Global Advanced Driver Assistance Systems (ADAS) Market Size By System (Adaptive Cruise Control, Blind Spot Detection System), By Vehicle Type (Buses, Light Commercial Vehicles (LCVs)), By Electric Vehicle Type (Battery Electric Vehicle, Fuel Cell Electric Vehicle), By Geographic Scope And Forecast
Published on: 2024-08-02 | No of Pages : 320 | Industry : latest updates trending Report
Publisher : MIR | Format : PDF&Excel
Global Advanced Driver Assistance Systems (ADAS) Market Size By System (Adaptive Cruise Control, Blind Spot Detection System), By Vehicle Type (Buses, Light Commercial Vehicles (LCVs)), By Electric Vehicle Type (Battery Electric Vehicle, Fuel Cell Electric Vehicle), By Geographic Scope And Forecast
Advanced Driver Assistance Systems (ADAS) Market Size And Forecast
Advanced Driver Assistance Systems (ADAS) Market size was valued at USD 34.93 Billion in 2023 and is projected to reach USD 73.74 Billion by 2031, growing at a CAGR of 10.80% from 2024 to 2031.
- ADAS incorporates various sensors, cameras, and radar systems to monitor the vehicle’s surroundings and detect potential hazards, such as other vehicles, pedestrians, cyclists, and obstacles on the road.
- ADAS includes features like automatic emergency braking (AEB), which can intervene to prevent or mitigate collisions by applying brakes if the system detects an imminent collision with another vehicle or object.
- ADAS systems utilize cameras and sensors to monitor lane markings and provide warnings to the driver if the vehicle unintentionally drifts out of its lane. Lane-keeping assistance can also intervene by gently steering the vehicle back into its lane.
- Adaptive Cruise Control (ACC) maintains a set speed while automatically adjusting the vehicle’s speed to maintain a safe distance from vehicles ahead. It utilizes radar or cameras to detect the distance and speed of surrounding vehicles, reducing the need for manual acceleration and braking.
- This feature uses sensors to monitor the vehicle’s blind spots and alerts the driver if there is a vehicle or obstacle in the adjacent lane, helping to prevent lane-change accidents.
- ADAS systems can assist drivers in parking by providing visual and/or audible cues to help maneuver into parking spaces. Some advanced systems even offer automated parking, where the vehicle can park itself with minimal driver input.
Global Advanced Driver Assistance Systems (ADAS) Market Dynamics
The key market dynamics that are shaping the global Advanced Driver Assistance Systems (ADAS) Market include
Key Market Drivers
- Increasing Safety and Convenience Demand Demand for ADAS technologies like as autonomous emergency braking and lane departure warning systems is increasing as consumers place a greater focus on safety and convenience.
- Government Regulations Stricter safety standards set by governments around the world encourage the inclusion of ADAS capabilities into new vehicles, boosting acceptance by automakers.
- Technological Innovations Advancements in sensor technology, artificial intelligence (AI), and machine learning increase the sophistication and reliability of ADAS systems, enticing both consumers and manufacturers.
- Driverless Vehicle Development The rise of driverless vehicles is strongly reliant on better ADAS functions, which is driving additional expansion in the ADAS industry.
- Pedestrian and bicycle Safety Focus Increased awareness of pedestrian and bicycle safety drives demand for ADAS capabilities that identify and notify drivers to potential collisions with vulnerable road users.
- Insurance Incentives Insurance companies provide discounts to drivers who own vehicles equipped with ADAS capabilities, rewarding the use of these advanced safety systems.
- Expansion of the Premium Automotive Market The global expansion of the premium automotive market, where ADAS technologies are frequently standard, contributes significantly to the overall growth of the ADAS industry.
- Connectivity and V2X Focus With the growing adoption of connected car technology and Vehicle-to-Everything (V2X) communication, ADAS systems may receive real-time traffic information, improving safety and driving market growth.
Key Challenges
- High Cost Because ADAS systems are generally expensive, budget-conscious consumers may be hesitant to embrace them, providing a hurdle to wider adoption.
- Technical complexity Integrating sophisticated hardware and software components in ADAS systems necessitates ongoing technological developments to provide smooth operation and reliability under a variety of driving scenarios.
- Liability Concerns The determination of liability in incidents involving vehicles equipped with ADAS features remains legally complex, creating uncertainties that limit the widespread use of these systems.
- Consumer Reliance and Overconfidence Overreliance on ADAS features may cause drivers to become complacent or overconfident, ignoring the significance of maintaining safe driving habits.
- Data Security and Privacy ADAS systems collect sensitive sensor data on the vehicle’s surroundings and driver behavior, demanding strong cybersecurity measures to prevent hacking and preserve customer privacy.
- Standardization and legislation The lack of worldwide standards and uniform legislation governing ADAS features presents difficulties for automakers operating in international markets, affecting vehicle development and compliance efforts.
- Infrastructure Limitations Certain ADAS capabilities, such as lane departure warning and adaptive cruise control, may be hampered by insufficient road infrastructure, such as poorly delineated lanes or uneven surfaces, reducing their usefulness.
- Consumer Acceptance and Education Many consumers are unfamiliar with ADAS technologies and may not completely understand their potential and limitations. Educating consumers about these devices is critical for ensuring correct use and maximising safety benefits.
Key Trends
- Advancement Towards Higher Automation Levels The ADAS market is moving toward features that support increased automation levels, such as highway driving assist and traffic jam help. These features improve vehicle handling in specific conditions, increasing driver comfort and decreasing tiredness.
- Rise of LiDAR Technology Although cameras and radar are the most common sensors in ADAS systems, LiDAR (Light Detection and Ranging) technology is gaining popularity. LiDAR delivers enhanced 3D perception skills, which are essential for increasingly advanced autonomous driving functionalities.
- Integration with Connected Car Technology As connected car technology becomes more widely adopted, ADAS systems can receive real-time traffic updates, weather conditions, and hazard alerts, improving the accuracy and efficacy of ADAS features.
- Personalized ADAS Features Automakers are looking on ways to tailor ADAS features to specific driver preferences, such as lane departure alerts and adaptive cruise control.
- Subscription-based ADAS Services One prospective trend is to offer specific ADAS capabilities as subscription services, giving drivers access to sophisticated functionalities without the requirement for an initial car purchase.
- Focus on In-Cabin MonitoringDriver monitoring devices that track alertness and weariness are gaining popularity. These devices can prompt drivers to take breaks or assist in urgent situations.
- Enhanced Cybersecurity precautions As ADAS systems rely increasingly on software, strong cybersecurity precautions are essential. This trend involves the ongoing development of secure communication protocols and data encryption technology.
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Global Advanced Driver Assistance Systems (ADAS) Market Regional Analysis
Here is a more detailed regional analysis of the global Advanced Driver Assistance Systems (ADAS) Market
North America
- North America is significantly dominating the Advanced Driver Assistance Systems (ADAS) Market and is expected to continue its growth throughout the forecast period, owing to several variables.
- North America has a robust automotive sector with established manufacturers and a well-developed supply chain, laying the groundwork for widespread adoption of ADAS technologies.
- The region leads the way in technical innovation, with numerous corporations investing extensively in ADAS system research and development. This ongoing development keeps North America at the forefront of the ADAS market.
- North American countries have severe vehicle safety rules, which encourage automakers to incorporate sophisticated safety systems such as ADAS into their automobiles in order to fulfill compliance standards.
- In North America, consumers emphasize safety and are prepared to pay for vehicles with ADAS capabilities. This huge demand prompts manufacturers to install ADAS systems as standard or optional equipment in their automobiles.
- North America is home to various significant participants in the ADAS market, including as automobile manufacturers, technology companies, and suppliers. Their presence and impact contribute to the region’s leadership in ADAS implementation and innovation.
- The region’s well-developed infrastructure, which includes road networks and connectivity, provide an enabling environment for the effective deployment and use of ADAS technologies.
Asia Pacific
- Asia Pacific is anticipated to be the fastest-growing region in Advanced Driver Assistance Systems (ADAS) Market. The Asia Pacific area is experiencing rapid economic growth, which has resulted in a rise in disposable income and consumer expenditure on automobiles equipped with modern safety systems such as ADAS.
- Countries such as China and India have thriving automotive markets with rising demand for passenger vehicles, generating considerable prospects for the adoption of ADAS technologies.
- Governments in the Asia Pacific area are undertaking initiatives to promote road safety, including rules requiring the installation of safety systems such as ADAS in automobiles, which is driving market growth.
- In nations such as China and India, urbanization is causing traffic congestion and increasing road accident rates, driving consumers to seek automobiles with ADAS capabilities for added safety.
- Asian countries are making significant investments in automotive technology research and development, including ADAS systems, to address the growing demand for safer and more efficient automobiles.
- As customers in the Asia Pacific area become more aware of the benefits of ADAS technologies, demand for vehicles equipped with these features grows.
Global Advanced Driver Assistance Systems (ADAS) MarketSegmentation Analysis
The Global Advanced Driver Assistance Systems (ADAS) Market is Segmented on the basis of System, Vehicle Type, Electric Vehicle Type, And Geography.
Advanced Driver Assistance Systems (ADAS) Market, By System
- Adaptive Cruise Control
- Blind Spot Detection System
- Park Assistance
Based on System, the market is segmented into Adaptive Cruise Control, Blind Spot Detection System, and Park Assistance, TPMS captured the highest market share due to its low price, enabling aftermarket adoption by small and medium car owners. Moreover, the Advanced Driver Assistance Systems (ADAS) Market will grow at a significant CAGR over the forecast period due to government regulation for mandatory fitment in cars manufactured in the US and Europe.
Advanced Driver Assistance Systems (ADAS) Market, By Vehicle Type
- Buses
- Light Commercial Vehicles (LCVs)
- Passenger Cars (PCs)
- Trucks
Based on Vehicle Type, the market is segmented into Buses, Light Commercial Vehicles (LCVs), Passenger Cars (PCs), and Trucks. The passenger car division makes a dominating contribution to the Advanced Driver Assistance Systems (ADAS) Market. The augmented demand for safety systems in emerging markets can be expected to advance road safety standards, support legislation, and consumer awareness.
Advanced Driver Assistance Systems (ADAS) Market, By Electric Vehicle Type
- Battery Electric Vehicle
- Fuel Cell Electric Vehicle
- Hybrid Electric Vehicle
- Plug-In Hybrid Electric Vehicle
Based on Electric Vehicle Type, the market is segmented into Battery Electric Vehicles, Fuel Cell Electric Vehicles, Hybrid Electric Vehicles, and Plug-In Hybrid Electric Vehicle. The Battery Electric Vehicle segment is attributed to be the largest market due to its volume.
Key Players
The “Global Advanced Driver Assistance Systems (ADAS) Market” study report will provide valuable insight emphasizing the global market. The major players in the market are Bosch, Continental AG, Mobileye (Intel), Aptiv Plc, Magna International, Valeo SA, NXP Semiconductors, ZF Friedrichshafen AG, Denso Corporation, and Hyundai Mobis.
Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.
Key Developments
- In May 2024, Bosch announces a partnership with HERE Technologies to develop high-definition (HD) live maps for autonomous driving applications.
- In April 2024, Continental AG unveils its new long-range radar sensor with enhanced capabilities for detecting objects at greater distances.
- In May 2024, Aptiv Plc announced a collaboration with a leading ride-hailing company to develop self-driving taxi fleets equipped with Aptiv’s ADAS technology.
- In May 2024, NXP Semiconductors announced its new radar processing software specifically designed for next-generation ADAS features.
Report Scope
Report Attributes | Details |
---|---|
Study Period | 2020-2031 |
Base Year | 2023 |
Forecast Period | 2024-2031 |
Historical Period | 2020-2022 |
Unit | Value (USD Billion) |
Key Companies Profiled | Bosch, Continental AG, Mobileye (Intel), Aptiv Plc, Magna International, Valeo SA, NXP Semiconductors |
Segments Covered | By System, By Vehicle Type, By Electric Vehicle Type, And By Geography |
Customization scope | Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope. |
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