April 20, 2024

Advance Driver Assistance System Market is Trends by increasing Vehicle Safety Concerns

The Advance Driver Assistance System (ADAS) market comprises of various active and passive safety systems that aid drivers in numerous driving-related activities such as lane keeping, blind spot monitoring, adaptive cruise control, parking assistance and night vision. ADAS offers advantages such as increased vehicle and road safety, driver convenience and enhanced vehicle control. The growing demand for connected vehicles integrated with innovative safety technologies is driving the need for ADAS systems.

The Global Advance Driver Assistance System Market is estimated to be valued at US$ 33.99 Billion in 2024 and is expected to exhibit a CAGR of 10.% over the forecast period from 2023 to 2030.

Key Takeaways
Key players operating in the Advance Driver Assistance System are Aptiv, Continental AG, Denso, Hyundai Mobis, Magna International, Robert Bosch, Valeo, Veoneer, ZF Friedrichshafen, and others. Continuous innovation and upgrades to existing technologies along with collaboration with automotive OEMs has enabled these players to strengthen their market presence.

The growing demand for luxury and premium vehicles integrated with advanced driver assistance features is also fueling the market growth. Features such as adaptive cruise control, lane keep assist, blind spot monitoring, and other ADAS technologies are being adopted rapidly in high-end passenger vehicles to offer utmost safety and convenience.

Geographic expansion into emerging countries by major market players through partnerships and joint ventures with local OEMs has further assisted in global propagation of ADAS technologies. This is anticipated to drive the demand over the forecast period, especially from Asia Pacific and Middle East & Africa regions.

Market Key Trends
One of the key trends gaining traction is the increasing adoption of ADAS for commercial vehicles. The need for safety of goods and passengers is prompting commercial vehicle manufacturers to integrate advanced driver assistance technologies. Features such as adaptive cruise control, automatic braking, lane departure warning are being introduced in medium and heavy commercial trucks which is expected to significantly support the market revenues in coming years.

Porter’s Analysis

Threat of new entrants: High capital requirement and technical expertise required creates high entry barriers.

Bargaining power of buyers: Varied needs of OEMs and technology integration challenges give buyers moderate bargaining power.

Bargancing power of suppliers: Established tier 1 suppliers and differentiated technologies provide high bargaining power to suppliers.

Threat of new substitutes: Alternative technologies like self-driving cars pose moderate threat of substitution.

Competitive rivalry: Intense competition due to presence of global players.

Geographical Regions

The North American region accounts for the largest share of the advance driver assistance system market currently in terms of value, owing to stringent safety regulations and early technology adoption in the US and Canada.

The Asia Pacific region is poised to grow at the fastest pace during the forecast period. This can be attributed to the increasing vehicle production and sales led by China, India, Japan and South Korea. Rising disposable incomes and growing concerns regarding safety are encouraging consumers in Asia to opt for vehicles equipped with advanced driver assistance features.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it