NEW YORK, Dec. 6, 2022 /PRNewswire/ — According to the latest market research study published by P&S Intelligence, in 2021, the advanced driver assistance systems market size was $25.84 billion, and it is predicted to advance at a 12.1% CAGR from 2021 to 2030, to hit $72.2 billion in 2030.
The major reasons behind the growth of this market are the snowballing acceptance of autonomous vehicles, developing automotive industry, growing R&D activities in developing nations, and rising population across the globe.
Moreover, the rise in the acceptance of safety features in passenger vehicles and government support in terms of guideline implementation and financial benefits are contributing to the market growth.
Get the sample pages of this report: https://www.psmarketresearch.com/market-analysis/driver-assistance-systems-market/report-sample
Why Highest-Revenue-Producing Category Is TPMS?
The tire pressure monitoring system category has the largest revenue share, of over 18%. The snowballing incorporation of electronic systems in vehicles, escalating need for tire pressure management, rising awareness about vehicle safety, surging concentration on improving the service life of tires, and mushrooming manufacturing of vehicles are driving this category.
The category of adaptive cruise control system also had a substantial share in the past. This can be credited to the growing number of vehicles on the road, rising popularity of ADAS in developing countries, increasing occurrence of traffic jams, and shift of consumers to vehicles with advanced driving technologies.
In North America, Interest in ADAS Is Growing
North America held the largest revenue share, of above 34%, in recent years, and it will continue its dominance in the coming years. This can be credited to the presence of a huge number of car owners, rising demand for ADAS-equipped vehicles, and reducing cost of systems and sensors, which is motivating OEMs to add ADAS features in their models.
The major revenue share in the region is held by the U.S. The high number of car owners and road accidents, heavy R&D expenditure on autonomous vehicles, and government guidelines for mandating ADAS are the key drivers in the county.
The APAC market will grow at the highest rate in the coming years, owing to the easy accessibility of vehicle sensors. Additionally, the productive electronics industry, increase in the number of vehicles used to transport goods, and surge in private car ownership are propelling the market.
China is the largest revenue generator in the APAC market. This is because it is one the biggest manufacturers of semiconductors for automotive sensors.
Due to the growing population, the sales of vehicles are increasing and automotive component manufacturers are augmenting their R&D expenditure.
Browse detailed report on Advanced Driver Assistance Systems Market Size, Share, Drivers, and Growth Analysis 2022-2030
In 2021, the Europe region accounted for a significant share, and it is expected to grow at a considerable rate in the coming years. The EU plans to eliminate road accident fatalities altogether by 2030, for which it is increasingly focusing on vehicle and passenger safety.
Being a major automotive innovation and production hub of the world, Germany dominates the regional market. Moreover, the country is home to all major luxury automakers, who prominently offer ADAS features in their cars.
ADAS Market Report Coverage
Regional Analysis
North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Spain
Asia-Pacific
China
India
Japan
South Korea
Australia
Latin America
Brazil
Mexico
Middle East and Africa
Saudi Arabia
South Africa
Browse More Reports Published by P&S
India Used Car Market Size, Share, Trends and Demand Forecast to 2030
Global Micromobility Market Size, Share, Trends and Demand Forecast to 2030
Global Hybrid and EV Battery Market Size, Share, Trends and Demand Forecast to 2030
Global Automotive Fuel Transfer Pumps Market Size, Share, Trends and Demand Forecast to 2030
Global Automotive Sunroof Market Size, Share, Trends and Demand Forecast to 2030
About P&S Intelligence
P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.
Contact:
Prajneesh Kumar
P&S Intelligence
Phone: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com
Follow Us: LinkedIn Twitter
Logo: https://mma.prnewswire.com/media/1224988/P_and_S_Intelligence_Logo.jpg
SOURCE P&S Intelligence