Advanced Driver Assistance Systems (ADAS) Market Entry Strategies for New Players, Share, Size, Trends 2023

Global ADAS Market Poised for Remarkable Growth: Expected to Reach USD 54.2 Billion by 2027

The global ADAS market is set to flourish, driven by the increasing demand for safe, efficient, and convenient driving experiences, as well as the rising popularity of luxury vehicles worldwide. Additionally, government regulations focused on reducing road accidents and passenger fatalities are favoring market growth.

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According to a recent study conducted by the strategic consulting and market research firm, Report Ocean, the global ADAS market was valued at USD 24.7 billion in 2020 and is projected to reach USD 54.2 billion by 2027, with a CAGR of 12.0% during the forecast period (2021-2027). Key factors contributing to the market's growth include the growing demand for safe, efficient, and convenient driving experiences, as well as the increasing popularity of luxury vehicles worldwide. Furthermore, Original Equipment Manufacturers (OEMs) and government regulatory authorities are taking necessary steps to address major transportation challenges such as road accidents, traffic congestion, and transportation costs, which are driving market growth. The rapid expansion of the automotive industry has led to the widespread use of sensors to enhance driving comfort, luxury, and safety, further supporting the growth of the global ADAS market.

Increasing Demand for Safety Driving ADAS Market Growth

Advancements in engineering and the increasing emphasis on safety have prompted OEMs to offer a range of features, including Automated Emergency Braking (AEB), airbags, lane departure warning systems, and more. These features have significantly reduced road accidents worldwide. According to the US Department of Transportation, frontal airbags saved 50,457 lives between 1987 and 2017. Moreover, the automotive industry's exponential growth has resulted in the implementation of various sensor technologies to make driving more luxurious, efficient, safe, and convenient. Thus, the rising demand for automated warning systems and collision mitigation technologies is expected to drive the market for advanced driver assistance systems.

Favorable Government Initiatives Accelerating ADAS Market Growth

Government regulations aimed at minimizing road accidents and passenger fatalities, coupled with the increasing need for Transportation Management Systems (TMS), particularly in the logistics sector, are driving the demand for the automotive electronics market. Additionally, favorable government initiatives, along with factors such as low labor costs in emerging economies, have contributed to the increased production of Light Commercial Vehicles (LCVs) and passenger cars. For example, the European Union has introduced Vision Zero, an initiative to eliminate road deaths by 2050. The authority aims to reduce fatalities and injuries by 50% by 2030. Furthermore, the National Transportation Safety Board held a roundtable discussion in July 2017 on advanced driver assistance systems and how commercial fleets (heavy trucks) can promote the adoption of life-saving ADAS technology. Such productive government initiatives play a key role in driving market growth.

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Global ADAS Market: Vehicle Insights

The passenger car segment is expected to dominate the ADAS market during the forecast period. Rapid urbanization and increasing consumer spending on automobiles have fueled the demand for passenger cars worldwide. Rising consumer awareness regarding road safety, coupled with government regulations, are key growth factors favoring this segment. Moreover, several countries in Europe, North America, and Asia-Pacific have implemented regulations mandating the incorporation of various ADAS types in the passenger car segment, further fueling its growth.

Impact of COVID-19 on the ADAS Market

The COVID-19 pandemic has significantly impacted the global ADAS market, along with several other industries. The sudden outbreak of the pandemic led to a sharp decline in the market. As countries around the world implemented nationwide lockdowns to prevent the spread of the virus, the growth of the ADAS market was hindered due to negative effects on vehicle sales, supply chains, and logistics. Moreover, the decline in automobile sales, which are end-users of ADAS, resulted in a worldwide decrease in demand for ADAS.

Global ADAS Market: Regional Insights

North America currently dominates the overall ADAS market and is expected to maintain its position during the forecast period, followed by Europe. The United States, with its extensive research and development facilities, leads the North American automotive sector due to substantial investments in smart automotive production methods and process automation. Additionally, the Asia-Pacific region is projected to experience the fastest growth, driven by rising disposable incomes, increased vehicle production in developing countries like India and China, and a surge in luxury vehicle sales.

Segment-
BY SYSTEM (ADAPTIVE CRUISE CONTROL (ACC), AUTONOMOUS PARK ASSIST, BLIND SPOT DETECTION, DRIVER MONITORING, FRONT LIGHTING, AUTOMATIC EMERGENCY BRAKING, NIGHT VISION, FORWARD COLLISION WARNING, LANE DEPARTURE WARNING, PARK ASSIST, SURROUND VIEW SYSTEM, ROAD SIGN RECOGNITION, AND TIRE PRESSURE MONITORING SYSTEM), BY SENSOR (LIDAR, INFRARED, ULTRASONIC, RADAR, AND IMAGE SENSOR), BY VEHICLE (PASSENGER CARS, LIGHT COMMERCIAL VEHICLE (LCV), AND HEAVY COMMERCIAL VEHICLE (HCV)), BY REGION (NORTH AMERICA, EUROPE, THE ASIA PACIFIC, THE MIDDLE EAST & AFRICA AND LATIN AMERICA)

Global ADAS Market: Competitive Landscape

Key players in the global ADAS market include Robert Bosch, ZF Friedrichshafen, Denso, Aptiv, Brentwood Industries Inc., Enexio, Intel, NVIDIA, Continental, Valeo, Hella, Magna, Samsung, Aisin Seiki Co. Ltd, Delphi Technologies, Harman International, NXP Semiconductor, Panasonic Corporation, Hyundai Mobis, and other prominent companies. Market players are actively engaging in acquisitions, alliances, and mergers to enhance their production capabilities, expand their product portfolios, and gain competitive differentiation. Furthermore, the presence of established players in the market creates significant barriers for new entrants due to the high capital requirements involved.

Table of Content:

1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
2. Research Methodology
2.1. Qualitative Research
2.1.1. Primary & Secondary Research
2.2. Quantitative Research
2.3. Market Breakdown & Data Triangulation
2.3.1. Secondary Research
2.3.2. Primary Research
2.4. Breakdown of Primary Research Respondents, By Region
2.5. Assumption & Limitation
3. Executive Summary

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This release was published on openPR.