Press release
Advanced Driver Assistance Systems (ADAS) Market 2023 | Size to Hit US$ 46.2 Billion at CAGR of 10.56% by 2028
Advanced Driver Assistance Systems (ADAS) Market
The global advanced driver assistance systems market size reached US$ 25.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 46.2 Billion by 2028, exhibiting a growth rate (CAGR) of 10.56% during 2023-2028.
Advanced driver assistance systems (ADAS) include a range of features and technologies designed to improve vehicle operation safety and convenience. They use sensors and other advanced technologies to provide vehicles with enhanced capabilities and consist of automatic emergency braking, lane-keeping assistance, adaptive cruise control, and parking assistance. They help prevent accidents by warning drivers of potential dangers and providing assistance in avoiding them. They detect objects on the road and can apply the brakes if the driver fails to do so as well as they can provide corrective steering input to keep the vehicle in its lane.
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Market Trends:
The escalating demand for automobile safety among consumers majorly drives the global market. This can be attributed to the rising awareness of the safety and convenience benefits that these features offer. Apart from this, numerous mobility services, such as ride-hailing and car-sharing companies are adopting ADAS to reduce the risk of accidents and enable safer and more efficient operations, which is acting as another growth-inducing factor. Moreover, continual technological advancements and the development of sophisticated ADAS features for enhanced convenience and safety benefits are creating a positive market outlook. Some of the other factors driving the market include rapid urbanization and extensive research and development (R&D) activities.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Competitive Landscape with key players:
• Autoliv Inc.
• Continental AG
• Denso Corporation
• Hyundai Mobis Co. Ltd (Hyundai Motor Group)
• Magna International Inc.
• Mobileye (Intel Corporation)
• Robert Bosch GmbH
• Texas Instruments Incorporated
• Valeo
• ZF Friedrichshafen AG
Key Market Segmentation:
Breakup by Solution Type:
• Adaptive Cruise Control
• Blind Spot Detection System
• Park Assistance
• Lane Departure Warning System
• Tire Pressure Monitoring System
• Autonomous Emergency Braking
• Adaptive Front Lights
• Others
Breakup by Component Type:
• Processor
• Sensors
o Radar
o Ultrasonic
o LiDAR
o Others
• Software
• Others
Breakup by Vehicle Type:
• Passenger Cars
• Commercial Vehicles
Breakup by Region:
• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the Report:
• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• COVID-19 Impact on the Market
• Porter's Five Forces Analysis
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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