The global Automotive ADAS Market Size 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.
The Automotive Advanced Driver Assistance System (ADAS) market has experienced remarkable growth in recent years, driven by a confluence of factors such as increasing concerns about road safety, regulatory mandates for improved vehicle safety standards, and advancements in sensor and artificial intelligence (AI) technologies. ADAS systems represent a significant evolution in automotive technology, offering a suite of features designed to assist drivers in various aspects of driving, including collision avoidance, lane-keeping assistance, adaptive cruise control, parking assistance, and pedestrian detection. These technologies aim to enhance vehicle safety, reduce the likelihood of accidents, and improve the overall driving experience for consumers.
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One of the primary drivers of the Automotive ADAS market’s growth is the rising consumer demand for advanced safety features in vehicles. As awareness of the benefits of ADAS technologies increases, consumers are increasingly seeking vehicles equipped with these features, leading to greater adoption by automotive manufacturers. Moreover, regulatory bodies worldwide have been implementing stricter safety standards and mandates, requiring automakers to incorporate ADAS technologies into new vehicles to comply with regulations and earn safety ratings. This regulatory push has further fueled the integration of ADAS systems into vehicles across various market segments.
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 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.
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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