July 21, 2024

Automotive Advanced Driver Assistance Systems (ADAS) is Fastest Growing Segment Fueling Growth of Advance Driver Assistance System Market

Advance driver assistance systems provide safety and convenience features to drivers through various sensors and cameras. They assist drivers during parking, reversing, changing lanes and braking applications. Features like emergency braking, blind spot detection and adaptive cruise control have seen rising adoption.

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 key trends:
One of the major trends in the ADAS market is the increasing demand for autonomous driving technology. Manufacturers are focusing on developing vehicles with advanced autonomous features like automatic emergency braking, adaptive cruise control and lane keeping assist. Regulatory mandates regarding inclusion of certain ADAS features are also driving their adoption. Many countries now require features like emergency braking systems, driver drowsiness detection and backup cameras. Moreover, growing demand for comfort and luxury among consumers has fueled the integration of advanced infotainment, navigation and driver assistance features.

Segment Analysis
The global advance driver assistance system market is segmented by technology, vehicle type, component, and region. On the basis of technology, it is segmented into blind spot detection, drivers fatigue detection system, adaptive cruise control, lane departure warning, park assist, and others. Among these, adaptive cruise control is anticipated to dominate the market owing to its ability to optimize vehicle speed, maintain a safe distance from the vehicle in front, and ease driving in traffic.

Key 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. Continental AG held the largest market share in 2022 owing to its wide range of ADAS offerings including blind spot detection, automated emergency braking, and adaptive cruise control systems among others.

The global advance driver assistance system market size was valued at US$ 33.99 billion in 2023 and is expected to reach over US$ 75 billion by 2030 expanding at a CAGR of 10% during the forecast period. Growing demand for semi-autonomous and autonomous vehicles integrated with advanced driver assistance features is a key factor driving the market.

Regional analysis: North America is expected to hold the largest share in the advance driver assistance system market. Majority of key players manufacturing ADAS components are located in the US and Canada. Growing awareness towards vehicle and passenger safety is also driving the market growth in the region.

Key Takeaways
The global advance driver assistance system market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing demand for ADAS technologies in order to enhance vehicle and passenger safety.

*Note:

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