Automotive ADAS Aftermarket Market to grow by USD 8.09 billion by 2027; A decline in sensor prices is the key driver of the market - Technavio
NEW YORK, Jan. 12, 2024 /PRNewswire/ -- The automotive ADAS aftermarket market is estimated to grow by USD 3.18 billion from 2022 to 2027, growing at a CAGR of 10.5%. The automotive ADAS aftermarket market is fragmented owing to the presence of many global and regional companies. The Advanced Driver Assistance System (ADAS) comprises subsystems and features that operate either independently or in combination, offering assistance not only in safety but also extending to comfort and a wide range of conveniences for drivers in modern vehicles. Aftermarket ADAS involves the integration of ADAS technologies into existing vehicles through retrofitting.
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Company Offering:
- Brandmotion LLC - The company offers automotive ADAS aftermarket products such as ADAS 1100.
- Continental AG - The company offers automotive ADAS aftermarket products such as ADAS sensors and computing hardware for 360-degree perception.
- CUB ELECPARTS Inc. - The company offers automotive ADAS aftermarket solutions such as 24GHz, and 77GHz millimeter-wave radars, and rader customization systems.
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A few prominent companies that offer automotive ADAS aftermarket market are BorgWarner Inc., Brandmotion LLC, Continental AG, CUB ELECPARTS Inc., Garmin Ltd., Gentex Corp., HELLA GmbH and Co. KGaA, Intel Corp., Information Technologies Institute Intellias LLC, Knorr Bremse AG, MINIEYE, Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sasken Technologies Ltd., Solera Holdings LLC, TomTom NV, Valeo SA, Veoneer Inc., and VOXX International Corp.
Based on Geography, the market is classified as North America, Europe, APAC, Middle East and Africa, and South America. APAC is estimated to contribute 33% to the growth of the global market during the forecast period. The US was the key contributor to the market in the region. In North America, where most of the ADAS technologies are becoming standard in new vehicles launched within this region, consumers have a high level of awareness.
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- Impactful driver- The global automotive ADAS aftermarket market is driven by declining sensor prices. This factor affects ADAS Calibration Equipment, Lane Departure Warning Systems, Adaptive Cruise Control, Blind Spot Detection, Automatic Emergency Braking, Parking Assistance Systems, Rear Collision Warning, Traffic Sign Recognition, Driver Monitoring Systems, and Aftermarket Sensors. Lower sensor costs drive accessibility, enhancing aftermarket integration and affordability of these pivotal safety and assistance features in vehicles worldwide.
- Key Trend - The growing development of aftermarket ADAS for CVs is an emerging trend. This trend encompasses Software Updates and Patches, Aftermarket Installation Services, Vehicle Retrofitting, OEM Partnerships, Telematics Integration, Fleet Management Solutions, Advanced Navigation Systems, Artificial Intelligence in ADAS, 5G Connectivity for Vehicles, Automotive Cybersecurity, and Regulatory Compliance. As CVs increasingly adopt advanced safety features, aftermarket solutions, and tech innovations, the market experiences substantial growth driven by these developments.
- Major Challenges - The adoption of active ADAS technologies by OEMs is the significant market challenge. This challenge encompasses LiDAR (Light Detection and Ranging), RADAR (Radio Detection and Ranging), Vehicle-to-Everything (V2X) Communication, Wireless Camera Systems, Dashboard Display Upgrades, Insurance Telematics, User Interface and Experience, Vehicle Data Analytics, Eco-driving Assistance, and Smartphone Integration and Apps. The proliferation of these advanced systems by OEMs impedes aftermarket adoption and market expansion.
Market Segmentation
- Based on Technology, the market is classified into segments_custom.sub_comma. The passive park assist segment is estimated to witness significant growth during the forecast period. Rear parking sensors, reversing cameras, and rear cross-traffic alerts are included in this segment. Passive parking assist technology is in high demand in the aftermarket as customers seek simple, cost-effective solutions for lower-spec and older model vehicles. In addition to blind spot monitoring, the aftermarket market for automotive ADAS includes rear cross-traffic alert systems which are offered by well-known manufacturers.
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Related Reports
The Global Automotive ADAS Sensors Market size is estimated to grow by USD 49,153.06 million between 2022 and 2027 accelerating at a CAGR of 23.33%.
The automotive advanced driver assistance system (ADAS) market size is estimated to grow at a CAGR of 9.3% between 2022 and 2027. The market size is forecast to increase by USD 25,673.24 million.
TOC:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by Vehicle Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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SOURCE Technavio
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