The market is driven by the increasing demand for commercial vehicles, rising Technological advancements in the automotive industry and increased awareness about safety are the primary driving factors for the advanced driver assistance systems market. The features offered by ADAS, such as collision avoidance, lane departure warning, and adaptive cruise control, have resulted in higher demand from customers, especially in developed countries. Government programmes to enhance driving safety are also anticipated to stimulate industry expansion.
With the introduction of sophisticated driver-aid technologies, the automotive industry is undergoing a paradigm shift (ADAS). The need for reducing road accidents and fatalities, and enhancing road safety has necessitated the integration of ADAS features in vehicles. Also, the growing stringency of emission norms and regulations pertaining to vehicle safety across the globe is fuelling the market for ADAS.
There are many advantages to the Market. One benefit is that it enables you to prolong the life and maintain the condition of your vehicle. It might also assist you in avoiding pricey repairs. For example, if you get a flat tire, the Market can help you find a new one quickly and easily. It can also help you find discounts on new tires or other parts for your car. The Market also offers you the chance to reduce the cost of your auto insurance. The market can assist you in finding less expensive insurance rates if you have a clean driving record. Finally, the Market can assist you in locating a new or used vehicle that meets your criteria and price range.
Modern cars often have advanced driver assistance systems, or ADAS, which are a sort of technology intended to give drivers more safety and convenience features. These systems may have capabilities like adaptive cruise control, blind spot recognition, lane departure warning, and parking assistance. ADAS systems are becoming increasingly commonplace in new vehicles as automakers look to offer more advanced safety and driver assistance features to customers. As these systems proliferate throughout the automotive industry over the coming years, the worldwide ADAS market is anticipated to expand dramatically.
Electronic technologies known as advanced driver assistance systems (ADAS) assist drivers with a variety of driving-related duties, including parking, lane change, and adaptive cruise control.
At a CAGR of 11.3%, the global ADAS market is anticipated to increase from USD 39.8 billion in 2020 to USD 96.4 billion by 2031.
There are several restraining factors that are impacting the growth of the Advanced Driver Assistance Systems (ADAS) market. Some of these factors include high costs, lack of awareness, and stringent government regulations. One of the major restraining factors for the growth of the ADAS market is the high cost of these systems. These systems use several sensors and complex algorithms, which make them expensive.
Moreover, the installation cost of these systems is also high, as they need to be integrated with the vehicle’s existing systems. The lack of consumer knowledge about these systems and their advantages is another problem limiting the growth of the ADAS market. People in many areas are unaware of these systems' operations. This is one of the major challenges for manufacturers as they need to create awareness about these systems in order to boost their sales.
Government laws pertaining to vehicle safety are another factor affecting the growth of the ADAS market. There are stringent laws governing the installation of safety systems in vehicles in several nations. This is a challenge for manufacturers as they need to comply with these regulations in order to sell their products in these markets. However, the increasing demand will boost market sales.
Robert Bosch GmbH, Continental AG, Denso Corporation, Delphi Technologies PLC, Magna International Inc., Autoliv Inc., Aisin Seiki Co. Ltd., Valeo SA, ZF Friedrichshafen AG, and Hella KGaA Hueck & Co. are the leading companies in the Advanced Driver Assistance Systems (ADAS) market.
The Passengers cars segment forms major portion of the market
By application, passenger cars are expected to be the largest segment of the ADAS market during the forecast period owing to increasing stringent government regulations regarding vehicle safety features and rising consumer awareness about advanced driver assistance systems.
The Adaptive Cruise Control Segment to be on top of the market
In terms of type, the adaptive cruise control (ACC) segment held the largest share of the ADAS market in 2019 and is expected to maintain its leading position during the forecast period. The ACC system uses various sensors such as radar and lidar to detect vehicles ahead and automatically adjusts speed accordingly. This system provides enhanced safety and convenience to drivers, which is fuelling its adoption in passenger cars as well as commercial vehicles.
North America to dominate the market
The North American region held a major share of the global ADAS market in 2019 due to the high production and sales of luxury and premium cars in countries such as Canada and Mexico.
Covid-19 Impact & Market Status
The outbreak of the COVID-19 pandemic has had a significant impact on the advanced driver assistance systems (ADAS) market. Due to the lockdown measures taken by different governments throughout the world, it is projected that the industry will experience a fall in demand. However, once production operations get back up in the second part of 2020, the market is anticipated to rebound.
Latest Innovations in the Global Advanced Driver Assistance Systems (ADAS) Market: A Snapshot
-The launch of new products, such as the new Cervarix vaccine, by GlaxoSmithKline plc.
-The expansion of Merck & Co., Inc.'s HPV product portfolio with the launch of Gardasil 9 in Europe and the US.
-The acquisition of Sanofi Pasteur's HPV vaccine business by Pfizer Inc.
Advanced Driver Assistance Systems Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 96.4 billion|
|Growth Rate||CAGR of 11.3% during 2021-2031|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Robert Bosch GmbH, Continental AG, Denso Corporation, Delphi Technologies PLC, Magna International Inc., Autoliv Inc., Aisin Seiki Co. Ltd., Valeo SA, ZF Friedrichshafen AG, and Hella KGaA Hueck & Co. are the leading companies in the Advanced Driver Assistance Systems (ADAS) market.|
Key Segment of Global Advanced Driver Assistance Systems (ADAS) Market
By Type Overview 2021-2031, (USD Billion)
• Adaptive Cruise Control (ACC)
• Lane Departure Warning (LDW) System
• Park Assist, Blind Spot Detection
By Application Overview 2021-2031, (USD Billion)
• Passenger Car
• Light Commercial Vehicle (LCV)
• Heavy Commercial Vehicle (HCV)
By Region Overview 2021-2031, (USD Billion)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa