Press release
Driving into the Future: The Latest in ADAS Aftermarket Technology
ADAS Aftermarket
Persistence Market Research estimates that the ADAS Aftermarket would generate US$1.058 Billion in revenue in 2022. In 2022, the top 5 market participants will control a sizeable portion of the ADAS Aftermarket, increasing demand for ADAS Aftermarket. The global ADAS Aftermarket is anticipated to increase at a CAGR of 9.1% from 2023 to 2033, reaching US$ 2.77 Billion.
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The growth of the market is driven by several factors, including the increasing awareness of the benefits of ADAS technologies, the declining cost of these technologies, and the rising demand for customized retrofit solutions. Additionally, the increasing number of road accidents and fatalities globally is a key factor driving demand for ADAS retrofit solutions.
The ADAS aftermarket, however, faces several challenges, including regulatory and safety concerns, interoperability issues, and the high cost of retrofitting. Ensuring that retrofit solutions comply with safety standards and regulations can be a barrier to entry for some players in the market. Additionally, interoperability issues can limit the functionality of retrofit solutions, particularly for vehicles with complex electronic systems. Despite these challenges, the ADAS aftermarket presents a significant opportunity for players in the automotive industry, particularly as the demand for safety and autonomous driving technologies continues to grow.
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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Competitive Landscape
The global ADAS aftermarket is highly consolidated and competitive. The key players in the ADAS aftermarket are striving for a larger market share by using a variety of business strategies, such as joint ventures, agreements, and player acquisitions and mergers throughout the value chain. Additionally, manufacturers continuously introduce new products to meet consumer demand while focusing on product quality and efficient service delivery.
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
Key Segments Covered in ADAS Aftermarket Industry Research
By System Type
Adaptive Cruise Control
Adaptive Front Light
Automatic Emergency Braking
Blind Spot Detection
Driver Monitoring Systems
Forward Collision Warning
Lane Departure Warning / Lane Keep Assist
Park Assist
Tire Pressure Monitoring Systems
Night Vision Systems
By Technology
Ultrasonic Sensors
Lidar Sensors
Radar Sensors
Camera Sensors
Infrared Sensors
Pressure Sensors
By Vehicle Type
Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
By Sales-Channel
OES (Original Equipment Suppliers)
IAM (Independent Aftermarket)
By Region
North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East & Africa
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Persistence Market Research is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. Persistence Market Research boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductors and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients' business needs.
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