Advance Driver Assistance System are a suite of systems used in road vehicles to help the driver in the driving process. This includes features such as adaptive cruise control, parking assistance, lane keep assist and more which automate, enhance and assist vehicle steering, braking and acceleration. These systems provide additional safety and convenience to the drivers and passengers.
The global Advance Driver Assistance System Market is estimated to be valued at US$ 33.99 Billion in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Automated driving has been one of the key trends shaping the Advance Driver Assistance System market over the past few years. Growing investments are being made by automakers and tech giants towards developing fully autonomous vehicles without any human intervention beyond the initial setup. Systems such as adaptive cruise control and lane keep assist form the building blocks of vehicle automation by controlling acceleration, braking and steering in traffic. Gradually more advanced capabilities are being incorporated which can handle all aspects of driving in certain conditions without any human input. As legal frameworks are put into place to allow for higher levels of autonomy, the demand for advanced driver assistance components enabling automated driving is expected to surge rapidly in the coming years.
SWOT Analysis
Strength: Advance Driver Assistance System (ADAS) technologies enhance road safety and provide safer driving experience through features like automatic emergency braking, lane departure warning etc.
Weakness: High installation and technology costs of ADAS can limit their adoption. Dependency on network connectivity and sensors can also cause issues.
Opportunity: Regulatory push for mandating safety features and autonomous driving technologies will boost ADAS adoption. Developing applications of ADAS data for insurance companies and other mobility players also present opportunities.
Threats: Cyber security threats to connected vehicles pose risks. Delays in 5G deployment can impact next gen ADAS features. Competition from self-driving technologies may affect standalone ADAS systems.
Key Takeaways
The global Advance Driver Assistance System (ADAS) market is expected to witness high growth over the forecast period of 2023 to 2030. The global Advance Driver Assistance System Market is estimated to be valued at US$ 33.99 Billion in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
Regional analysis: North America currently dominates the ADAS market. The region is expected to continue its lead through introduction of regulations mandating transport safety systems and rapid technology adoption. Europe and Asia Pacific regions are also growing rapidly for ADAS technologies.
Key players: Key players operating in the Advance Driver Assistance System (ADAS) market are Aptiv, Continental AG, Denso, Hyundai Mobis, Magna International, Robert Bosch, Valeo, Veoneer, ZF Friedrichshafen, and others. The global market is concentrated among major automotive suppliers with technologies covering major OEMs.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
