The Global Advanced Driver Assistance System (ADAS) Testing Equipment Market is projected to attain a valuation of US$ 56.4 billion in 2023 and is expected to accumulate over US$ 202.7 billion by 2033, trailing a CAGR of 13.6% from 2023 to 2033.
FMI expects the European market to grow at a noteworthy 10.2% CAGR throughout the projection period.
As part of the project, UK autonomous car start-ups have received financial and R&D support. These tools enable new and established players to compete with some of the world’s best autonomous car businesses. These considerations point to the United Kingdom becoming as a leader in Europe’s ADAS testing equipment industry.
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Key Takeaways:
- The United States advanced driver assistance system (ADAS) testing equipment industry is projected to expand with a CAGR of 12.8% during the forecast period.
- The demand for advanced driver assistance system (ADAS) testing equipment in China is anticipated to increase at a promising CAGR of 13.3% from 2023 to 2033.
- By product type, the hardware segment is projected to secure a CAGR of 14.4% in the forthcoming years.
- The United Kingdom is expected to secure an impressive CAGR of 10.2% throughout the forecast period.
Advancements in the automotive sector and the introduction of highly efficient and safe features in vehicles are expected to drive market growth during the forecast period, anticipates FMI Analyst.
Competitive Landscape:
The market for advanced driver assistance system (ADAS) testing equipment is highly competitive, with numerous prominent industry players making substantial investments in increasing their manufacturing capabilities.
Key Companies Profiled:
- Konrad GmbH
- AB Dynamics plc
- National Instruments Corporation
- TKH Group NV
- Oxford Technical Solutions Ltd.
- Racelogic Ltd.
Recent Developments in this Market:
- Robert Bosch collaborated with Hycan Automobile Technology in 2021 to develop automated valet parking technology. This technology is expected to be integrated into the Hycan Z03 vehicle.
- In March 2021, AB Dynamics, a provider of testing systems and measurement products, completed its acquisition of Vadotech Group, which includes Vadotech and Zynit. This acquisition enables AB Dynamics to achieve strategic goals, including expanding its presence in China market and strengthening its position as a global technical service provider in the automotive industry.
- Continental AG and Beijing Horizon Robotics Technology R&D Co., Ltd. announced a Joint Venture (JV) contract in September 2021. The JV aims to offer integrated solutions for advanced driver assistance systems and autonomous driving, encompassing both software and hardware components.
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Key Segments Profiled for this Market:
By Product:
- Hardware
- Software
By End-User Type:
- Automotive OEMs
- Tier-1 Suppliers
- Labs and Other Institutes
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- The Middle East and Africa (MEA)
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.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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