Global Advanced Driver Assistance Systems Market to Grow at 8.9% During 2024-2032, Impelled by Rising Demand for Enhanced Safety in Vehicles

August 12, 2021 | Technology & Media

According to the latest report by IMARC Group, titled "Advanced Driver Assistance Systems Market Report 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, and Others), Component Type (Processor, Sensors, Software, and Others), Vehicle Type (Passenger Cars, Commercial Vehicles), and Region 2024-2032," the global advanced driver assistance systems market reached a value of US$ 28.4 Billion in 2023. Advanced driver assistance systems (ADAS) are electronic systems that are utilized for effective communication between different vehicles, vehicle infrastructure systems as well as transportation management centres. They are integrated with sensors, cameras, radars and related software that assist in providing vital information regarding traffic, road closures and blockages, and congestion levels. They are designed to offer comfort and safety to the users by enabling better localization, and improved vision. Apart from this, they also involve the usage of artificial intelligence (AI), blind-spot detection, park assistant, lane warning departure system and adaptive cruise control to enhance the functionality of these systems.

Global Advanced Driver Assistance Systems Market Trends:

The global market is majorly driven by significant growth in the automotive sector. With the rising global population and the inflating disposable income levels of the masses, there has been a considerable rise in the adoption of vehicles with advanced safety systems, such as ADAS, across the globe. Moreover, increasing traffic congestions and instances of accidents on the global level are also providing an impetus to the market growth. The market is further driven by the numerous initiatives undertaken by the governments of multiple countries to improve the safety of vehicles in order to reduce the frequency of road accidents. They are also promoting the adoption of driverless and automated vehicles that are equipped with ADAS systems, thereby creating a positive outlook for the market. Some of the other factors contributing to the market growth include rapid urbanization and the rising adoption of luxury vehicles. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 8.9% during the forecast period (2024-2032).

Market Summary:

On the basis of the solution type, the market has been divided into adaptive cruise control, blind spot detection system, park assistance, lane departure warning system, tire pressure monitoring system, autonomous emergency braking, adaptive front lights, and others.
Based on the component type, the market has been classified into processor, sensors (radar, ultrasonic, lidar, and others), software and others.
On the basis of the vehicle type, the market has been bifurcated into passenger cars and commercial vehicles.
On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players 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.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
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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Global Advanced Driver Assistance Systems Market to Grow at 8.9% During 2024-2032, Impelled by Rising Demand for Enhanced Safety in Vehicles

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