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The Advance Driver Assistance System Market is estimated to be valued at US$33.99 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growth in adoption of autonomous and semi-autonomous vehicles driven by increased road safety concerns and government mandate for driver assistance technologies are some of the major factors driving growth of the advance driver assistance system market. For instance, in 2020, the European Union proposed updated regulations that will make ADAS technologies such as emergency braking and lane-keeping assistance systems mandatory for new cars by 2022. Additionally, growing demand for luxury vehicles integrated with next-generation driver assistance technologies is also expected to fuel the market growth over the forecast period. However, high costs associated with deployment of autonomous vehicles may hamper market growth during the forecast period.
Segment Analysis
The Advance Driver Assistance System market is dominated by the Adaptive Cruise Control (ACC) segment which holds around 30% of the total market share. ACC helps maintain a given distance from vehicles ahead and adjusts the vehicle speed as per traffic conditions without any input from the driver. Its growing demand from autonomous vehicles to assist drivers and reduce road accidents is driving the ACC segment’s domination in the overall ADAS market.
PEST Analysis
Political: Regulations mandating safety features in vehicles across regions are driving the ADAS market growth. For instance, the EU made AEB and lane departure warning mandatory for new car types from 2022.
Economic: Rising per capita income and spending capabilities are increasing the demand for advanced and luxury vehicles integrated with latest driver assistance technologies.
Social: Growing road accidents and increasing awareness about road safety are propelling the adoption of ADAS to avoid collisions and assist drivers.
Technological: Continued innovations in sensing technologies like cameras, radars and others along with advancements in AI and deep learning are enhancing the capabilities of ADAS.
Key players operating in the Advance Driver Assistance System market are increasing their R&D investments to develop more advanced systems aligned with higher levels of vehicle autonomy. Players are also focusing on strategic collaborations to integrate their technologies and access wider application areas across automakers.
Key Takeaways
The global Advance Driver Assistance System market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing autonomous vehicles adoption. The market size for 2023 is US$ 33.99 Bn. Regional analysis: Asia Pacific dominates with over 35% market share due to large vehicle production in China, Japan and India. Key players: Key players operating in the Advance Driver Assistance System market are Aptiv, Continental AG, Denso, Hyundai Mobis, Magna International, Robert Bosch, Valeo, Veoneer, ZF Friedrichshafen, and others. Aptiv leads the market with its comprehensive ADAS portfolio and global presence.
The ADAS market in the Americas is estimated to grow at a high rate through 2030, driven by regulations mandating safety features in the US and government incentives for connected vehicles adoption.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
