LONDON — The global ADAS calibration equipment market is expected to generate a value of $911.2 million in 2033, with sales growing at a stellar compound annual growth rate (CAGR) of 12.6 percent from 2023 to 2033, according to a recently published study by Future Market Insights.
The target market was valued at $277.8 million in 2023 and is shaped by elevated demand for advanced safety measures in vehicles.
The incorporation of advanced driver-assistance systems (ADAS) has brought ADAS calibration equipment into the spotlight. ADAS are increasingly becoming popular in the latest generation of vehicles owing to their ability to enhance safety, lessen the risk of accidents, and offer better comfort while driving. These factors are key to the growth of the ADAS calibration equipment market.
Historically, the ADAS calibration equipment market registered a moderate CAGR of 6.3 percent from 2018 to 2022 and reached $249.2 million by 2022. The rapid advancement of the automotive sector and the increasing adoption of advanced driving technologies drive the expansion of the ADAS calibration equipment market.
An upsurge in the adoption of ADAS technology is expected to boost the global sales of ADAS calibration equipment. In addition, increasing incidences of road accidents and the implementation of stringent regulations regarding the improvement of passenger safety also propel the ADAS calibration equipment market forward in the upcoming years.
Recent years have also witnessed the development of advanced driver assistance system calibration equipment. This aspect is anticipated to open avenues of opportunity for market manufacturers.
The integration of IoT and artificial intelligence (AI) into ADAS calibration equipment also results in improved prospects for the market. It is estimated that the surging adoption of ADAS calibration equipment in the automotive OEM and service stations will bolster sales over the forthcoming years.
A key trend that will have a positive impact on sales is the implementation of strict safety regulations. However, factors like a lack of awareness of the technology and non-availability of the same in some parts of the world will likely hamper the growth of the global ADAS calibration equipment market.
• While a lack of awareness of the technology may stymie market growth, it is estimated that the integration of advanced technology and the introduction of camera-based systems will strengthen market prospects.
• The U.S. will dominate the North American ADAS calibration system market with a share of 22.9 percent in 2023.
• In 2023, the ADAS calibration system market in the U.K. will account for 3.4 percent of the global market share.
• By vehicle type, the passenger vehicles segment will account for 70 percent of the market sales.
• Based on the end-user, the automotive OEM segment will create high demand for the market.
Autel Intelligent Technology Corp., Ltd., Launch Tech Co., Ltd., Mahle GmbH, Robert Bosch GmbH, and TEXA S.p.A, among others, are some of the significant players in the ADAS calibration equipment market profiled in the full version of the report.
Eminent market players are focusing on manufacturing advanced ADAS calibration equipment products. These enterprises also employ various mergers and acquisition strategies to strengthen their market position. For instance, in April 2022, Autel introduced IA900WA, a new wheel alignment and ADAS calibration frame.