NEW YORK, June 3, 2024 /PRNewswire/ — The global automotive ADAS aftermarket market size is estimated to grow by USD 4.18 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 12.15% during the forecast period.
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Technavio has announced its latest market research report titled Global automotive ADAS aftermarket market 2024-2028
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Forecast period |
2024-2028 |
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Base Year |
2023 |
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Historic Data |
2018 – 2022 |
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Segment Covered |
Technology (Passive park assists, FCWS and LDWS, and Others), Vehicle Type (Passenger vehicles and Commercial vehicles), and Geography (North America, Europe, APAC, Middle East and Africa, and South America) |
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Region Covered |
North America, Europe, APAC, Middle East and Africa, and South America |
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Key companies profiled |
BorgWarner Inc., Brandmotion LLC, Continental AG, CUB ELECPARTS Inc., Garmin Ltd., Gentex Corp., HELLA GmbH and Co. KGaA, Intel Corp., Information Technologies Institute Intellias LLC, Knorr Bremse AG, MINIEYE, Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sasken Technologies Ltd., Solera Holdings LLC, TomTom NV, Valeo SA, Veoneer Inc., VOXX International Corp., and ZF Friedrichshafen AG |
Key Market Trends Fueling Growth
The automotive ADAS aftermarket is witnessing significant growth due to the increasing focus on personalized solutions in a connected environment. AI technology is revolutionizing ADAS, enabling continuous learning and object recognition. Collaborative efforts among infrastructure providers, automotive industry stakeholders, and autonomous vehicle technology companies are driving the development of AI-based ADAS solutions.
Real-time decision-making features like AEB, LDW, and ACC are becoming essential. IEEE standards, such as 802.3cz and 802.3ch, ensure reliable data delivery. Major OEMs and e-hailing service providers are integrating these advanced systems into vehicles, despite the higher costs. Microcontrollers and electronic control units are crucial components, along with various sensors like image, radio, laser, and infrasound.
Human-machine interfaces, vehicle speed, engine fuel supply, external and internal vehicle conditions, and technology complexity are key considerations. Competition among OEMs and the rise of software-driven electronic components are shaping the market landscape. Vehicle costs and premium car segments are also influencing the growth of the ADAS market.
Market Challenges
• The aftermarket adoption of Advanced Driver-Assistance Systems (ADAS) primarily focuses on passive systems providing alerts or warnings to drivers due to cost-effectiveness. However, automotive Original Equipment Manufacturers (OEMs) are expanding their offerings to include advanced ADAS technologies like adaptive cruise control (ACC) and advanced emergency braking systems (AEBS) in mass-segment vehicles.
• This technology gap between OEM offerings and aftermarket solutions poses a challenge for market growth. Regulatory bodies are pushing for active ADAS technologies, particularly AEBS, increasing the demand for more advanced features. Key aspects include autonomous driving, multifunctional sensors, vehicle automation, driver safety, road safety, consumer appeal, advanced safety features, connectivity, and semi-autonomous trucks.
• Regulatory requirements, efficiency, supportive infrastructure, communication networks, and standardized infrastructure are essential considerations. Integration challenges, rural areas, and less-developed regions also impact the market.
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Segment Overview
Technology
1.1 Passive park assists
1.2 FCWS and LDWS
1.3 Others
Vehicle Type
2.1 Passenger vehicles
2.2 Commercial vehicles
Geography
3.1 North America
3.2 Europe
3.3 APAC
3.4 Middle East and Africa
3.5 South America
1.1 Passive park assists- The automotive Advanced Driver-Assistance Systems (ADAS) aftermarket is segmented by technology into various subsystems, including passive park assists, vehicle radar, sensing systems, control modules, power electronics, automated driving, and safety features. Passive park assists encompass rear parking sensors, backup cameras, and rear cross-traffic alerts. The demand for these technologies is escalating in the aftermarket due to their affordability and applicability to lower-trim vehicles and older models.
In 2022, passive park assists dominated the global ADAS aftermarket and are anticipated to persist during the forecast period. Tight parking spaces in urban areas fuel the adoption of passive systems, such as backup cameras. Additionally, the continuous price reduction of sensors, cameras, and displays significantly contributes to the growth of passive systems in the aftermarket. ADAS systems incorporate semiconductors, controllers, and software to provide advanced safety features and enhance vehicle automation. Component providers specialize in the production of these components, including cameras, sensors, and radar.
Cutting-edge technologies, such as night vision, drowsiness monitoring, self-driving automobiles, LiDAR, ultrasonic sensors, high-definition cameras, electrification of vehicles, and autonomous driving, are revolutionizing the automotive industry. Multifunctional sensors and vehicle automation are essential components of these advanced systems, ensuring the safety and well-being of both the driver and passengers.
The adoption of ADAS technologies is influenced by factors such as risk assessment, crash test ratings, safety assessment programs, and consumer preferences. Automakers are increasingly integrating these advanced safety features into their vehicle designs and manufacturing processes to meet evolving consumer demands and regulatory requirements. The integration of these systems necessitates the development of sophisticated control modules and power electronics to ensure optimal performance and reliability.
For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022) – Download a Sample Report
Research Analysis
The Automotive ADAS (Advanced Driver-Assistance Systems) aftermarket is experiencing significant growth due to the increasing demand for enhanced vehicle safety and automation. This market encompasses various components such as Cameras, Sensors (Radar, LiDAR, Ultrasonic), Software, and Multifunctional sensors. These technologies enable features like Night vision, Drowsiness monitoring, and Self-driving automobiles.
The electrification of vehicles is also driving the market, as these systems can be integrated with Electric and Hybrid vehicles. Regulatory requirements and Connectivity (V2V communication) are key factors influencing the market’s expansion. Advanced safety features like Automated vehicles and Sensor fusion methods are becoming mandatory for high crash test ratings among automakers. The market is expected to continue growing as the focus on Road safety and Vehicle automation intensifies.
Market Research Overview
The Automotive ADAS (Advanced Driver-Assistance Systems) Aftermarket represents a significant growth opportunity in the global automotive industry. This market encompasses various sensors and technologies, such as LiDAR, radar, and camera systems, designed to enhance vehicle safety and improve driving experiences. The market is driven by increasing consumer demand for advanced safety features, stringent regulations, and continuous technological advancements. The market is segmented based on sensor types, vehicle types, and geography.
The European and North American markets are currently leading the way in ADAS aftermarket adoption due to stringent safety regulations. The Asian market is expected to witness robust growth due to increasing vehicle production and rising consumer awareness. The market is also witnessing significant collaboration and partnerships between technology providers and automotive OEMs to offer integrated solutions. The future of the Automotive ADAS Aftermarket looks promising with the emergence of autonomous vehicles and the continuous development of advanced safety features.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Technology
Passive Park Assists
FCWS And LDWS
Others
Vehicle Type
Passenger Vehicles
Commercial Vehicles
Geography
North America
Europe
APAC
Middle East And Africa
South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
