Press release
ADAS market size is estimated to be worth USD 29740 million in 2022 and is projected to reach USD 57760 million by 2028 with a CAGR of 11.7% - Valuates reports
The global ADAS market size is estimated to be worth USD 29740 million in 2022 and is projected to reach USD 57760 million by 2028 with a CAGR of 11.7% during the forecast period. Key drivers of the ADAS market include stringent regulations by the government regarding road safety and increasing support. Moreover, technological advancements and the rising shift towards automation will propel the growth of the ADAS market in the coming years. In addition to it, the growing demand for comfort, efficiency, and safety features will boost the market during the forecast period.Get sample report - https://reports.valuates.com/request/sample/QYRE-Auto-621/Global_Advanced_Driver_Assistance_Systems_ADAS_Market
Trends Influencing the Growth of the ADAS Market
Stringent regulations by the government regarding road safety and support
Traffic congestion and road accidents are a huge menace across the globe. Government authorities in various countries have adopted strict regulations in order to curb accidents due to driver's negligence and error. The continued support has given rise to the integration of safety systems and equipment into vehicles. Thus strict regulations and increasing support by governments for road safety will propel the growth of the adas market during the forecast period.
Technological advancement and shift towards automation
Manufacturers are focussing on rapid technological advancements in ADAS systems to prevent vehicular accidents due to human error. Automated lighting, adaptive cruise control and emergency braking systems have been designed to alert drivers to potential hazards, blind spots and lane departures. Further forward collision warning and other features are being developed to increase driver awareness and prevent collision. This ensures safety of both passengers and pedestrians on the road. Thus rapid technological advancements and benefits of automation will provide lucrative opportunities for the growth of the adas market in the future.
Growing demand for comfort, efficiency and safety feature
Artificial intelligence has enhanced the safety and security of automobiles through rapid integration of adas systems. Sensors, processors, cameras and algorithms increase the efficiency of the vehicle and assist the driver in overcoming navigational hazards. This is increasing efficiency. Consumers are now aligning more towards high end, safety and comfort features in vehicles. This is creating huge demand for advanced driver assistance systems thereby driving the growth of the adas market during the forecast period.
ADAS Market Share Analysis
Based on application, the passenger car segment is expected to provide lucrative opportunities for growth in the adas market share during the forecast period due to huge demand for cars with advanced driver assistance systems, rapid urbanization and growing incomes leading to more production and sales of passenger cars in the automotive industry.
Based on region, the Asia-pacific segment is expected to provide lucrative opportunities for growth in the adas market share due to wide scale adoption of electric vehicles in countries such as China, Japan and the expansion in production volume and manufacturing facilities in the automotive industry. The rapid technological advancements by key market players is also contributing to the growth in the region.
Adas Market By Type
Hardware
Software
Adas Market By Application
PC
LCV
Buses
Trucks
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