm mainly targets the United States market due to significant demand from commercial fleet operators.
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Key Segments in the Automotive ADAS (Advanced Driver Assistance System) Market
By System:
- Standard
- Folding
- Self-Balancing
- Maxi
- Three-Wheeled
By Battery Type:
- Li-ion
- NiMH
- Lead-Based
By Technology:
- Plug-In
- Battery
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
- Europe
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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