Advanced Driver Assistance System (ADAS) Market
By Vehicle Type (Passenger Car, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV)),
By System (Adaptive Cruise Control (ACC), Tire Pressure Monitoring System (TPMS), Driver Monitoring System (DMS), Blind Spot Object Detection System, Parking Assistance, Others),
By Sensor Type (LiDAR, Ultrasonic, Laser, Image & Video, Infrared (IR)),
By Supply Chain (OEM, Aftermarket),
By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa):
Global Analysis and Forecast 2023-2033.
The global ADAS market will be worth more than USD 85.45 billion by 2033.
The growing demand for autonomous vehicles within the automotive industry and growing disposable income in developing regions, is predicted to support ADAS market growth enormously. The analysis has represented vast opportunities in Asia- pacific region. Along with the rise in disposable income, consumer interest is also inclining towards safer and more comfortable rides. Governments' growing preference for less accident-prone vehicles propels more demand for ADAS, especially passenger vehicles. ADAS-enabled vehicles with adaptive cruise control are meeting the growing demands of consumers.
Another Triggering factor for ADAS market growth lies in the presence of significant companies, a greater acceptance rate of new technologies, increased manufacturing infrastructure, and improved economic circumstances that can align with current demands. Various innovative approaches towards ADAS focused on enhancing specific features are supporting the market growth of ADAS to align with consumer or automotive industry end demand. For instance, Chinese company Baidu began providing fully autonomous robot taxi rides in August 2022, charging customers the same as a taxi. Such strategies to expand the autonomous passenger car market are expected to fuel ADAS's growth. Leading manufacturers worldwide have made significant investments in R&D to create long-range RADAR, which is used with adaptive cruise control to alter the vehicle's speed in response to nearby traffic. Such measures attract consumers, ensuring an even safer ride offering higher control.
The companies operating within the ADAS industry are undergoing mergers, collaboration, acquisition, long-term contracts, and service agreements to increase their global footprint. For instance, in September 2021, Continental AG established a joint venture (JV) agreement with Beijing Horizon Robotics Technology R&D Co., Ltd. (Horizon Robotics) to provide hardware and software integrated solutions for advanced driver assistance systems (ADAS) and autonomous driving.
The joint venture is headquartered in Changzhou, China, and is named Continental Horizon Robotics (Changzhou) Technology Co., Ltd. To develop and manufacture ADAS and autonomous driving systems for the Chinese market, the joint venture combines Horizon Robotics' expertise in artificial intelligence (AI) and computer vision with Continental's in-car electronics. The joint venture will create intelligent systems that can comprehend and analyze complicated driving situations, facilitating the development of safe and informed vehicle road choices. The systems will use Continental's car hardware and software know-how and Horizon Robotics' AI and computer vision technologies. The joint venture's services will be more readily available to Chinese automakers since they will be made in China and tailored to local market demands.
According to the CXOs and primary research conducted, the rise in disposable income and the growing influence of government rules in developing or developed regions would aggressively impact ADAS market growth. Safety and comfortability would trigger consumers to invest more disposable income towards autonomous vehicles with ADAS. Established automotive companies are also making safety their unique selling point.
The ADAS market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In line with the analyzed region, the Asia-pacific region will witness the highest market growth, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa. Quick adoption of new technology, influence by the government, rise in disposable income, and the presence of major industry players within the region are primary factors supporting market potential within the Asia- Pacific region. The major companies operating within the market are Continental AG, Denso Corporation, Harman International, Hyundai Mobis, Mobileye, Magna International Inc., Panasonic Corporation, Renesas Electronics Corporation, Robert Bosch GmbH, and ZF Friedrichshafen AG.