ADAS Market worth $65.1 billion by 2030

The global ADAS Market was valued at USD 30.9 billion in 2022 and is expected to reach USD 65.1 billion by 2030 at a CAGR of 9.7 % during the forecast period 2022-2030. Software and hardware providers provide ADAS systems such as adaptive cruise control, adaptive front lights, automatic emergency braking, blind spot detection, cross traffic alert, among others to various global OEMs and component manufactures. Factors such as increased demand for road safety and strong government support have caused leading original equipment manufacturers (OEMs) to invest in development of ADAS systems.

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The demand for Advanced Driver Assistance Systems (ADAS) is increasing quickly due to the rise in traffic accidents on a global scale. To make driving safer and cut down on accidents, automakers are heavily investing in the development of these technologies. Customers are increasingly choosing vehicles with ADAS capabilities as they become more aware of the safety advantages of these systems. The need for ADAS is being further increased by governments drafting legislation to make such systems required in vehicles.

Software to be the fastest growing segment during the forecast period

Increasing demand for accurate and faster object recognition will be a major growth driver for the software segment of the ADAS market. Modern vehicles are equipped with high-resolution cameras and long-range radar sensors for driver assistance. Hence, developments in image recognition technology will play a critical role in deploying these sensors in upcoming vehicles. Newer features such as pedestrian recognition, cyclist recognition, vehicle detection, driver monitoring systems, and traffic sign recognition are being tested, and plans to roll them out in more vehicles for improved occupant safety are underway. More sophisticated ADAS features would demand faster and more accurate software algorithms/platforms for detecting objects with low latency.

Asia Pacific to be the most potential market during the forecast period

Asia Pacific is estimated to account for the largest market share by 2030, followed by Europe and North America. Increasing demand for a safe, efficient, and convenient driving experience; rising disposable income in emerging economies; and stringent safety regulations worldwide drive the ADAS market. The Asia Pacific region saw significant developments in ADAS. China has made significant advancements in developing ADAS in recent years. Some of the major ADAS system manufacturers in China are Baidu Apollo, TuSimple, Momenta, Pony.ai, Xpeng, DiDi and NIO companies like Bosch, Continental, and Aisin. Some of the top ADAS developers have opened industries in the country to cater to Chinese OEMs, such as BYD, Geely, Chery, FAW, and GAC. Recently, several Chinese companies, such as Baidu, Tencent, and Alibaba, have widely invested in the research and development of ADAS technology, including autonomous driving and connected cars.

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