The global automotive ADAS (Advanced Driver Assistance System) market is set to experience substantial growth, with projections indicating an increase from USD 64,047.75 million in 2024 to USD 211,710.80 million by 2034, reflecting a compound annual growth rate (CAGR) of 12.7% over the next decade.
This growth is primarily driven by the rising demand for ADAS in compact passenger vehicles. In developed countries, the increase in luxury vehicle ownership, supported by higher disposable incomes and a trend towards materialism, is significantly impacting the market. This shift is also being observed in developing nations like India and China, where the luxury car segment is expanding rapidly, leading to greater adoption of ADAS technologies.
Automakers are making substantial investments in advanced features such as night vision, road sign recognition, and drowsiness monitoring, which are contributing to the growth of ADAS sales. Furthermore, stringent government regulations aimed at improving road safety and reducing accidents are bolstering the market. For instance, recent EU regulations require the installation of adaptive cruise control systems in commercial vehicles, creating further opportunities for growth in the automotive ADAS market in the years ahead.
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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.
“Vehicle electrification is projected to open up doors for the future growth of autonomous ADAS. Increasing investments in autonomous vehicle technology are promoting the integration of ADAS in vehicles. Key players in developed economies are turning their focus on developing economies as avenues for growth emerge in these countries,” – says an FMI analyst.
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.
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
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.
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