NEW YORK, March 14, 2024 /PRNewswire/ — The automotive advanced driver assistance system (ADAS) market is estimated to grow by USD 25.67 billion from 2022 to 2027, growing at a CAGR of 9.3%. The automotive advanced driver assistance system (ADAS) market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer automotive advanced driver assistance system (ADAS) market are Aisin Corp., Autoliv Inc., BorgWarner Inc., Continental AG, DENSO Corp., Gentex Corp., Harman International Industries Inc., HELLA GmbH and Co. KGaA, Hyundai Motor Co., Infineon Technologies AG, Intel Corp., Magna International Inc., NXP Semiconductors NV, Panasonic Holdings Corp., Renesas Electronics Corp., Robert Bosch GmbH, Valeo SA, Veoneer Inc., ZF Friedrichshafen AG, and Aptiv Plc.
Technavio has announced its latest market research report titled Global Automotive Advanced Driver Assistance System (ADAS) Market 2023-2027
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Aisin Corp. – The company offers advanced driver assistance system solutions such as an Automated parking system, Automated emergency brake system, and Driver monitoring system.
Autoliv Inc. – The company offers advanced driver assistance system solutions such as the ADAS Platform for Software Defined Vehicles.
Continental AG – The company offers advanced driver assistance system solutions such as CRC 150 ADAS equipment.
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By Geography, the market is classified as Europe, North America, APAC, South America, and Middle East and Africa. APAC will have the largest share of the market. The region will contribute to 38% of the global market growth during the forecast period. Europe, encompassing automotive giants like BMW, AUDI AG, and Daimler, leads in ADAS adoption due to stringent safety regulations. Countries like Germany, France, Italy, Spain, and the UK emphasize vehicular safety technologies.
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Market Segmentation
The passenger cars segment will be significant during the forecast period. ADAS technology garners significant traction in the passenger car segment of the automotive industry, driven by OEMs’ pursuit of enhanced safety ratings and product differentiation amid rising competition. North America and Europe lead in ADAS adoption, propelled by stringent safety standards like the NHTSA’s five-star rating, prompting widespread integration of safety tech in new vehicle models.
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Analyst Review
The Automotive Advanced Driver Assistance System (ADAS) market is experiencing exponential growth, fueled by a convergence of technological advancements, government support, and societal demand for enhanced road safety. OEMs (Original Equipment Manufacturers) and software and hardware providers are at the forefront of this revolution, striving to integrate a plethora of safety features into vehicles to mitigate risks and improve driving experiences.
Key components of ADAS include adaptive cruise control, automatic emergency braking, blind spot detection, and lane departure warning (LDW). These features utilize a combination of sensors such as radar, LiDAR, ultrasonic sensors, and cameras to monitor traffic and road conditions in real-time, providing drivers with advance warnings and assisting in avoiding accidents.
The market for ADAS is also being driven by the rise of autonomous vehicles, which promise to revolutionize transportation by eliminating human error and enhancing efficiency. Companies like Google, Tesla, and Toyota are pioneering autonomous technologies, with levels of autonomy ranging from basic driver assistance systems (L1) to fully autonomous vehicles (L5).
In addition to enhancing safety, ADAS technologies aim to improve fuel economy, reduce emissions, and enhance overall driving comfort. Features like adaptive front lights and tire pressure monitoring systems contribute to better road visibility and vehicle performance.
Government regulations, particularly in regions like the European Union and South Korea, play a significant role in shaping the ADAS market. Regulations mandating the inclusion of certain safety features in vehicles are driving OEMs and component manufacturers to invest heavily in R&D (Research and Development) to meet compliance standards.
Furthermore, the advent of 3G and 4G-LTE communication networks, along with V2V (Vehicle-to-Vehicle) and V2X (Vehicle-to-Everything) communications, is enabling vehicles to communicate with each other and with infrastructure, paving the way for smarter, safer transportation systems.
However, challenges such as security threats from hackers, unpredictable traffic and weather conditions, and the high costs associated with ADAS implementation remain pertinent. Nevertheless, with continuous advancements in technology and collaboration between automotive and technology companies, the ADAS market is poised for robust growth, ushering in a new era of safer and more efficient transportation for society.
Market Overview
The Automotive Advanced Driver Assistance System (ADAS) market is experiencing rapid growth, driven by innovations from OEMs and software and hardware providers. ADAS features such as Adaptive Cruise Control, Adaptive Front Lights, Automatic Emergency Braking, Blind Spot Detection, and Cross Traffic Alert are revolutionizing road safety. These technologies utilize sophisticated algorithms and sensor integration to enhance driver awareness and prevent accidents. With increasing focus on road safety regulations globally, the demand for ADAS is expected to soar. OEMs are integrating these systems into their vehicles to offer enhanced driving experiences and meet consumer demands for safer transportation. As technology continues to advance, ADAS is poised to become an indispensable component of modern vehicles.
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TOC:
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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