Source: Forecast Market Insights announcement
LONDON — Over the forecast period of 2022-2032, the advance driver assistance system (ADAS) market is expected to grow at a CAGR of 9.6 percent to reach a valuation of $131,069.1 million by 2032, according to a study by Future Market Insights (FMI).
Almost all vehicle accidents are caused by human error, which can be avoided with advance driver assistance system (ADAS). The role of ADAS is to prevent deaths and injuries by reducing the number of car accidents and serious impact of those that cannot be avoided.
ADAS manufacturers/ developers have developed systems focusing their efforts on making driving experience safer and having human less human interference. As a result, the advance driver assistance system industry is predicted to grow steadily in the future.
Strict regulations imposed on car manufacturers by various government bodies around the world promoting passenger safety will aid overall growth of the market. During the forecast period, growth in the automotive industry, combined with rising government initiatives to adopt advanced technologies, develop increasingly structured safety features, and a rising trend of government and consumer adoption of autonomous vehicles will open new revenue paths for the global ADAD market.
During the forecast period, the global ADAS market will benefit from an increase in per-capita consumer spending power in developing economies, as well as an increase in demand for premium and luxurious features in their vehicles.
However, high initial costs and an increase in malfunctioning components may limit the global ADAS market growth. Nonetheless the market is predicted to grow due to rising demand from emerging countries such as China, India, Germany and others.
Key Takeaways from Market Study
• By ADAS type, night vision system (NVS) sales are expected to grow at a CAGR of 13.9 percent in global market.
• By technology type, ultrasonic sensor and radar sensor segment is expected to lead with a market share of more than 49 percent.
• By vehicle type, the passenger vehicle segment will dominate the market with more than 71% of the market share.
• In terms of region, South Asia and Pacific is predicted to exhibit a CAGR of 12.4 percent.
Advance Driver Assistance System Market Competitive Landscape
Among the industry’s key players are Texas Instruments Incorporated, Intel Corporation, NVIDIA Corporation, Robert Bosch GmbH, Continental AG, Magna International, Mobileye and others.
Manufacturers in the global advance driver assistance system market are focusing on the development of new ADAS type with decreased human interference and increased accountability.