Driving Forward: ADAS Sensors Market Set to Reach $70.33 Billion by 2033, Focusing on Smarter Vehicle Control and Safety

The global ADAS sensors market in 2022 was US$ 28.12 billion and is estimated to be US$ 30.53 billion in 2023. As per the Future Market Insights projection, the ADAS sensors market is anticipated to expand at a CAGR of 8.7% between 2023 and 2033, totaling around US$ 70.33 billion by 2033.

Advanced Driver Assistance Systems (ADAS) in-vehicle systems assist in monitoring, warning, and managing the vehicle with partial and full driver control, such as when a person drives the car but is unable to fully concentrate on driving and needs to appoint in vehicle control, where the driver is driving in or doing other tasks like parking the vehicle.

As ADAS sensors play a significant role in ADAS decision-making for vehicle control, there is full focus on the development of high-precision sensors, which helps the market.

Unlock Insights for Smarter Vehicle Control and Safety: Get a Glimpse of FMI's Sample Report on the ADAS Sensors Market :
https://www.futuremarketinsights.com/reports/sample/rep-gb-11865

Reasons like the lack of infrastructures outside urban areas, exhibiting cost considerations, and insufficient driving in training or discipline are all restraining the industry's development in developing countries.

Key Takeaways from the Market Study

The global advanced driver assistance systems (ADAS) sensors market expanded at a CAGR of 7.4% between 2018 and 2022.
The global ADAS sensors market is expected to boost sales at an impressive 14.1% CAGR over the forecast period, with the market valuation reaching US$ 43.2 billion in 2030.
Future Market Insights (FMI) says that the sales in the ADAS sensors market accounted for 6-7% of the global sensors market in 2020.
North America's ADAS sensors market is expected to hold a 15.6% of the total market share whereas the United States holds a value share of 14.8%.
The United Kingdom is projected to emerge as a significant pocket over the assessment period with a market share of 14.2% whereas Germany's market is said to expand at a CAGR of 8.9% due to the high adoption of ADAS systems in economic and luxury vehicles.
Europe's ADAS sensors market held a dominant share of 24.3% in the global ADAS sensors market in 2022.
The rising preference for cruise control in modern vehicles might spur demand for ADAS sensors that drives sales in this segment holding a market share of 52.4%.
The demand for ADAS sensors in the passenger vehicles segment is expected to continue rising over the forecast period as per FMI holding a market share of 49.9%.
A wide availability of ADAS radar sensors offered by OEMs might boost sales with a value share of 40.2%.

The presence of a variety of electronic monitoring and controlling devices is one of the key developments of the ADAS market - comments a Future Market Insights Analyst.

Explore In-Depth Insights for Enhanced Market Understanding: Customize Your Report on ADAS Sensors Market with FMI :
https://www.futuremarketinsights.com/customization-available/rep-gb-11865

Important Developments by Key Players in the Market

In January 2023, from the latest in energy-efficient lifestyle products to advances in e-mobility that electrify vehicles and roadways to the realization of a carbon-neutral town, Panasonic highlights its innovations, smart collaborations, environmentally responsible solutions, and wellness technology at CES 2023.
In May 2023, Japan's Panasonic Holdings Corp (6752.T) aims to ramp up production of battery cells used in electric vehicles by building at least two new factories in North America.

ADAS Sensors Market: Segmentation

By Product Type

Blind Spot Detection
Night Vision Sensors
Light Sensors
Parking Sensors
Cruise Control

By Vehicle Type

Passenger Cars
Compact
Midsize
Luxury
SUVs
Commercial Vehicles
Heavy Commercial Vehicles

By Sales Channel

Original Equipment Manufacturer (OEM)
Original Equipment Spares (OES)
Independent Aftermarket (IAM)

By Region

North America
Latin America
Europe
East Asia
South Asia & Pacific

Gain Expert Insights into ADAS Sensors Market Trends: Consult with an Analyst for Comprehensive Analysis :
https://www.futuremarketinsights.com/ask-question/rep-gb-11865

More Valuable Insights Available

Future Market Insights offers an unbiased analysis of the global ADAS sensors market providing historical data from 2018 to 2022 and forecast statistics from 2023 to 2033.

To understand opportunities in the ADAS sensors market is segmented based on major By Product Types: (Blind Spot Detection, Night Vision Sensors, Light Sensors, Parking Sensors, Cruise Control), Vehicle Type: (Passenger Vehicles, Commercial Vehicles, Heavy Commercial Vehicles), Sales Channel: [Original Equipment Manufacturers (OEM), Original Equipment Spares (OES), Independent Aftermarket (IAM)], Region: (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding China & Japan, Japan, China, Middle East & Africa)

About the Automotive Division at Future Market Insights

The automotive team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.

Contact:

Future Market Insights Inc.
Christiana Corporate,
200 Continental Drive,
Suite 401, Newark,
Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com

About Us

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.