Press release
ADAS Aftermarket to Reach USD 3.04 Billion by 2034, Growing at a CAGR of 9.4%
Market Development
The ADAS aftermarket is experiencing robust development, primarily fueled by the escalating demand for advanced technological features in automobiles. Consumers and automotive manufacturers worldwide are placing a heightened emphasis on passenger car safety and comfort, spurred by stringent government regulations aimed at enhancing road safety and reducing accidents. This has led to a significant surge in the adoption of conventional ADAS systems such as autonomous emergency braking and adaptive cruise control. Furthermore, the advent of self-driving vehicles is revolutionizing commuting by simplifying driving tasks through features like lane monitoring, emergency braking, and stability controls. These autonomous vehicles rely on sophisticated systems, including LiDAR, radar, ultrasonic sensors, and high-definition cameras, to gather extensive data, thereby propelling the growth of the ADAS aftermarket.
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Market Outlook
The future of the ADAS aftermarket appears promising, with substantial growth anticipated across various regions and vehicle types. In North America, the market is expected to grow at a CAGR of 8.3% through 2034, with the United States holding a dominant share of 85.1% in 2024, valued at US$ 260.5 million. China's ADAS aftermarket is projected to rise at a CAGR of 10.3% during the same period. Passenger cars are expected to maintain a significant portion of the market, with a 58.1% share in 2024, while the Original Equipment Suppliers (OES) segment is anticipated to dominate with a 60.3% share.
Market Analysis
Several factors contribute to the robust growth of the ADAS aftermarket. The increasing consumer awareness regarding the benefits of ADAS systems, such as improved driving experience and enhanced safety, drives demand within the aftermarket as more individuals seek to upgrade their vehicles. Continuous advancements in ADAS technologies, including innovations in sensors, cameras, radar systems, and software, further stimulate market growth. As these technologies become more sophisticated and efficient, consumers show heightened interest in upgrading their vehicles to benefit from enhanced safety and convenience features. Additionally, the rising incorporation of ADAS features by automakers in newer vehicle models prompts a subsequent demand for retrofitting older vehicles with similar safety features, thereby boosting the aftermarket.
Overview and Scope of the Report
The report provides a comprehensive analysis of the global ADAS aftermarket, covering over 30 countries, including the US, Canada, UK, Germany, France, Nordic countries, GCC countries, Japan, Korea, and many more. It offers insights into market development, outlook, and analysis, focusing on various vehicle types such as passenger cars, light commercial vehicles, and heavy commercial vehicles. The study delves into market segmentation, key players, competitive landscape, and highlights key opportunities within the industry.
Market Segmentation
The ADAS aftermarket is segmented based on vehicle type, sales channel, technology, component type, and end-use. In terms of vehicle type, the market includes passenger cars, light commercial vehicles, and heavy commercial vehicles. The sales channel is divided into Original Equipment Suppliers (OES) and Independent Aftermarket (IAM). Technological segmentation encompasses camera-based systems, radar-based systems, LiDAR-based systems, ultrasonic sensors, and V2X communication. Component types include sensors, actuators, control units, software, and user interfaces. End-use segmentation covers OEM replacement, aftermarket installation, and fleet maintenance.
Key Players Covered in This Report
The report profiles several key companies operating in the ADAS aftermarket, including:
Robert Bosch GmbH
Continental AG
ZF Friedrichshafen AG
Denso Corp.
Aptiv Plc
Valeo SA
Magna International Inc.
Veoneer Inc.
Aisin Corporation
Competitive Landscape
The ADAS aftermarket is characterized by intense competition among key players who focus on developing new and advanced technologies to cater to evolving consumer needs and safety standards. Collaborations between ADAS manufacturers, automakers, and tech firms are common, facilitating the sharing of expertise, accessing new markets, and integrating ADAS systems seamlessly into vehicles. For instance, Continental AG specializes in various components, including sensors and software solutions, while ZF Friedrichshafen AG focuses on producing ADAS technologies such as sensors, cameras, and radar systems to enhance vehicle safety. Magna International Inc. is involved in ADAS technologies, including sensors and imaging systems, and Veoneer Inc. focuses on safety electronics, particularly in the development and production of ADAS systems.
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Key Opportunities
The ADAS aftermarket presents several key opportunities, including the increasing demand for vehicle electrification and autonomous driving technologies. The integration of multifunctional sensors in electric and autonomous vehicles offers substantial growth avenues. Additionally, the rising consumer awareness and government mandates aimed at enhancing road safety create opportunities for the adoption of advanced technologies like night vision, drowsiness monitoring, and road sign recognition systems.
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