Advanced Driver-Assistance Systems (ADAS) Market - Trends Forecast Till 2028

Market Overview

The global Advanced Driver-Assistance Systems (ADAS) market size is projected to reach USD 75 billion by 2026 at a CAGR of 12.3% from USD 27.6 billion in 2021 during the forecast period 2021-2028.

Advanced Driver-Assistance Systems (ADAS) is a AI based mechanic system which is used to eliminate or reduce the risk of the vehicle accidents. Almost all of the accidents are caused due to human error and ADAS prevent the deaths and injuries cause to mankind by reducing the number of accidents and also significantly reducing the effects on those which can’t be avoided. ADAS system used radar and cameras to collect information and either provide the driver with the possible error or can take up an automatic action based on perceived environment.

With the recent stringent rules and regulations regarding vehicle safety, the surge in demand for safety and driving comfort features, the raising demand for luxury vehicle, and decreasing component costs due to extensive application of cameras and radars are some of the factors that have supported long-term expansion for Advanced Driver-Assistance Systems (ADAS) Market. Global sales of luxury vehicles are being driven by rising disposable income, economic stability, and a growing preference for materialistic lifestyles. The United States, Canada, Japan, Spain, South Korea, and Germany accounted for the vast majority of luxury car owners. However, sales of luxury cars in developing countries such as India and China have increased dramatically in recent years. Because of the presence of major leading players such as BMW, Mercedes-Benz, Audi AG, and Volkswagen, Germany is the most lucrative luxury car market. It is also the world's largest exporter of luxury vehicles, with the United States being one of the largest consumer markets for all types of luxury vehicles.

Also Check Report on Automotive Camera Market

For effective operation, ADAS require basic infrastructure such as well-organized roads, lane marking, and GPS availability. Poor infrastructure outside of urban areas, economic constraints, and insufficient driving training limit the growth of the ADAS market in developing countries. Furthermore, the pandemic causes financial crises, further delaying the development of modern infrastructure for intelligent transportation. Customers will incur additional costs in the form of hardware, telecom service charges, and applications if premium features are offered in vehicles. The high cost of app installation and complex system structures, which result in a reduced shelf life of vehicles, are limiting the market's growth to some extent.

The COVID-19 pandemic is causing widespread concern and economic hardship for consumers, businesses, and communities across the globe. The lowered demand and supply chain bottle neck have forced Bosch and Continental which are a major company to suspend their production.

Regional Analysis

Asia Pacific is expected to be the largest market during the forecast period. Major OEM are using ADAS solutions more prominently so as to achieve higher standards of safety. This have led to growth in the commercial refrigeration equipment in the region.

Following APAC and Europe, North America is the world's third largest producer of vehicles. The automotive sector in the region is expected to increase steadily in the next years with The United States dominated the ADAS market in North America.

The rising demand for advanced driver assistance systems (ADAS) in compact passenger vehicles is expected to drive market share.

Insights are provided for each region and major countries within the regions

Competitive Landscape

Key players

• Robert Bosch
• Veoneer
• Aptiv
• ZF Friedrichshafen
• Denso
• Magna International
• Hyundai Mobis
• Continental AG
• Valeo
• NVIDIA

Recent Developments

• In February 2020, Veoneer was picked to supply active safety systems which were to be based on next-generation vision and radar systems. Euro NCAP 5-star safety rating were met by Veoneers scalable system. Along with safety it provided other features such as highway assist, lane centring control, stop and go adaptive cruise control, automatic emergency braking, traffic sign recognition, and automated high beam control.
• In February 2019, Daikin acquired AHT Group from Austria completely. AHT group is a leading company dealing with the commercial refrigeration market in Europe. This step will help Daikin in adding a range of solutions, services, and products based on its air conditioning and refrigeration equipment.

Reasons to Acquire

• Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
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• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns

Report Scope