ADAS Market Worth $40.2 Billion by 2029

According to a new market research report titled, 'ADAS Market by System Type, Component (Sensors, Actuators), Vehicle Automation, Vehicle Type, End User, and Geography - Global Forecast to 2029,' the global ADAS market is projected to reach $40.2 billion by 2029, at a CAGR of 21.6% from 2022 to 2029.

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The growth of this market is attributed to the Increasing ADAS adoption due to stringent safety regulations, rising demand for luxury vehicles and growing demand for safety and driving comfort features. Furthermore, the emergence of autonomous vehicles, increasing developments in autonomous shared mobility and the rising adoption of electric vehicles are expected to create significant opportunities for the players operating in this market.

However, the high cost of ADAS and environmental and security risks pose challenges to the growth of this market. Additionally, the lack of required infrastructure in developing countries is restraining market growth.

The Impact of COVID-19 on the Global ADAS Market

The COVID-19 pandemic emerged around the end of December 2019 in Wuhan, China. By March 2020, it had spread worldwide, resulting in huge casualties and heavy economic losses. The pandemic severely impacted several sectors, including the automotive sector, with major manufacturers shutting down their operations completely or operating at reduced capacities following the directives issued by their respective governments. Uncertainty regarding the duration of the lockdown and supply-chain disruptions made it more difficult for players to anticipate the industry's recovery. This crisis caused structural shifts that had significant implications for the market.

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In Europe, despite some challenges arising from the semiconductor shortage, projected to be resolved by the third quarter of 2022, the car industry's forecast for this year is positive. Automotive manufacturing companies are estimated to grow by ~13% in 2022. With the EU emphasizing making front-facing cameras and radar systems mandatory in all vehicles, as standard equipment, by 2024, the ADAS technology is projected to improve in Europe in 2022. For example, systems such as collision warning indications and electronic stability control are predicted to increase from 83% in 2021 to 100% by 2025. Similarly, restrictions on automotive vehicle speed regulations will increase from 48% to 100% over the same period. On the other hand, Europe is likely to outperform all other regions in terms of ADAS adoption in the coming years, owing to stronger legislation focusing on vehicle and passenger safety.

Overall, the market witnessed negative growth during the first half of 2020 due to the growing spread of COVID-19. Due to the global lockdowns, various assembly and manufacturing units witnessed a temporary closure. Lower automotive sales hampered the adoption of ADAS in 2021. However, by 2022, the ADAS market is anticipated to witness significant growth owing to driver safety assistance mandates laid by various countries across the globe.

The global ADAS market is segmented based on system type, vehicle automation, vehicle type, end user, and geography. The study also evaluates industry competitors and analyses the regional and country-level markets.

Based on system type, the tire pressure monitoring system (TPMS) segment is expected to account for the largest share of the ADAS market in 2022. TPMS integration is a standard in all major automotive markets, including North America, European countries, and some Asia-Pacific countries. TPMS was previously only mandatory in European passenger cars, which is expected to be in vans, trucks and buses by the end of 2022. China has been standardizing TPMS on all new vehicles since 2019, while Japan, Russia, South Korea and Turkey have already standardized TPMS on new vehicles. Such large-scale regulation of TPMS is accelerating its penetration into major automotive markets.

However, the automatic emergency braking (AEB) segment is expected to grow at the highest CAGR during the forecast period. The segment's high growth is attributed to the government regulations for the mandatory fixture of ADAS in cars manufactured in the U.S. and Europe. The AEB is designed and developed to slow down and stop the vehicle before it hits an object.

Based on component, the sensors segment is anticipated to gain high traction owing to the substantial importance of this component in vehicle automation in 2022. The functioning of ADAS is primarily dependent on sensors and their functional accuracy. LiDAR, RADAR, ultrasonic sensors, cameras, and other sensors work together to perform the desired assistance and safety function. Different technologies are combined to improve ADAS capabilities with each sensor type's recognized strengths and weaknesses. Sensor coupling is becoming more and more standard. Therefore, the task of processing data from multiple sources in ADAS is done accurately and quickly.

However, the software segment is expected to grow at the highest CAGR during the forecast period. ADAS software gathers and authenticates data from all sensors to detect the vehicle's complete surroundings and take instant actions for the driver's safety. These actions can be based on analyzing traffic participants, traffic density, and foreseen traffic scenarios.

Based on vehicle automation, the Level 2 segment is expected to account for the largest share of the ADAS market in 2022. Level 2 automation is preferred widely in ADAS because it is one of the officially recognized by the Society of Automotive Engineers (SAE) levels and an important category that offers advanced performance at an affordable price. Level 2 includes functions driven by the vehicle's systems, but the driver still needs to monitor the vehicle and be ready to intervene if necessary. Level 2 automation has strong consumer interest because drivers can take their hands off the wheel and their eyes off the road for a while without compromising safety.

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Based on vehicle type, the electric vehicles segment is expected to account for the largest share of the ADAS market in 2022. The large market share of this segment is attributed to the stringent government regulations to adopt electric vehicles and growing fleet electrification to reduce carbon footprints. Moreover, the rising number of accident cases, reckless driving, and safety concerns have encouraged technological advancements in the automotive industry, which is expected to witness high segmental growth in the coming years.

Based on end user, the passenger vehicles segment is expected to account for the largest share of the ADAS market in 2022. The large market share of this segment is attributed to the increasing demand for safety systems in developing markets due to growing consumer awareness, supporting legislation, and improving road safety standards.

Based on geography, the global ADAS market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest share of the ADAS market. The region's large share is attributed to the increased use of advanced electronics and automobile production in countries such as Japan, China, and South Korea. Government initiatives such as implementing emergency braking systems and adaptive cruise control systems to facilitate market entry for OEMs, thereby strengthening market growth.

However, North America is expected to grow at the highest CAGR during the forecast period. The growth of this region is driven by technological advancement in the automotive industry and the presence of major players in the region. Furthermore, the higher adoption rate of new technology, along with improved regional economic conditions. The rising fatality rate and increase in sales of high-end vehicles in countries such as Canada and the U.S. are driving market growth.

Some of the key players operating in the global ADAS market study Autoliv, Inc. (Sweden), Continental AG (Germany), Denso Corporation (Japan), Garmin Ltd. (U.S.), Infineon Technologies AG (Germany), Magna International Inc. (Canada), Mobileye B.V. (Israel), Robert Bosch GmbH (Germany), Valeo SA (France), Aptiv PLC (Ireland), ZF Friedrichshafen AG (Germany), AISIN CORPORATION (Japan), BorgWarner Inc. (U.S.), HELLA GmbH & Co. KGaA (Germany), Huawei Technologies Co., Ltd. (China), Qualcomm Technologies, Inc. (U.S.), Microsoft (U.S.), and NXP Semiconductors N.V. (Netherlands).

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This release was published on openPR.