Advance Driver Assistance Systems (ADAS) are gaining high traction globally owing to increasing demand for enhanced safety features in automobiles. ADAS comprises of various sensors and cameras installed in vehicles to monitor the surroundings and alert the driver of any potential collision or accident. Features like adaptive cruise control, blind-spot monitoring, auto emergency braking, lane keep assist, and parking assistance among others enhance vehicle and road safety. The need for active safety systems is rising in automobiles owing to increasing road accidents and focus on autonomous vehicles.
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:
The demand for ADAS is growing significantly owing to increasing adoption of active safety systems across mid-range and economy class vehicles globally. Earlier, advance driver assistance features were provided mostly in luxury cars but now mid-segment cars are also offering such features which is supporting the market growth. Further, strict safety regulations regarding installation of collision avoidance and other driver assistance systems in commercial vehicles to minimize road accidents is fueling the ADAS market growth. Integration of technologies such as surround view cameras, driver monitoring systems and AI with existing ADAS is also augmenting the demand.
The global advance driver assistance system market is segmented on the basis of system, component, electric vehicle type and geography. Based on system, adaptive cruise control (ACC) is expected to dominate the market during the forecast period. ACC helps drivers maintain a safe following distance behind other vehicles in traffic by automatically accelerating and braking the vehicle without any input from the driver. The growing need for safety and comfort while driving has increased the demand for ACC globally.
The global advance driver assistance system market is expected to witness high growth during the forecast period of 2023 to 2030. 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.
Regional analysis related content comprises Europe is expected to dominate the advance driver assistance system market and is estimated to maintain its dominance during the forecast period. The region has stringent vehicle safety regulations that are driving the adoption of advance driver assistance systems in Europe.
Key players related content comprises Key players operating in the advance driver assistance system market are Aptiv, Continental AG, Denso, Hyundai Mobis, Magna International, Robert Bosch, Valeo, Veoneer, ZF Friedrichshafen, and others. These players are focusing on developing advanced driver assistance systems and collaborating with automotive OEMs to increase their presence in the market.
- Source: Coherent Market Insights, Public sources, Desk research
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