ADAS market size is expected to be a readjusted size of USD 57760 million by 2028 with a CAGR of 11.7%
BANGALORE, India, February 2, 2022 /PRNewswire/ — Adas market is segmented by Type – Hardware, Software, by Application – PC, LCV, Bus, Trucks. Global Opportunity Analysis and Industry Forecast 2022 – 2028. It is published in Appreciate the reports under the Autos and vehicles Category.
The ADAS market size is estimated at $29,740 million in 2022 and should have a readjusted size of 57760 million USD by 2028 with a CAGR of 11.7% during the reporting period.
The major factors driving the Adas market growth are
The ADAS market will be driven by compliance with upcoming safety mandates, growing demand for semi-autonomous driving systems, and ever-improving hardware and software technology. The growing need to reduce the number of car accidents in order to prevent fatalities and injuries is expected to propel the ADAS market forward.
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TRENDS INFLUENCING THE GROWTH OF THE ADAS MARKET
Customer demand for driver assistance systems is increasing as the need for safer driving conditions grows, propelling the ADAS market forward. Advanced driver assistance systems have a number of advantages, including reduced material and human losses, fewer accidents, etc. ADAS is a set of safety devices designed to improve the safety of pedestrians and passengers by reducing the severity of motor vehicle accidents. Advanced driver assistance systems warn the driver of impending danger and help maintain control to avoid or reduce the severity of accidents.
The ADAS market will benefit from increased awareness of vehicle safety ratings and lower component costs due to the widespread use of cameras and radars. ADAS solutions are being adopted by major automakers to achieve higher safety ratings and attract more customers. As a result, major car manufacturers standardize safety systems on all models or offer them as an option. Therefore, during the forecast period, the demand for components such as cameras, radar sensors, ultrasonic sensors, and LiDAR will increase due to the growing penetration of advanced features of driver assistance systems.
The introduction of self-driving cars is expected to further drive the growth of the ADAS market. With features like lane monitoring, emergency braking, stability controls and more, ADAS technologies have dramatically reduced the complexity of driving. To collect data, autonomous vehicles use advanced technologies and systems like LiDAR, radar, ultrasonic sensors and high-definition cameras. An on-board intelligent autonomous driving system analyzes this data in order to maneuver the vehicle safely.
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ADAS MARKET SHARE ANALYSIS
Based on the demands, the passenger car segment is expected to be the most lucrative during the forecast period. The passenger car segment contributes significantly to the ADAS market. Improved road safety standards, supporting legislation and consumer awareness are all contributing to increased demand for safety systems in emerging markets.
Based on the region, the Asia-Pacific ADAS Market is expected to be the most lucrative. In the Asia Pacific Region, China, South Koreaand Japan represent the majority of the ADAS market. The expansion of the market in the Asia Pacific can be attributed to Japan, South Koreaand China high vehicle production and increased use of advanced electronics.
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Market by region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Adas Market by Company
- Aisin Seiki
- Delphi Automotive
- Freescale Semiconductors
- international Harman
- Hyundai Mobi
- Magna International
- Joyson Security Systems
- Texas Instruments
- TRW Automotive
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