Categories: Automotive

Advanced Driver Assistance Systems (ADAS) Market Poised to Exceed $6 Bn By 2032

The global advanced driver assistance systems (ADAS) market size reached USD 44.62 billion in 2022 and predicted to touch USD 158.24 bn by 2032, growing at a CAGR of 13.8% from 2023 to 2032.

Ket Takeaway:

By components type, the lidar sensors segment accounted for 34% of the market share in 2021.
The software segment is expanding at a notable CAGR of 19.4% from 2022 to 2030.
By vehicle type, the commercial car segment is expanding at a CAGR of 17.3%.
By solution type, the tire pressure monitoring system segment has accounted market share of over 20.7% in 2021.
The autonomous emergency braking segment is poised to reach at a CAGR of 21.5% during the forecast period.

Advanced driver assistance systems (ADAS) are one of the fastest growing applications in the automotive sectors. The main aim of ADAS feature creation is to make roads safer and better suited to fully autonomous vehicles in the long run. However, manufacturers and buyers should not underestimate the importance of ADAS in meeting current automotive challenges. The most important effect of advanced driver assistance systems is the provision of critical knowledge to drivers and the automating of difficulties. The ADAS market is rising rapidly, and so is the growth of the ADAS algorithm. A variety of algorithms are used to power life-saving systems. Among them, vision and image processing algorithms are real game changers for the creation of ADAS applications.

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Advanced driver assistance systems (ADAS) continue to grow as it not only provide enhanced passenger experienced, but also provide the driver with maximum and safety. ADAS technology using FPGA / SoCs and automotive sensors can be based on systems locally to the car, i.e. “vehicle resident systems” such as vision / camera, to allow improved situational awareness and control to make driving easier and safer. The largest and most common connected system used today by consumers is a car.

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Advanced Driver Assistance Systems (ADAS) Market Growth Factors

The growth of advanced driver assistance systems (ADAS) market is mainly driven by growing demand for safety and driving comfort features paired with demand for luxury vehicles. In addition, rising demand for electric vehicles (EV), ongoing development in sensor technology and demand to integrate ADAS in premium car are some of the factors predicted to influence the growth of ADAS in analysis period. Furthermore, stringent rule and regulations for vehicle safety is expected to flourish the growth of the advanced driver assistance systems (ADAS) market in analysis period. On the contrary, lack of required road infrastructure in developing region is expected to limit the growth of advanced driver assistance systems (ADAS) market in near future. Nonetheless, growing market for autonomous vehicles across the globe is expected to open up new alluring opportunities for market players in near future. Despite the slowdown in vehicle sales caused by the COVID-19 pandemic, current safety rule and regulations will definitely increase the penetration of ADAS features in future vehicles.

Report Highlights

Europe and North America together held the majority of revenue share in 2019.The growth of these regions is mainly attributed to better road infrastructure facilities, higher adoption rate of new technologies and presence of key market participant.
Stringent rules and regulations by various countries such as AEB and LDW for in France and South Korea, L3 driving system development in Canada is predicted to shape the market for global ADAS market in analysis period.
The passenger car segment held the majority of revenue share in 2019 and accounted over 64% of the overall market and is also projected to emerge as the fastest-growing vehicle type segment in years to come.
Regulations on frequency and bandwidth are estimated to support the growth of radar sensor segment in near future.
Asia is anticipated to be fastest growing region for global ADAS market and is likely to grow at a CAGR of 14.8% in forecast period. China, Japan and South Korea governments have acknowledged the automotive industry’s growth potential, and have taken numerous measures to enable major OEMs to enter their domestic markets. According to our analyst, China is predicted to remain the global leader in electric vehicle production, with a 55% volume share in 2030.

Regional Snapshots

Europe and North America held the majority of revenue share in 2019. Ongoing developments in autonomous driving coupled with demand for light truck vehicle is expected to propel the demand for ADAS market in North America region. Japan, China and South Korea are expected to be key revenue contributing countries in the Asia Pacific region. Standardization of ADAS structures by Japanese OEM is predicted to surge the demand for ADAS in Japan market.Some of the countries from rest of world market participants such as Brazil, Mexico and UAE are expected to follow growth trends slowly.

Key Players & Strategies

The global ADAS market is highly competitive and still is moderately concentrated. Continental AG, Magna international, Hyundai Mobis and Autoliv Inc. held the noticeable revenue share in ADAS market in 2019. Some of the major players observed and covered in the report are Denso, Aptiv, Robert Bosch, Continental AG, Magna International, Veoneer, Hyundai Mobis, ZF Friedrichshafen, Valeo, NVIDIA, Intel, Microsemi Corporation, Nidec Corporation, Hella, Texas Instruments, Infineon Technologies AG, Hitachi Automotive and Renesas Electronics Corporation amongst others.