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The advanced driver assistance systems (ADAS) market facilitates the development of semi-autonomous and autonomous vehicles by offering safety and comfort features to drivers and passengers. ADAS integrates sensors, cameras, and radars in vehicles to detect the vehicle’s surroundings and assist the driver. Some common ADAS technologies include adaptive cruise control, automatic emergency braking, blind-spot monitoring, lane keep assist, park assist, and more.
The global ADAS market is estimated to be valued at US$ 33.99 billion in 2024 and is expected to exhibit a CAGR of 10% over the forecast period from 2023 to 2030.
ADAS improves transportation safety and mobility. Sensors incorporated in advanced systems continuously monitor the vehicle’s environment and alert or take precautionary measures to avoid collisions. This prevents road accidents and saves lives. Features like blind-spot detection, rear cross-traffic alert further enhance driver awareness. ADAS also enhances on-road comfort with technologies such as adaptive cruise control, lane centering assist, and traffic jam assist. The growing consumer demand for enhanced safety and comfort while driving is driving the adoption of ADAS in vehicles.
Key Takeaways
Key players operating in the advanced driver assistance system market are Aptiv, Continental AG, Denso, Hyundai Mobis, Magna International, Robert Bosch, Valeo, Veoneer, ZF Friedrichshafen, and others. Advanced driver assistance systems improve vehicle safety by leveraging the technologies of these leading automotive suppliers.
The growing demand for safe, autonomous, and connected mobility solutions is fueling the advanced driver assistance system market. Consumer awareness about accident prevention technologies is increasing the integration of ADAS in modern vehicles.
The global ADAS market is expanding with automakers focusing on equipping their vehicles with complete ADAS solutions. The connectivity of vehicles is further enhancing the applications of ADAS. Leading automotive companies are investing heavily in developing centralized ADAS platforms and solutions for automated driving.
Market Key Trends
Connected vehicles are presenting significant growth opportunities for advanced driver assistance systems. As vehicles get integrated with cloud connectivity and smart infrastructure, ADAS will leverage real-time traffic, navigation, and weather data to perform more efficiently. Over-the-air updates will help automakers enhance ADAS features seamlessly. ADAS based on connectivity is a major trend that will drive the market’s growth over the forecast period from 2023 to 2030.
Porter’s Analysis
Threat of new entrants: The Advance Driver Assistance System Market requires high R&D investments and has stringent regulations which create barriers for new companies. Bargaining power of buyers: Individual buyers have low bargaining power due to lack of information. However, large fleet operators can negotiate prices with OEMs.
Bargaining power of suppliers: Major component suppliers like sensor providers hold strong negotiating power due to differentiated technology and intellectual property.
Threat of new substitutes: Technologies like driverless cars and mobility as a service pose a potential threat, but they are still in development phases.
Competitive rivalry: The market is dominated by a few large players. Intense competition exists between them based on technology and innovation.
Geographical Regions
North America accounts for the largest share of the Advance Driver Assistance System market in terms of value owing to strict safety norms and tech-savvy consumers. The U.S contributes significantly to the regional market.
Asia Pacific is expected to be the fastest growing region during the forecast period due to rising vehicle production and sales in China and India. Increased consumer awareness about advanced safety features also helps drive market growth. Establishment of manufacturing plants by global brands further spurs regional demand.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
