ADAS Aftermarket is slated to surge at a CAGR of 9% to reach a valuation of US$ 2.28 Bn by 2031

The global ADAS aftermarket was valued at US$ 877.6 Mn in 2020, and is slated to surge at a CAGR of 9% to reach a valuation of US$ 2.28 Bn by 2031. Ultrasonic and radar sensors, together, currently account for more than 50% share in the sales of Advanced Driver Assistance Systems (ADAS).

The worldwide ADAS aftermarket is currently valued at close to US$ 1 Bn. Sales of ADAS solutions are slated to surge at a CAGR of around 9% from 2021 to 2031. Adaptive Cruise Control to Account for More Than 18% of Worldwide ADAS Aftermarket Sales: Persistence Market Research. to reach a revenue of US$ 2.28 Bn.

Advanced Driver Assistance Systems (ADAS) are groups of electronics technologies that assist drivers in driving and parking functions. Through a safe human-machine interface, an ADAS increases car and road safety. ADAS use automated technology such as sensors and cameras to detect nearby obstacles or driver errors and respond accordingly.

Increasing demand for safety sensors, such as seat belt tension, impact sensors, anti-theft, parking sensors, etc., is expected to create significant opportunities for ADAS manufacturers, contributing significantly to the growth of the advanced driver assistance systems market over the coming years.

Request for Free Sample Copy of this Report @ https://www.persistencemarketresearch.com/samples/32939

Key Companies-

• Robert Bosch GmbH.
• Continental AG
• ZF Friedrichshafen AG
• Denso Corp.
• Aptiv plc
• Valeo SA
• Magna International Inc.
• Veoneer Inc.
• Aisin Corporation
• Hitachi Astemo, Ltd.
• Nidec Corporation
• Infineon Technologies AG
• Ficosa Internacional SA
• Hella KGaA Hueck & Co.
• Pacific Industrial Co., Ltd.
• Mobileye

Request For Customization@https://www.persistencemarketresearch.com/request-customization/32939

Key Takeaways from Market Study

• At a CAGR of 8%, adaptive cruise control is projected to be the fastest-growing segment under system type from 2021 to 2031.
• Park assist systems are expected to hold the highest share of 20% under the system type segment in terms of volume.
• By technology, radar sensors are projected to enjoy a market share of more than 27% by 2031.
• By vehicle type, passenger cars are projected to be the segment leader with a market share of more than 64%.
• By region, Europe is projected to hold the highest share in the global market accounting for more than 34%.
• The U.S. is projected to register the highest absolute $ opportunity of more than US$ 312 Mn from 2021 to 2031.
• By sales channel, OES are anticipated to lead with more than 84% share of the market.

"Increasing active safety features in vehicles are expected to be key drivers for the development of the automotive sector, which is anticipated to drive demand for ADAS in the aftermarket," says a Persistence Market Research analyst.

Buy Full Report Now and Get Up to 20% Discount @ https://www.persistencemarketresearch.com/checkout/32939

Persistence market research
Address - 305 Broadway, 7th Floor, New York City, NY 10007 United States
U.S. Ph. - +1-646-568-7751
USA-Canada Toll-free - +1 800-961-0353
Sales - sales@persistencemarketresearch.com

About us: -

Persistence Market Research (PMR), as a 3rd-party research organization, does operate through an exclusive amalgamation of market research and data analytics for helping businesses ride high, irrespective of the turbulence faced on the account of financial/natural crunches.

This release was published on openPR.