According to the report, the global advanced driver assistance systems market generated $40.4 billion in 2022 and is anticipated to generate $133.7 billion by 2032, witnessing a CAGR of 13.0% from 2023 to 2032.
Prime determinants of growth
The growth of the global advanced driver assistance systems market is driven by factors such as high demand for safety features, increased demand for comfort while driving, and stringent safety rules and regulations. However, high initial costs and complex structure, and lower efficiency in bad weather conditions hamper the growth of the market. On the contrary, the technological advancements in advanced driver assistance systems, and the advent of multifunctional systems are expected to offer remunerative opportunities for the expansion of the advanced driver assistance systems market during the forecast period.
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Leading Market Players: –
- Autoliv Inc.
- Continental AG
- DENSO Corporation
- Magna International Inc.
- ROBERT BOSCH GMBH
- Valeo
- NXP Semiconductors
- Panasonic Corporation
- Renesas Electronics Corporation
- Texas Instruments.
Advanced Driver Assistance Systems (ADAS) are a set of technologies and systems that are built into automobiles to increase safety, comfort, and ultimately help drivers in numerous aspects of driving. ADAS aims to reduce the frequency and severity of automobile accidents that cannot be avoided in order to prevent fatalities and injuries. These gadgets can provide valuable information regarding road closures ad blockages, recommended routes to avoid congestion, traffic and jam levels, etc. The term ADAS presently refers to a growing range of passive and active technologies that are offered as options or as standard on a growing number of modern commercial automobiles.
The tire pressure monitoring system (TPMS) segment to maintain its leadership status throughout the forecast period.
Based on system type, the tire pressure monitoring system segment held the highest market share in 2022, accounting for nearly one-third of the global advanced driver assistance systems market revenue and is estimated to maintain its leadership status throughout the forecast period, as there is a rise in the demand for vehicle safety and carbon emission reduction. However, the adaptive front-lighting system segment is projected to manifest the highest CAGR of 14.6% from 2023 to 2032, owing to the surge in the development of fully adaptive front-lighting systems, which automatically adjust the angle and brightness of car lamps.
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The radar sensor segment to maintain its leadership status throughout the forecast period.
Based on the sensor type, the radar sensor segment held the highest market share in 2022, accounting for nearly one-third of the global advanced driver assistance systems market revenue and is estimated to maintain its leadership status throughout the forecast period increase in the trend of using radar sensors in medium-sized and low cost or small car segments. However, the infrared (IR) sensor segment is projected to manifest the highest CAGR of 16.5.0% from 2023 to 2032, owing to a reduction in the prices of end-user applications, the positive impact of government regulation for safety, and the high demand for comfort.
The passenger car segment to maintain its lead position during the forecast period
Based on vehicle type, the passenger car segment accounted for the largest share in 2022, accounting for more than three-fourths of the global advanced driver assistance systems market revenue and is estimated to maintain its leadership status throughout the forecast period as there is a rise in the integration of advanced driving assistance systems in passenger cars to enhance vehicles safety. However, the buses segment is projected to manifest the highest CAGR of 18.4% from 2023 to 2032, owing to a surge in the installation of advanced driver assistance system such as lane departure warning system, drowsiness monitor system for drivers, tire pressure monitoring system, night vision system in buses.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the advanced driver assistance systems market revenue and is likely to dominate the market during the forecast period, as there is an increase in the development and launch of luxury cars with innovative advanced driving assistance systems. However, the Europe region is expected to witness the fastest CAGR of 13.7% from 2023 to 2032, owing to presence of supportive legislation, and cost-effective vehicles fuel the use of safety systems in cars to improve safety and comfort.
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