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