April 13, 2024
Ict

Advance Driver Assistance System Market is Estimated to Witness High Growth Owing to Increasing Road Safety Concerns

The advance driver assistance system market has been gaining significant traction over the years owing to rising concerns regarding road safety. Advance driver assistance systems provide drivers with enhanced convenience, safety, and situational awareness capabilities. They offer a variety of features like adaptive cruise control, automatic emergency braking, blind-spot monitoring, forward-collision warnings, lane departure warnings, night vision, and parking assistance. The growing demand for semi-autonomous and autonomous vehicles from automakers is also a key driver promoting the adoption of ADAS technology.

The Global Advance Driver Assistance System Market  is estimated to be valued at US$ 33.99 Billion in 2024 and is expected to exhibit a CAGR of 10% over the forecast period from 2023 to 2030.

Key Takeaways
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 advancing their ADAS technology through investments in R&D and strategic partnerships.
There is a lot of opportunity for growth in the commercialization of autonomous driving technology. Major automakers are continuously working towards developing advanced self-driving cars which is expected to drive the future adoption of advanced driver assistance systems.
The market is witnessing significant expansion in Asia Pacific and Europe attributed to stringent safety regulations and increasing per capita income in developing countries. China, Germany, India, Japan, South Korea, France, UK, etc. are expected to spearhead the adoption of advanced driver assistance systems during the forecast period.

Market drivers
Strict regulations regarding vehicular and road safety are being implemented by various regulatory bodies around the world. For instance, the European Union has made several critical driver assistance features mandatory for new vehicles launched from 2022. This is compelling automakers to rapidly integrate advanced safety technologies in their vehicles. Moreover, rising consumer awareness about the safety benefits of ADAS solutions is a major factor boosting the demand for vehicles equipped with driver assistance features.

PEST Analysis
Political: Government regulations related to vehicle and driver safety are increasing, this is driving demand for advanced driver assistance systems which improve road safety. Government funding is also driving innovation in this sector.

Economic: Growing disposable income levels are increasing demand for vehicles with advanced features. The rising economy is positively impacting the automotive industry creating more opportunities.

Social: Safety is a rising consumer priority. People want vehicles equipped with technologies ensuring safety of drivers and passengers on roads. Social trends like use of smartphones in vehicles are also driving the need for distraction prevention features.

Technological: This is a rapidly evolving sector. Technologies like AI, ML, computer vision and sensors are enhancing capabilities. Connected vehicles enable remote software upgrades and data-driven improvements. Integration of systems offers new possibilities.

Concentration of Market Value
North America and Europe currently account for over 60% of the advance driver assistance system market value due to high vehicle production, presence of global leaders and stringent safety norms in these regions. Growing adoption of luxury and high-end vehicles equipped with ADAS further drives the market.

Fastest Growing Region
Asia Pacific region is expected to witness highest growth during the forecast period led by China and India. Factors like rising vehicle production and sales, government focus on road safety, expansion of global players and increasing consumer demand for vehicles with advanced features are pushing the market in Asia Pacific forward.

*Note:

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