ADAS Market Growth Boost by Growing Demand for AI Vehicle Safety Systems Approaches
New York, US, Nov. 24, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Advanced Driver Assistance Systems Market/ ADAS Market Research Report: Information By Technology, Vehicle Type, Sensor Type - Forecast to 2030”, expects the global advanced driver assistance systems market to reach USD 55 billion by 2027. MRFR also confirms that the market valuation is projected to grow at a 10% CAGR during the assessment period (2022-2030).
ADAS Market Overview
The advanced driver assistance systems market demonstrates notable growth potential. Citing the rising demand for safety mechanisms and advancements of autonomous & semi-autonomous vehicles. Advanced driver assistance system (ADAS) witnesses colossal traction across the globe. Over recent years, ADAS has gained significant market prominence, so the market demand is continually increasing. Advanced driver assistance systems help drivers monitor and break & steer, using technologies such as human-machine interface (HMI), mobile security, telematics, and others.
Advanced driver assistance systems play an important role in delivering quick warnings for approaching obstacles and hazards such as pedestrians, lane changes, and short braking distances. Various governmental approaches towards vehicle and driver safety have imposed many regulations, mandating automakers to deliver vehicles with safety features installed.
Players leading the global ADAS market includes,
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Advanced Driver Assistance Systems Market Segments
The advanced driver assistance systems market report is segmented into sensor types, technologies, vehicle types, and regions. The sensor type segment is sub-segmented into ultrasonic sensors, lidar sensors, camera sensors, radar sensors, and others.
The technology segment is sub-segmented into head-up displays, blind-spot detection, drowsiness monitors, pedestrian protection, intelligent part assist, adaptive cruise control, and others. The vehicle type segment is sub-segmented into luxury cars, passenger cars, and commercial vehicles. The region segment is sub-segmented into Europe, North America, Asia-Pacific, and the Rest-of-the-World.
Advanced Driver Assistance Systems Market Report Scope:
|ADAS Market CAGR during 2022-2030||10%|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities||Safety advanced driver assistance systems|
Detroit advanced driver assistance systems
|Key Market Drivers||Increased need for comfort at the time of driving|
Strict safety rules and regulations
Various technological advances
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Advanced driver assistance systems play a causal role in reducing the rate of road accidents or casualties while taking care of pedestrian safety. The ADAS market is dependent on the growing production in the automobile industry and trends such as safety regulations, buyer preferences, and lifestyle. Besides, the continued economic growth worldwide boosts market demand, enhancing the consumers' purchasing power.
Besides, the increasing demand in the premium passenger car segment and rising vehicle & driver safety concerns drive the market growth. The introduction of safety & environmental regulations also supports the advanced driver assistance market growth. Other factors supporting the market growth are the range of advantages offered by advanced driver assistance systems and regulations mandating advanced driver assistance systems.
Luxury vehicle manufacturers and dealers have shifted their focus from offline lead generation to online sales. This new approach to engaging with prospective buyers through digital channels has proven to be a game-changer for market development. With the demand for luxury vehicles returning to normalcy, the ADAS market is too picking up gradually.
Automated driving and collaborative driving, integrated with intelligent transportation systems (ITS), vehicle control, and vehicle-to-everything communications (V2X), are expected to grow in popularity over the next decade. As roads are becoming busier with every passing day, driving risks are increasing too. This is increasing the implementation of advanced driver assistance systems among people.
Advanced Driver Assistance Systems Market Regional Analysis
The Asia Pacific region dominates the global advanced driver assistance systems market. Factors such as the rapidly flourishing luxury vehicle market and increasing vehicle production boost the market size. Besides, the increasing awareness of the advantages of ADAS impacts market growth positively. Japan, China, South Korea, and India account for key shares of the regional market.
Furthermore, increasing vehicle maintenance costs and safety concerns create vast market demand. The augmenting demand for luxury vehicles and improving lifestyles of people, alongside the well-established automobile industry in this region, offers substantial opportunities. The APAC advanced driver assistance systems market is anticipated to grow rapidly during the review period.
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Europe is another rapidly growing market for advanced driver assistance systems. Government regulations mandating the use of ADAS drive the global market exponentially. Additionally, the large presence of luxury car manufacturers in this region boosts the market value.
Also, the increasing demand for technologically advanced vehicles and stringent passenger & vehicle safety regulations in this region substantiate market revenues. The European advanced driver assistance systems market is anticipated to grow significantly during the assessment period.
Advanced Driver Assistance Systems Market Competitive Analysis
The advanced driver assistance systems market appears highly competitive and fragmented, with many notable players operating with their proprietary technologies. Players collaborate with other players to reduce development costs and market risks. ADAS providers are increasingly forming strategic partnerships and collaborations to benefit from each other's marketing platforms.
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In the future, Continental will offer ADAS solutions based on the CV3 AI SoC from the semiconductor company, Ambarella . The high-performance, power-efficient, and scalable SoC range are built for ADAS applications, including assisted driving and vehicle automation.
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