Advance Driver Assistance Systems (ADAS) are combination systems in automobiles that support the driver in various tasks like changing lanes, parking, cruise control, and keeping an appropriate distance from other vehicles. ADAS incorporates cameras, radars, and sensors providing 360 degree monitoring to detect objects and automatically apply emergency brakes. These systems improve vehicle safety and driving experience.
The global Advance Driver Assistance System Market is estimated to be valued at US$ 33.99 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased automobile production is one of the major trends driving the growth of the Advance Driver Assistance System Market. As ADAS is now being integrated standard in most mid-range and high-end vehicles, increased automobile sales will directly fuel the demand for ADAS. According to International Organization of Motor Vehicle Manufacturers, the global automobile production reached over 95 million units in 2022 exhibiting a growth of 4% compared to 2021. This growth in automobile production is creating robust demand for ADAS technology across all major automotive markets like Asia Pacific, Europe, and North America.
Segment Analysis
The global advance driver assistance system market is dominated by adaptive cruise control segment. Adaptive cruise control provides partial automation by automating the longitudinal and lateral control of the vehicle. It uses various sensors and radars to detect vehicles ahead and adjust the speed to maintain a safe distance without unnecessary acceleration or deceleration by the driver. Its growing adoption is attributed to the increasing demand for comfort and convenience features among consumers.
Key Takeaways
The global Advance Driver Assistance System market is expected to witness high growth. The global Advance Driver Assistance System Market is estimated to be valued at US$ 33.99 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
North American region currently accounts for the largest share of the global advance driver assistance system market owing to stringent regulations and rising demand for advanced safety features. Europe is poised to witness steady growth as governments in countries are emphasizing road safety through regulations mandating ADAS features in vehicles.
Key players operating in the Advance Driver Assistance System are Aptiv, Continental AG, Denso, Hyundai Mobis, Magna International, Robert Bosch, Valeo, Veoneer, ZF Friedrichshafen, and others. Aptiv is a leading player in the ADAS market with a strong portfolio of driving assistance technologies including adaptive cruise control and lane departure warning. Continental AG offers a comprehensive suite of advanced driver assistance systems including adaptive cruise control, emergency braking and lane change assistant.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it