Advanced Driver Assistance Systems (ADAS) Market to be Driven by Technological Advancements in the Forecast Period of 2023-2028
The new report by Expert Market Research titled, ‘Global Advanced Driver Assistance Systems (ADAS) Market Size, Share, Growth, Price, Report and Forecast 2023-2028’, gives an in-depth analysis of the global advanced driver assistance systems (ADAS) market, assessing the market based on its segments like offering, sensor type, system type, autonomy level, distribution channel, vehicle type, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Advanced Driver Assistance Systems Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 25.04 Billion
- Forecast CAGR (2023-2028): 17%
- Forecast Market Size (2026): USD 65 Billion
The global advanced driver assistance systems (ADAS) market witnessed decent growth in the historical period due to increased awareness regarding passenger safety and rising demand for driver assistance technologies.
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The Asia Pacific owns the largest market share which can be attributed to high sales and production of automobiles with significant rise in electric vehicle sales in countries such as China and Japan. Europe follows the region with strict government regulations to curb fuel emissions and promote safety features in vehicles.
Advanced Driver Assistance Systems Industry Definition and Major Segments
Advanced driver assistance systems (ADAS) refers to the technology which covers a wide range of systems, active and passive, that assist the driver throughout the duration of travel, by providing safety, efficiency, and comfort while driving. These systems also assist in driver, passenger, and pedestrian safety using various equipment and advanced technology, working in perfect synchronisation.
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Based on offering, the market can be categorised into the following:
- Hardware
- Software
Based on the sensor type, the market can be bifurcated into:
- Image Sensor
- LiDAR Sensor
- Ultrasonic Sensor
- Infrared (IR) Sensor
- Radar Sensor
- Laser
Based on the system type, the market can be divided into segments, such as:
- Adaptive Cruise Control System
- Automatic Emergency Braking System (AEBS)
- Adaptive Front Lighting System
- Blind Spot Object Detection System
- Driver Monitoring System (DMS)
- Forward Collision Warning System (FCWS)
- Intelligent Parking Assist System (IPAS)
- Lane Departure Warning System (LDWS)
- Night Vision System
- Road Sign Recognition System (RSRS)
- Tyre Pressure Monitoring System (TPMS)
- Traffic Jam Assist System (TJAS)
Based on the autonomy level, the market can be divided into segments, such as:
- Level 1
- Level 2 and Level 3
- Level 4
- Level 5
Based on the distribution channel, the market can be divided into segments, such as:
- OEM
- Aftermarket
Based on the vehicle type, the market can be divided into segments, such as:
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
The regional markets for advanced driver assistance systems (ADAS) includes:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Advanced Driver Assistance Systems Market Trends
The global advanced driver assistance systems (ADAS) market is being driven by rising demand for safety features and the increased need for comfort. The usage of the device serves to reduce the frequency of accidents. The product also increases pedestrian and passenger safety by lowering the frequency and severity of motor vehicle accidents. The market is expected to grow further as a result of rapid technical breakthroughs and the production of multifunctional systems. The market growth is being driven by increased awareness of vehicle safety and lower component prices as a result of the extensive use of cameras and radars. Furthermore, tight safety norms and regulations are likely to fuel market expansion during the forecast period.
Key Market Players
The major players in the global market are Robert Bosch GmbH, Continental AG., DENSO Corporation, Magna International Inc., ZF Friedrichshafen AG, Autoliv Inc., and NXP Semiconductors, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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