ADAS Market 2023 – Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Market Size & Forecast 2030

ADAS Market Insights:

ADAS stands for Advanced Driver Assistance Systems, which are electronic systems and technologies designed to help drivers within the driving process and improve road safety. ADAS systems can provide features like adaptive control, lane departure warning, forward collision warning, automatic emergency braking, and blind spot monitoring. These systems use sensors, cameras, and other advanced technologies to collect information about the vehicle's surroundings and supply real-time alerts to the driving force. ADAS technologies are getting increasingly popular in modern cars, and are seen as a stepping stone toward fully autonomous vehicles.

The ADAS market has experienced significant growth in recent years and is predicted to continue growing within the coming years driven by a variety of things, including increasing demand for safer and more efficient driving, government regulations mandating the inclusion of certain ADAS features in new vehicles, and advancements in technology. The worldwide ADAS market size is predicted to grow from $42.3 billion in 2022 to $255.4 billion by 2030, at a CAGR of 25.2% during the forecast period (2023-2030).

The ADAS market is dominated by a couple of key players, including Bosch, Continental, Delphi Technologies, and ZF Friedrichshafen. These companies are investing heavily in research and development to bring new and innovative ADAS technologies to the market. The market is additionally seeing the emergence of the latest players, particularly within the areas of software and AI. These companies are developing advanced algorithms and machine-learning techniques to enhance the accuracy and effectiveness of ADAS systems.

ADAS Market Growth Drivers:

Consumers are increasingly seeking out vehicles with advanced safety features, like ADAS, to guard themselves and their passengers on the road because it also helps drivers save fuel and reduce emissions. Governments around the world are mandating the inclusion of certain ADAS features in new vehicles, in an attempt to enhance road safety and reduce the number of accidents on the road.

The development of advanced sensors, cameras, and other technologies has made it possible to make more accurate and effective ADAS systems. Major automotive companies and technology firms are investing heavily in research and development to make new and innovative ADAS technologies.

ADAS systems are seen as a stepping stone toward fully autonomous vehicles, which are expected to become more prevalent within the coming years. As consumers become easier with ADAS technologies, they're likely to be more receptive to the thought of autonomous vehicles, which can drive further growth within the market.

ADAS Market Segmentation:

·         Technology: Adaptive Cruise Control (ACC), Lane Departure Warning (LDW), Autonomous Emergency Braking (AEB), Blind Spot Detection (BSD), Night Vision System (NVS)

·         Sensor Type: Vision Sensors, Radar Sensors, Ultrasonic Sensors, LiDAR Sensors

·         Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles

·         Geography: North America, Europe, Asia-Pacific, Rest of the World (RoW)

ADAS Market Technology Segment Review

Adaptive Cruise Control (ACC) uses radar and sensors to automatically adjust the speed of the vehicle to take care of a secure distance from other vehicles. It holds the most important market share and is predicted to grow with a CAGR of 20.4% from 2023 to 2030. Lane Departure Warning (LDW) uses cameras to detect lane markings and warns the driving force if the vehicle drifts out of its lane. it's expected to grow with a CAGR of 22.5% during the aforementioned period. Autonomous Emergency Braking (AEB) uses sensors to detect obstacles and automatically applies the brakes if the driving force fails to reply to a possible collision. Blind Spot Detection (BSD) uses radar or cameras to detect vehicles within the blind spot and warns the driving force if they plan to change lanes. Both AEB and BSD are expected to grow at around 21.0% of CAGR during 2023-2030. Night-Vision System (NVS) uses infrared technology to detect pedestrians and animals on the road in low light conditions. It's expected to grow with a CAGR of 18.2% during the aforementioned period.

ADAS Market Sensor Type Segment Review

Vision sensors, like cameras, provide visual information to the ADAS system, including lane markings, traffic signs, and other vehicles. It holds the most important market size and is predicted to grow with a CAGR of 22.8% from 2023-2030. Radar sensors use radio waves to detect objects around the vehicle, including other vehicles, pedestrians, and obstacles. It's the second-largest market and is predicted to grow with a CAGR of 21.5% during the aforementioned period. Ultrasonic sensors use sound waves to detect obstacles and other vehicles around the vehicle, providing close-range information to the ADAS system. It's expected to grow with a CAGR of 19.2% during the aforementioned period. LiDAR sensors use laser beams to make a 3D map of the environment around the vehicle, providing highly accurate data for the ADAS system. It's expected to grow at a max rate with a CAGR of 22.9% from 2023-2030.

ADAS Market Vehicle Type Segment Review

The passenger cars segment dominates the ADAS market due to the increasing demand for safety features in passenger vehicles. it's expected to grow at a max rate with a CAGR of 14.5% from 2023-2030. The light commercial vehicles segment is additionally witnessing growth within the ADAS market, mainly thanks to the increasing use of sunshine commercial vehicles for e-commerce and logistics activities. It's expected to grow with a CAGR of 14.1% during the aforementioned period. The heavy commercial vehicles segment is predicted to grow at a big pace within the ADAS market due to the increasing demand for safety features in heavy-duty trucks and buses. it's expected to grow with a CAGR of 13.4% from 2023-2030.

ADAS Market Regional Synopsis

The North American ADAS market is currently the most important in the world, with a market size of around $15.8 billion in 2022. The market is predicted to grow at a CAGR of around 22.5% during the forecast period (2023-2030), driven by increasing demand for advanced safety features and government regulations mandating their inclusion in new vehicles. It's expected to be worth around $80.1 billion by 2030.

The European ADAS market is the second-largest in the world, with a market size of around $13.3 billion in 2022. The market is predicted to grow at a CAGR of around 25.0% during the forecast period (2023-2030), driven by government regulations mandating the inclusion of ADAS features in new vehicles, also as increasing demand from consumers for advanced safety technologies. It's expected to be worth around $79.3 billion by 2030.

The Asia-Pacific ADAS market is the fastest-growing within the world, with a CAGR of around 30.0% during the forecast period (2023-2030). The market size was around $12.7 billion in 2022 and is predicted to continue growing a worth around $103.6 billion by 2030 driven by the increasing demand from emerging markets like China and India, also because of the growing adoption of electric vehicles within the region.

The Rest of the World’s ADAS market includes regions like Latin America, the center East, and Africa. This market is predicted to grow at a CAGR of around 27.0% during the forecast period (2023-2030), driven by increasing demand for advanced safety features and the rising adoption of electrical and autonomous vehicles. The market is predicted to be worth around $64.3 billion by 2030 against an earlier estimation of $9.5 billion in 2022.

ADAS Market Key Challenges

ADAS systems are often expensive to develop and implement, which could make them less accessible to consumers and limit adoption. These systems are often complex and need significant technical expertise to style, integrate, and maintain. These factors could limit the power of some companies to develop and market these systems, and also limit consumer adoption.

As ADAS systems become more connected and integrated with other vehicle systems, they become susceptible to cybersecurity threats like hacking and data breaches which could create safety risks for drivers and passengers, and also limit consumer trust and adoption of those technologies.

There is currently a scarcity of standardization within the ADAS market, with different systems using different sensors, technologies, and features making it difficult for consumers to know the differences between systems and make informed purchasing decisions. While government regulations mandating the inclusion of certain ADAS features in new vehicles can drive market growth, they will also create challenges for companies trying to suit different regulations in several regions.

ADAS Market Key Global Players

There are several key factors that shape the competitive landscape of the ADAS market, including:

·       Consumer preferences for various ADAS features and technologies can impact the competitive landscape of the market, as companies work to develop products and services that meet consumer demands and preferences.

·         Government regulations mandating the inclusion of certain ADAS features in new vehicles can impact the competitive landscape of the market, as companies work to suit regulations and gain an edge in several regions around the world.

·      Many companies within the ADAS market collaborate with one another to share resources and expertise, also on developing new products and services which help to realize a competitive advantage and accelerate the pace of innovation.

·        Technology innovation may be a key driver of competition within the ADAS market, as companies compete to develop new and better sensors, algorithms, and software systems to enhance safety and performance.

Numerous players are vying for market share and investing in new technologies and product development to stay ahead of the curve in the market. Some of the key global players in the ADAS market include:

·         Aptiv PLC

·         Continental AG

·         Denso Corporation

·         Hyundai Mobis Co., Ltd.

·         Magna International Inc.

·         Panasonic Corporation

·         Robert Bosch GmbH

·         Valeo SA

·         Veoneer Inc.

·         ZF Friedrichshafen AG

These companies are involved in the design, development, and manufacturing of ADAS components, software, and systems. they provide a variety of ADAS products and services, including sensors, cameras, software algorithms, and full ADAS systems. a number of these companies also provide aftermarket ADAS solutions for retrofitting older vehicles with advanced safety features. Additionally, to those companies, there also are many smaller players within the ADAS market, including startups and niche players focused on specific ADAS features or technologies. The ADAS market is predicted to continue growing, which could lead to further consolidation and competition among key players within the space.

The report on the ADAS market covers the following aspects:

·         Market Overview: A general overview of the global ADAS market, including its current size and growth projections for the future.

·         Market Segmentation: A breakdown of the market by component, architecture, end-user, and geographic region.

·         Market Dynamics: An analysis of the key drivers, challenges, and trends affecting the growth of the ADAS market.

·         Competitive Landscape: A comprehensive analysis of the leading players in the ADAS market, including their market share, product offerings, and key strategies.

·         Regional Analysis: A detailed analysis of the ADAS market by geographic region, including market size, growth projections, and key trends for each region.

·         Company Profiles: In-depth profiles of key players in the ADAS market, including their business overview, product offerings, financial performance, and recent developments.

·         Market Forecast: Projections for the future growth of the ADAS market, including market size, growth rate, and key trends for the next five to ten years.

 

Attributes	Details
Base Year	2022
Trend Period	2018 – 2032
Forecast Period	2023 – 2030
Pages	215
Technology Segment	Adaptive Cruise Control (ACC), Lane Departure Warning (LDW), Autonomous Emergency Braking (AEB), Blind Spot Detection (BSD), Night Vision System (NVS)
Sensor Type Segment	Vision Sensors, Radar Sensors, Ultrasonic Sensors, LiDAR Sensors
Vehicle Type Segment	Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles
Company Profiles	Robert Bosch GmbH, ZF Friedrichshafen AG, Denso Corporation, Aptiv PLC, Magna International Inc., Valeo SA, Hyundai Mobis Co., Ltd., and Others
Edition	4th edition
Publication	March 2023