Advanced Driver Assistance System (ADAS) Market To Hit Value .7 Billion By 2030 |Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on July 31st, 2023 San Francisco, 31 July 2023: The ReportAdvanced Driver Assistance System (ADAS) Market Size, Share & Trends Analysis Report By Solution Type (Adaptive Cruise Control, Blind Spot Detection, Park Assistance), By Component Type, By Vehicle Type, By Region, And Segment Forecasts, 2022 - 2030 The global advanced driver assistance system market size is projected to reach USD 58.7 billion by 2030, registering a CAGR of 18.2% from 2022 to 2030, as per the study conducted by Grand View Research, Inc. The growing government initiatives toward deploying driver assistance systems to mitigate road accidents are anticipated to contribute to the market growth. The surge in the adoption of advanced driver assistance system (ADAS) in small cars is anticipated to further boost the growth of the market over the forecast period. Increasing levels of technological innovation and surge in the initiatives undertaken toward self-driving cars and vehicle automation have elevated the demand for driver safety and assistance systems over the past decade. For instance, the European Union has mandated automotive manufacturers to fit ADAS systems, including Autonomous Emergency Braking Systems (AEBS) and Lane Departure Warning Systems (LDWS), in all heavy commercial vehicles that weigh over 7,000 kilograms. The demand for ADAS technologies such as road sign recognition systems, drowsiness monitoring systems, and night vision systems is expected to increase considerably over the forecast period. Tire pressure monitoring systems are also projected to have substantial penetration in the overall market due to their easy aftermarket availability and low prices. Adaptive cruise control offers better driver safety and aids in avoiding fatal road accidents. All these factors are expected to propel market growth by 2030. The sensor segment accounted for the largest market share of more than 30% in 2021. The automotive industry is witnessing an increase in self-driving vehicles on road. These vehicles demand a blend of a large number of sensors such as Lidar, cameras, ultrasonic sensors, and radar for accomplishing different operations accurately. Thus, the demand for sensors is projected to increase significantly over the forecast period. Among the various sensor types, Lidar sensors are expected to gain high traction by 2030 owing to their crucial function in self-driving cars. The key players operating in the ADAS market include AISIN SEIKI Co., Ltd.; Autoliv Inc.; Continental AG; Denso Corporation; Garmin Ltd.; and HARMAN International. These players emphasize adopting various strategies, including business expansions, mergers and acquisitions, and product expansions. These strategies assist the companies in expanding their business and product portfolio. For instance, in February 2020, Continental AG established a new production plant for advanced driver assistance systems in Texas, U.S. The company invested USD 109 million. The growing demand for advanced driver assistance systems in compact passenger cars is projected to be a prime factor driving the market growth. Increasing government regulations for mandatory implementation of ADAS in vehicles are anticipated to further drive the demand. The market witnessed negative growth during the first half of 2020 due to the growing spread of COVID-19. Due to the global lockdowns, various assembly units and manufacturing units witnessed a temporary closure. Lower automotive sales hampered the adoption of ADAS for the coming quarters in 2021, thereby hampering the market growth. However, by 2022, the ADAS market is anticipated to witness significant growth owing to driver safety assistance mandates laid by various countries across the globe. Request sample report of Advanced Driver Assistance System (ADAS) Market@https://www.grandviewresearch.com/industry-analysis/advanced-driver-assistance-systems-adas-market/request/rs1 Advanced Driver Assistance System Market Report Highlights
Growing disposable income, economic stability, and a rising preference for materialistic lifestyles are driving the sales of luxury vehicles worldwide. Developed countries such as the U.S., Canada, Japan, Spain, South Korea, and Germany accounted for a majority share of luxury car owners. However, developing countries such as India and China are witnessing high growth in the sales of luxury cars in the last few years. Germany is the most lucrative luxury car market owing to the presence of major leading players such as BMW, Mercedes-Benz, Audi AG, and Volkswagen. It is also the largest exporter of luxury cars worldwide with the U.S. being one of the largest consumer markets for all types of luxury vehicles. Advanced Driver Assistance System (ADAS) Market Report Scope
List of Key Players of the Advanced Driver Assistance System Market
Access Press Release of Advanced Driver Assistance System (ADAS) Market@https://www.grandviewresearch.com/press-release/global-advanced-driver-assistance-systems-adas-market Like it? Share it! More by this author |