July 13, 2024

Expanding use of ADAS technology in automobiles projected to boost growth of Advance Driver Assistance System Market

Advance Driver Assistance Systems (ADAS) refer to electronic systems in vehicles which provide intelligent support to drivers. These systems use sensors, cameras and other technologies to detect the vehicle’s surroundings and help drivers in driving more safely. ADAS technologies include adaptive cruise control, blind spot monitoring, lane keep assist, forward collision warning, parking assistance and autonomous emergency braking. The increasing concerns about vehicle and passenger safety is driving demand for ADAS features across vehicle segments.

The global Advance Driver Assistance System Market is estimated to be valued at US$ 33.99 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Advance Driver Assistance Systems (ADAS) refer to electronic systems in vehicles which provide intelligent support to drivers. These systems use sensors, cameras and other technologies to detect the vehicle’s surroundings and help drivers in driving more safely. ADAS technologies include adaptive cruise control, blind spot monitoring, lane keep assist, forward collision warning, parking assistance and autonomous emergency braking. The increasing concerns about vehicle and passenger safety is driving demand for ADAS features across vehicle segments.

Market key trends:
One of the key trends in the market is the rising demand for semi-autonomous and autonomous vehicles. Automakers are focusing on introducing advanced ADAS technologies such as adaptive cruise control, traffic jam assist, highway assist and parking assist in their vehicles. Furthermore, the rapid adoption of autonomous vehicles requires advanced driver assistance systems like automatic emergency braking, blind spot monitoring, adaptive cruise control and other technologies. Also, stringent government regulations pertaining to vehicle and passenger safety are compelling automakers to include basic ADAS features as standard in their vehicle models, thereby supporting the growth of the ADAS market over the forecast period.
Porter’s Analysis

Threat of new entrants: The high initial investments required for R&D, technology, manufacturing and marketing pose significant entry barriers for new players.

Bargaining power of buyers: The presence of many car manufacturers and technology giants in the market increases the bargaining power of buyers.

Bargaining power of suppliers: Leading component suppliers like sensor manufacturers have considerable influence over auto makers although innovation is slowly shifting power towards OEMs.

Threat of new substitutes: Autonomous driving technology is being explored as a potential substitute but widespread adoption may still be years away.

Competitive rivalry: The market is highly competitive with emphasis on continuous innovation. Strong competition exists among major established players.

Key players operating in the Advance Driver Assistance System market are Aptiv, Continental AG, Denso, Hyundai Mobis, Magna International, Robert Bosch, Valeo, Veoneer, ZF Friedrichshafen, and others. These players are focusing on new technologies like sensor fusion and machine learning to enhance performance and capabilities of ADAS systems. Partnerships with automakers are helping them gain significant market share.

Key Takeaways

The global  Advance Driver Assistance System Market is expected to witness high growth, exhibiting a CAGR of 10.% over the forecast period, due to increasing road safety concerns and supportive regulations.

The North American region dominates the market currently due to strict safety norms and early technology adoption. However, Asia Pacific is expected to grow at the fastest pace, led by China, due to rising vehicle production and sales. Countries like India are also making safety features mandatory on new vehicles.

*Note:

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