Advanced Driver Assistance System Market Projected to Gain Significant Value through 2021-2031 - TMR Study

According to the report, the global advanced driver assistance systems market is projected to surpass US$ 80.93 Bn by 2031, expanding at a CAGR of 11.80% during the forecast period. Rise in demand for comfort and safety features in vehicles is likely to propel the advanced driver assistance systems market. The increase in disposable income and buying power of consumers across the globe is also estimated to increase the sale of vehicles, which, in turn, is projected to boost the market.

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Rise in integration of advanced electronics component, including sensors and adaptive lights in vehicles, is prompting vehicle manufacturers to invest in research & development of advanced driver assistance. Governments across developed countries are mandating safety features in vehicles, which is anticipated to boost the advanced driver assistance market. Increase in consumer preference toward connected vehicles and installation of smartphone applications in vehicles is likely to fuel the advanced driver assistance systems market.

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The COVID-19 pandemic hampered production & sales of vehicles and major vehicle manufacturers shut down their plants. Lockdowns restricted public from traveling, which further restrained the advanced driver assistance market. Supply chain and transportation channels were disrupted that decreased supply of raw material for vehicles production.

Expansion of Advanced Driver Assistance Systems Market

Increase in mergers & acquisitions between vehicle manufacturers across the globe is likely to boost the advanced driver assistance systems market. The rise in demand for electric vehicles, owing to enactment of stringent emission norms across the globe is likely to increase the installation of advanced driver assistance systems in vehicles. In September 2021, ZF Friedrichshafen AG launched Mid-Range Radar (MRR) with China's Dongfeng Motor. The company launched mid-range radar to support advanced ADAS safety functions and enhance the semi-automated system on the Dongfeng Aeolus Yixuan MAX in China. In February, Continental AG announced the development of a new production plant in Texas covering an area about 215000 sq. feet to manufacture products for advanced driver assistance systems (ADAS). The company invested about US$ 110 Mn to enhance the production facility across North America.

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Based on vehicle type, the passenger vehicle segment dominated the global advanced driver assistance systems market, in terms of revenue, in 2020. Rise in sale of passenger vehicles across the globe is likely to fuel the market. The pandemic prompted people to avoid public transportation, which, in turn, drives the sale of vehicles. Light and heavy commercial vehicles segments are estimated to expand significantly during the forecast period.

In terms of component, the RADAR sensors segment dominated the global advanced driver assistance systems market. The increase in safety features in vehicles is likely to fuel the demand for RADAR sensors in vehicles. In addition, the rise in demand for collision avoidance system in vehicles is estimated to propel the use of RADAR sensors. Major vehicle manufacturers are shifting toward long range RADAR sensors, which is anticipated to fuel the advanced driver assistance systems market.

Regional Analysis of Advanced Driver Assistance Systems Market

In terms of region, the global advanced driver assistance systems market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific and Europe accounted for a major share of the global advanced driver assistance systems market, in terms of revenue, in 2020. Rise in consumer trend toward advanced safety features in vehicles, including lane departure warning and blind spot detection systems, is projected to fuel the market in Europe and Asia Pacific. The presence of major OEMs and tier-1 suppliers across Europe is likely to propel the advanced driver assistance systems market in the region. Rapid expansion of small- and medium-scale electronics manufacturing industries across Asia Pacific is also estimated to boost the advanced driver assistance systems market in the region.

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Advanced Driver Assistance Systems Market Players

Prominent players operating in the global advanced driver assistance systems market include Continental AG, Magna International Inc., Infineon Technology AG, NXP Semiconductors, Siemens AG, DENSO CORPORATION, Delphi, Autoliv Inc., Robert Bosch GmbH, Qualcomm Technologies, Inc., Ficosa Internacional SA, Gentex Corporation, HARMAN International, AISIN SEIKI Co., Ltd., Valeo, HYUNDAI MOBIS, ZF Friedrichshafen AG, HELLA KGaA Hueck & Co., Texas Instruments Inc., Mobileye, and Visteon Corporation.

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