April 22, 2024
Ict

Advance Driver Assistance System is Anticipated to Witness High Growth Owing to Increasing Demand for Autonomous and Semi-Autonomous Vehicles

An advance driver assistance system (ADAS) comprises various technologies in vehicles that support drivers by considering factors like road safety and enhanced driving convenience. ADAS aids drivers through adaptive cruise control, parking assistance, lane keeping, blind spot recognition, and driver monitoring. Major OEMs are integrating such systems in vehicles to stay ahead of the curve and position themselves favorably in the autonomous vehicle race. The growing push for autonomous vehicles and increasing consumer demand for safety features have accelerated ADAS adoption.

The Global Advance Driver Assistance System Market is estimated to be valued at US$ 33.99 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 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. These players are focusing on developing innovative ADAS technologies and solutions through collaborations and strategic partnerships.

There are significant opportunities for OEMs and technology players in the ADAS market owing to initiatives around the world to mandate ADAS features and the push for autonomous vehicles. Countries are framing new regulations to improve vehicle and road safety through incorporation of driver assistance technologies.

Major players are expanding globally to position themselves for future growth opportunities. Companies are investing heavily in R&D, partnerships, and acquisitions to tap into international markets and enhance their product portfolios. The Asia Pacific region, in particular, presents substantial prospects due to rising vehicle production and sales.

Market Drivers
Stringent safety regulations mandating driver assistance technologies in countries worldwide are a key driver bolstering ADAS adoption. Initiatives like the EU’s ‘Euro NCAP’ and the US’ ‘New Car Assessment Program’ have raised consumer awareness and incentivized OEMs to offer advanced safety features.

The transition toward autonomous vehicles has accelerated the integration of ADAS technologies. Auto producers view driver assistance as a step toward full autonomy and are standardizing these to gain experience in advanced automotive electronics. This is expected to significantly drive future revenues in the market.

Market Restraints
High Development Costs of Sophisticated ADAS Solutions inhibit wider adoption. Developing autonomous functionalities like automatic emergency braking or adapting cruise control requires huge investments and prolonged testing periods. This raises product costs, impacting sales potential.

Reliability, Security, and Safety Issues regarding immature ADAS technologies undermine consumer confidence. Glitches in systems from object or person detection to navigation have been reported. Cyber risks arising from vehicle connectivity are also a concern. This restraints the rollout of cutting-edge solutions.

Segment Analysis

The advance driver assistance system market is dominated by the adaptive cruise control sub segment. Adaptive cruise control maintains a safe following distance between vehicles without requiring driver input by using sensors and cameras to detect surrounding vehicles. It allows drivers to set their preferred vehicle speed and minimum following distance for the cruise control to maintain. This sub segment accounts for over 30% of the overall advance driver assistance market currently as it provides convenience to drivers on highways by automatically regulating speed without constant acceleration or braking input. The traffic jam assist sub segment is also growing rapidly as it assists drivers in congested traffic by controlling acceleration, braking, and steering depending on the traffic situation to help ease driving stress.

Global Analysis

The Europe region currently dominates the advance driver assistance system market accounting for around 35% share globally. Stringent safety norms and increased vehicle automation by major European automakers have driven early adoption of ADAS in countries like Germany, UK, and France. The Asia Pacific region is poised to be the fastest growing market during the forecast period due to the rising vehicle production and sales led by China and India. Vehicle manufacturers are also increasingly focusing on this region to tap the growing demand for advanced mobility solutions at affordable prices.

*Note:

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