The global advanced driver assistance system market is foreseen to witness significant growth, owing to increasing urbanization and industrialization during the forecast period 2021 to 2030.
Researchmoz demystifies the advanced driver assistance system market by shedding some light on market size, opportunities, trends, drivers, restraints, product segmentation, and competitive edge.
The advanced driver assistance system market is expected to witness noteworthy growth owing to advanced technological development and its global adoption.
The global advanced driver assistance system market is projected to grow CAGR of 11.4% between 2021 to 2030. The estimated market value in 2021 was USD27.52bn and it is projected to witness an estimated value of 58.59bn by 2030.
Factors Driving and Restraining the Market
The global advanced driver assistance system market shows an impressive growth opportunity during the forecast period. Let’s sneak peek into the factors that are expected to drive the market.
- The increasing number of accidents and need for safety measures are projected to drive the advanced driver assistance market in the coming years.
- The ADAS offers a wide range of benefits higher efficiency, safety, comfort, and seamless driving experience, thus owing to the market expansion.
- The increasing disposable income among consumers and urban lifestyle is leading the way to boost the production and sales of the advanced driver assistance system market.
- Further, the ADAS offers safety benefits to not just the driver, but also the passengers and pedestrians, thus reducing the mishaps and owing to the expansion of the market during the forecast period.
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The global advanced assistance systems market is witnessed to thrive between 2021 to 2030, the market analysis shows an impressive growth possibility at a CAGR of 11.4%, reaching up to an estimated valuation of USD 58.59bn from the past valuation of USD 27.52bn in 202.
The increasing road mishaps and traffic congestion are witnessed to be a significant factor in the rising demand for the advanced driver assistance system market.
The Radar component is expected to witness dominance as compared to other components as radar is highly used in adaptive cruise systems to provide higher efficiency and safety measures, thus augmenting the growth of the globally advanced driver assistance system in the coming years.
Park assist system is anticipated to take the second place in terms of system dominance as it helps in clearing any unwanted objects in the way and offers seamless parking assistance and safety.
Asia Pacific region is expected to hold a dominance in the market due to rising urbanization and increasing demand for electric vehicles.
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The major players in the global advanced driver assistance system market include-
- Robert Bosch GmbH
- Continental AG
- DENSO CORPORATION
- Magna International Inc.
- Aptiv PLC
- ZF Freidrichshafen AG
- Valeo SA
- Aisin Seiki Co. Ltd
- Harman International
- GENTEX CORPORATION
- Hyundai Mobis
- Panasonic Corporation
- NXP Semiconductor
- Renesas Electronics Corporation
- North America (United States, Canada, Mexico)
- Europe (Germany, UK, France, Italy, Spain, Others)
- Asia-Pacific (China, Japan, India, South Korea, Southeast Asia, Others)
- The Middle East and Africa (Saudi Arabia, UAE, South Africa, Others)
- South America (Brazil, Others)
Some prominent takeaways from this report include-
- Rapid urbanization and technological advancements to thrive in the global advanced driver assistance system market.
- Rising road rage and mishaps drive the market in order to bring in safety measures.
- The Asia Pacific followed by Europe and North America are expected to hold a significant share in the market respectively.
- Passenger vehicle production and sales to go up in the advanced driver assistance system market owing to governments’ measures on reducing the fuel emission and increase the on-road safety.
Download Report PDF: Advanced Driver Assistance System (ADAS) Market
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