The global advanced driver assistance system market size is projected to reach USD 58.7 billion by 2030, registering a CAGR of 18.2% from 2022 to 2030, as per the study conducted by Grand View Research, Inc. The growing government initiatives toward deploying driver assistance systems to mitigate road accidents are anticipated to contribute to market growth. The surge in the adoption of advanced driver assistance system (ADAS) in small cars is anticipated to further boost the growth of the market over the forecast period.
Advanced Driver Assistance System Market Report Highlights
- The autonomous emergency braking system segment is estimated to expand at a CAGR of 21.0% over the forecast period
- The response for ADAS processors is predicted to grow at a considerable rate over the forecast period
- The Asia Pacific market is anticipated to witness substantial growth over the forecast period owing to several developments across major economies, especially China. The regional market is projected to expand at a CAGR of 19.6% from 2022 to 2030
- Key players dominating the market are Hyundai Mobis; Continental AG; Autoliv Inc.; Mobileye; and Magna International among others
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Increasing levels of technological innovation and surge in the initiatives undertaken toward self-driving cars and vehicle automation have elevated the demand for driver safety and assistance systems over the past decade. For instance, the European Union has mandated automotive manufacturers to fit ADAS systems, including Autonomous Emergency Braking Systems (AEBS) and Lane Departure Warning Systems (LDWS), in all heavy commercial vehicles that weigh over 7,000 kilograms.
The demand for ADAS technologies such as road sign recognition systems, drowsiness monitoring systems, and night vision systems is expected to increase considerably over the forecast period. Tire pressure monitoring systems are also projected to have substantial penetration in the overall market due to their easy aftermarket availability and low prices. Adaptive cruise control offers better driver safety and aids in avoiding fatal road accidents. All these factors are expected to propel market growth by 2030.
The sensor segment accounted for the largest market share of more than 30% in 2021. The automotive industry is witnessing an increase in self-driving vehicles on road. These vehicles demand a blend of a large number of sensors such as Lidar, cameras, ultrasonic sensors, and radar for accomplishing different operations accurately. Thus, the demand for sensors is projected to increase significantly over the forecast period. Among the various sensor types, Lidar sensors are expected to gain high traction by 2030 owing to their crucial function in self-driving cars.
Advanced Driver Assistance System Market Insights By Regions
North America holds the highest market share of 37.1% in 2021. The growth of this region is driven by the technological advancement in the automotive industry and the presence of major players in the region. The rising fatality rate and increase in sales of high-end vehicles in countries such as Canada and the U.S. in this region are driving the market growth. The growth of the Asia Pacific can be attributed to the increased usage of advanced electronics and the high production of automobiles in countries such as Japan, China, and South Korea.
Industry Share Analysis By Major Companies
Key players emphasize adopting various strategies, including business expansions, mergers and acquisitions, and product expansions. These strategies assist the companies in expanding their business and product portfolio. For instance, in February 2020, Continental AG established a new production plant for advanced driver assistance systems in Texas, U.S. The company invested USD 109 million. The market players are also focusing on undertaking various strategic initiatives, mergers, and acquisitions, agreements and contracts, and partnerships to enhance their position in the market. Some of the prominent players operating in the global advanced driver assistance system market are:
- Denso Corporation
- Continental AG
- Infineon Technologies AG
- Magna International
- Autoliv Inc.
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Advanced Driver Assistance System Market Segmentation
Grand View Research has segmented the global advanced driver assistance system market based on solution type, component type, vehicle type, and region:
- Advanced Driver Assistance Systems Solution Type Outlook (Volume, Million Units; Revenue, Billion, 2018 – 2030)
- Advanced Driver Assistance Systems Component Type Outlook (Volume, Million Units; Revenue, Billion, 2018 – 2030)
- Advanced Driver Assistance Systems Vehicle Type Outlook (Volume, Million Units; Revenue, Billion, 2018 – 2030)
- Advanced Driver Assistance Systems Regional Outlook (Volume, Million Units; Revenue, Billion, 2018 – 2030)
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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