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The global advanced driver assistance systems market size reached US$ 23.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 42.7 Billion by 2027, exhibiting a growth rate (CAGR) of 11.1% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Advanced driver assistance (ADAS) is an electronic system designed to cater safety, efficiency and comfort to the driver. It helps reduce road accidents and traffic congestion and enhances the security of occupants, vehicles and pedestrians. It is equipped with cameras, sensors, radars and related software to facilitate the efficient functioning of the systems. Moreover, it relies on artificial intelligence (AI), autonomous emergency braking, park assistant, blind-spot detection, lane warning departure system and adaptive cruise control.
The rising global population, inflating income levels and the growing automotive sector are among the key factors positively influencing the sales of ADAS systems across the globe. Moreover, these systems assist in automating and improving the vehicles for a better and safe driving experience, which is strengthening the market growth. Apart from this, the rising number of vehicles on roads has increased traffic congestions and instances of accidents worldwide. As a result, governments of various countries are imposing stringent regulations to enhance the safety of vehicles and prevent road accidents. For instance, the National Highway Traffic Safety Administration (NHTSA) in the United States has undertaken numerous initiatives to promote the use of automated vehicles and ADAS systems to reduce road fatalities. The market is anticipated to witness growth in the coming years on account of the increasing inclination of individuals towards improved safety and security features, comfort and luxury in vehicles.
IMARC Group provides an analysis of the key trends in each sub-segment of the global advanced driver assistance systems market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on solution type, component type and vehicle type.
Breakup by Solution Type:
Breakup by Component Type:
Breakup by Vehicle Type:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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 and ZF Friedrichshafen AG.
|Base Year of the Analysis||2021|
|Segment Coverage||Solution Type, Component Type, Vehicle Type, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||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 and ZF Friedrichshafen AG|
|Customization Scope||10% Free Customization|
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We expect the global advanced driver assistance systems market to exhibit a CAGR of 11.1% during 2022-2027.
The growing traffic congestion, along with the increasing consumer inclination towards improved safety and security features, comfort and luxury in vehicles, etc., is primarily driving the global advanced driver assistance systems market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary shutdown of numerous automobile manufacturing units.
Based on the component type, the global advanced driver assistance systems market has been divided into processor, sensors, software, and others. Among these, sensors account for the majority of the global market share.
Based on the vehicle type, the global advanced driver assistance systems market can be categorized into passenger cars and commercial vehicles. Currently, passenger cars hold the largest market share.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where Asia Pacific currently dominates the global market.
Some of the major players in the global advanced driver assistance systems market include 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 and ZF Friedrichshafen AG.
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