ADAS Market worth $74.9 billion by 2030

The global ADAS market size is projected to grow from USD 27.2 billion in 2021 to USD 74.9 billion by 2030, at a CAGR of 11.9%. Compliance with upcoming safety mandates and increasing demand for semi-autonomous driving systems will drive the market for ADAS.

The increasing adoption of ADAS & safety features, the focus of governments to enhance vehicle and pedestrian safety, initiatives by OEMs to provide advanced safety features, and the advent of autonomous vehicles will surge the demand for ADAS.

Market Dynamics:

Driver: Stringent vehicle safety regulations

Increasing awareness about vehicle safety ratings and decreasing component costs due to extensive application of cameras and radars will be major growth drivers for the ADAS market. Major OEMs are embracing ADAS solutions to achieve higher safety ratings to attract more consumers. Hence, leading OEMs either standardize safety systems across the models or offer them as additional features. Thus, the increasing penetration of advanced driver assistance systems features will surge the demand for components such as cameras, radar sensors, ultrasonic sensors, and LiDAR during the forecast period.

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Opportunity: Emergence of autonomous vehicles

The introduction of?autonomous vehicles?is expected to transform commuting. ADAS technologies have significantly reduced the complexity of driving, with features such as lane monitoring, emergency braking, stability controls, and others. Autonomous vehicles rely on advanced technologies and systems such as LiDAR, radar, ultrasonic sensors, and high-definition cameras to collect data. This data is analyzed by an onboard smart autonomous driving system to maneuver the vehicle safely. Tesla, Volkswagen, Ford, General Motors, and Waymo plan to launch fully autonomous vehicles in the coming years. In March 2018, Nissan announced plans to deploy ProPILOT in 20 models by 2022. The increasing focus on autonomous driving systems would enable OEMs to incorporate more cruise control features and advanced safety systems for semi-autonomous vehicles.

“The Asia Pacific ADAS market is projected to hold the largest share by 2030.”

China, South Korea, and Japan account for the largest share of the ADAS market in the Asia Pacific region. The growth of the market in Asia Pacific can be attributed to the high vehicle production and increased use of advanced electronics in Japan, South Korea, and China. The governments of these countries have recognized the growth potential of the automotive industry and have consequently taken different initiatives to encourage major OEMs to enter their domestic markets. Several European and American automobile manufacturers such as Volkswagen (Germany), Mercedes Benz (Germany), and General Motors (US) have shifted their production plants to developing countries.

?Key Market Players

The global ADAS market is dominated by major players such as?Robert Bosch?(Germany),?Continental AG?(Germany),?ZF Friedrichshafen?(Germany),?Denso?(Japan),?Aptiv?(UK),?Valeo?(France), and Magna International (Canada). These companies have secure distribution networks at a global level and offer a wide range of advanced driver assistance systems. The key strategies adopted by these companies to sustain their market position are new product developments, collaborations, and contracts & agreements.

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