The global ADAS (Advanced Driver Assistance Systems) calibration equipment market is on a trajectory for substantial growth, with forecasts indicating a market valuation of approximately USD 277.8 million in 2023. According to industry experts, the market is set to experience a compound annual growth rate (CAGR) of 12.6%, reaching a projected USD 911.2 million by the end of 2033.
The increasing integration of ADAS in modern vehicles is driving demand for precise calibration equipment. These systems, essential for steering, monitoring, braking, and warning functions, enhance vehicle safety, reduce accident risks, and improve driving comfort. With the rising incidence of automotive accidents and stringent safety regulations, the demand for effective ADAS calibration is more critical than ever.
Request Sample: https://www.futuremarketinsights.com/reports/sample/rep-gb-10513
Key drivers for this market growth include:
- Legislative Support: Similar to trends in North American markets, global legislation is increasingly mandating the use of ADAS technologies, thus driving the demand for calibration equipment.
- Technological Advancements: Innovations in camera-based ADAS systems are improving to rival the detection capabilities of lidar and radar, creating new growth avenues for equipment manufacturers.
- Increased ADAS Adoption: More automakers are incorporating ADAS features, pushing the demand for specialized calibration tools.
- IoT and AI Integration: The incorporation of Internet of Things and Artificial Intelligence technologies in ADAS is further enhancing system capabilities and market growth.
- Electrification and Autonomy: The shift towards electric and autonomous vehicles is also promoting the adoption of sophisticated ADAS systems.
Despite these positive trends, challenges such as high costs, limited functionality, and a lack of awareness about ADAS technologies in some regions are tempering market expansion.
Key players
- Robert Bosch GmbH
- Mahle GmbH
- HELLA GmbH & Co. KGaA
- TEXA S.p.A
- Autel Intelligent Technology Corp., Ltd.
- Launch Tech Co., Ltd.
- COJALI S.L.
- Hofmann Megaplan GmbH
- The Burke Porter Group
- Hunter Engineering Company
- BorgWarner Inc. (Delphi Technologies)
The North American market, particularly the United States, is a significant contributor to global demand. The U.S. market alone accounts for approximately 22.9% of the global share in 2023, bolstered by substantial sales of automotive vehicles and a strong presence of leading automotive manufacturers who are continually integrating cutting-edge technologies into their vehicles. The passenger vehicles segment is expected to dominate the demand for ADAS calibration equipment, projected to hold 73.6% of the global market share through 2033.
Gain Immediate Access to Detailed Market Insights: https://www.futuremarketinsights.com/checkout/10513
Key segments
By Vehicle Type:
- Passenger Vehicles
- Commercial Vehicles
By End User:
- Automotive OEMs
- Tier 1 Suppliers
- Service Stations
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
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 ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube