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The advance driver assistance system market consists of advanced driver-assistance systems for vehicles that assist drivers in various driving-related tasks such as steering, braking, parking and providing warnings to help avoid collisions. These systems go beyond basic features such as cruise control and anti-lock braking systems. With features like automatic emergency braking, blind spot detection and lane departure warning, advance driver assistance systems have become popular safety and convenience features, especially among luxury brands.
The Global ADAS market is estimated to be valued at US$ 33.99 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the advance driver assistance system are Aptiv, Continental AG, Denso, Hyundai Mobis, Magna International, Robert Bosch, Valeo, Veoneer, ZF Friedrichshafen, and others. Aptiv and Continental AG are global leaders in advanced driver assistance technology with wide product portfolios.
The advance driver assistance system market offers opportunities for further innovation and adoption of new technologies such as autonomous emergency braking, lane centering, adaptive cruise control, and surround view cameras that provide a 360-degree view around the vehicle. With growing demand for enhanced safety, regulations in many countries are also pushing for mandatory adoption of certain advanced driver assistance systems.
Globally, Europe and North America have been early adopters of advance driver assistance technologies owing to stringent safety regulations and consumer willingness to pay for such features. However, with growing incomes, Asia Pacific is witnessing fast adoption of luxury vehicles and demand for advanced safety features. Key automakers are also expanding their research and development centers in Asia to develop affordable advanced driver assistance system solutions for the region.
Market drivers:
Growing demand for safety features: With rising automobile sales and road accidents globally, there is increasing awareness among consumers about the safety benefits of advance driver assistance systems. Stringent regulations in many countries are also pushing automakers to adopt these technologies.
Technological advancements: Continued innovation is enhancing the capabilities of these systems and reducing prices. New technologies like camera, radar and lidar sensors are making systems more affordable and effective in detecting objects and providing drivers assistance in different situations.
Market restrain:
High development costs: Developing advanced driver assistance functionalities requires heavy investments in LiDAR, radar sensors and computer vision technologies. This increases the costs of these systems. Prices need to reduce further for mass adoption.
Reliability issues: The systems may not work as intended in all driving conditions and environments. Reliance on these technologies could also increase risks as drivers become less engaged. Addressing reliability is crucial for customer acceptance.
Segment Analysis
The Advance Driver Assistance System market can be segmented by system type, sensor technology, vehicle type, and EV type. The advanced system segment is dominating currently as it provides additional safety and assists drivers in various scenarios like lane keeping, adaptive cruise control etc. This segment is dominating due to increasing demand for autonomous and semi-autonomous features in vehicles.
Global Analysis
Regionally, Asia Pacific is expected to witness the highest growth during the forecast period. Countries like China, Japan and South Korea are dominating the Asia Pacific market due to presence of major automobile manufacturers and increasing demand for luxury and high-end vehicles. North America holds a significant share owing to strict safety rules by NHTSA and NTSB regarding driver assistance systems. Europe is another major contributor due to imposition of regulations mandating ADAS systems by European Commission.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
