Advanced Driver Assistance Systems Market to Rise at CAGR of 11.80% During Forecast Period, Observes TMR Study

ALBANY, N.Y., March 16, 2022 /PRNewswire/ -- The global advanced driver assistance systems market stood at US$ 23.75 Bn in 2020. The global market is likely to expand at a CAGR of 11.80% during the forecast period, from 2021 to 2031. The global advanced driver assistance systems market is likely to cross the mark of US$ 80.93 Bn by 2031. Automobile manufacturers are collaborating closely with regulatory agencies and governments to promote ADAS testing and adoption among car owners. The global advanced driver assistance systems market is likely to be dominated by passenger vehicles, owing to rise in the usage of safety features in personal vehicles. Furthermore, governments around the world are establishing strict rules to lessen the incidence of traffic accidents and assure public safety.

The global advanced driver assistance systems market is expected to grow with rise in demand for safety and comfort options in automobiles rises. The rise in disposable income and purchasing power of people throughout the world is expected to stimulate automobile sales, which would, in turn, benefit the global market.

Automobile manufacturers are investing in advanced driver assistance research and development as modern electronics components, including adaptive lighting and sensors, become more integrated into cars. Governments around the developed world are requiring safety features in automobiles, which is expected to boost the market for advanced driver assistance systems. The global market is projected to be fueled by rise in customer desire for connected vehicles as well as the deployment of smartphone apps in automobiles.

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Key Findings of Market Report

• Adaptive front lights are expected to lead the global advanced driver assistance systems market in terms of technology-based revenue share. This can be attributed to its capacity to assist the driver by automatically turning on high and low beams in response to changes in vehicle light and speed availability, providing enhanced vision even in the dark.
• Ultrasonic sensors are likely to account for a significant revenue share of the global market during the forecast period. In comparison with other ADAS parts, ultrasonic sensors are considered an extremely cost-effective option. Ultrasonic sensors are obstacle-detection elements that use ultrasonic waves to assess vehicle distances, and identify pedestrians and objects in the surroundings of vehicles. Ultrasonic sensors send out waves, measure the time it takes for the waves to return, and distance is calculated between objects and vehicles, thereby assisting in vehicle steering.
• Based on vehicle type, in 2020, the passenger vehicle category led the global advanced driver assistance systems market in terms of revenue. The market is projected to be fueled by increase in passenger vehicle sales throughout the world. People avoided public transit as a result of the pandemic, which promotes automobile sales. Light and heavy commercial vehicle categories are expected to grow considerably during the forecast period.
• In terms of component, the RADAR sensors category dominated the global advanced driver assistance systema market. The need for RADAR sensors in automobiles is projected to rise with improvements in vehicle safety features. Furthermore, the usage of RADAR sensors is expected to increase due to use of collision avoidance systems in automobiles. Major automakers are transitioning to long-range RADAR sensors, which is likely to propel the demand for advanced driver assistance systems.

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Global Advanced Driver Assistance Systems Market: Growth Drivers

• A new cost-effective 3D (3-dimensional) surround vision system built for entry- and mid-range automobiles is forming partnerships with firms in the advanced driver assistance systems market to implement ADAS features. The new technology, which enables 3D surround view safety features, aids automakers in delivering safer and more sophisticated automobiles to a growing number of vehicle users, leading to a safer vehicle society.
• Advanced driver assistance systems are designed and built to reduce the number of road accident deaths and increase driver & vehicle safety, which is expected to be a major factor driving market expansion

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Global Advanced Driver Assistance System Market: Key Players

Some of the key market players are

• Robert Bosch GmbH
• HELLA KGaA Hueck & Co.
• Qualcomm Technologies, Inc.
• Magna International Inc.
• Ficosa Internacional SA
• AISIN SEIKI Co., Ltd.

Global Advanced Driver Assistance System Market: Segmentation

Technology

• Adaptive Cruise Control
• Lane Departure Warning System
• Tire Pressure Monitoring System
• Blind Spot Detection
• Adaptive Front Light System
• Night Vision System
• Park Assist System
• Automatic Emergency Braking
• Forward Collision System
• Pedestrian Detection System
• Others

Component

• LiDAR
• RADAR
• Camera
• Sensor
• Others

Vehicle Type

• Passenger Vehicle
• Light Commercial Vehicle
• Heavy Duty Trucks
• Bus & Coaches

Level of Autonomy

• Level-1
• Level-2
• Level-3
• Level-4
• Level-5

Propulsion

• IC Engine
• Electric

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About Transparency Market Research

Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyse information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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