The global advanced driver assistance systems (ADAS) market size was valued at USD 32.3 billion in 2019 and expected to reach US$ 142 bn by 2027, growing at a compound annual growth rate (CAGR) of 11.6% from 2020 to 2027.
The growth of advanced driver assistance systems (ADAS) market is mainly attributed to increasing consumers’ preferences for safety and comfort features and growing demand from premium and luxury cars. Furthermore, government initiative towards passenger safety and decreasing system and component costs is estimated to fuel the demand for ADAS market. However, ongoing COVID-19 pandemic is expected to impact the spending of government on infrastructure activities and adversely affect the ADAS market. Even so, ongoing technology advancement in sensor tech is expected to open up new avenue for ADAS market in near future.
System Type Analysis
Driver Monitoring System (DMS) and Night Vision System (NVS) system are expected be to key system type segments in years to come. The growth of these segments is manly driven by government initiative to reduce road accidents. Moreover, rising luxury and premium car market is estimated to support the growth of driver monitoring system (DMS) and night vision system (NVS) system in forecast period.
Sensor Type Analysis
Based on sensor type, the advanced driver assistance systems market is classified into image sensors, ultrasonic sensors, LiDAR, radar sensors, infrared (IR) sensors and laser sensors.
Increasing research and development activities by market players on ADAS sensors is expected to support the sensor type segment coming years. Radar sensor segment is estimated to have largest revenue share in analysis period owing to increasing number of accident mainly in Asia Pacific region.
Vehicle Type Analysis
The passenger car segment held the largest market share of over 64% in 2019. This segment is predicted to retain its dominance in ADAS market throughout the analysis period.Rising awareness of road safety amongst consumer/passenger and promoting legislation are the major driving factors for the growth of passenger car segment.
In addition, various countries in different region have placed in place laws mandating the introduction of various types of ADAS into the passenger car market. Furthermore, AEB and LDW mandates in various countries such as South Korea and France are expected to propel the demand for passenger car segment in analysis period.
Europe and North America emerged as a dominant region for global ADAS market in past few years and held for over 70% of the global revenue share. High tech adoption rate and presence of major ADAS market participant is estimated to drive the market for ADAS in near future. As ADAS features are more in demand with customers and cars more than 60 million U.S. vehicle are fitted with ADAS technologies. Some shops have also started to see customers’ demands for aftermarket systems to be integrated in their vehicles.
Asia Pacific is expected to emerge as fastest growing market for ADAS in years to come and is predicted to grow at a CAGR of 14.8%. South Korea, China and Japan are estimated become as major revenue contributor for ADAS in Asia Pacific advanced driver-assistance systems (ADAS) market in years to come. A number of major ADAS solution providers such as Robert Bosch, Continental and Denso have regional production facilities.
Key Companies & Market Share Insights
The global ADAS market is highly competitive and still is modernly concentrated. The market participant operating in ADAS market are striving to gain higher market share by adopting different business strategies, such as partnerships, agreement and acquisitions & mergers of various player across the value chain. Furthermore, continuous launching of new product to cater the demand from customers, manufactures paying attention to product quality and effective service offering.
Some of the recent activities by market players are as follows:
Some of the prominent players in the advanced driver assistance systems (ADAS) market include:
Segments Covered in the Report
This research report analyzes and predicts growth of market size at global, regional, and country levels. It also offers comprehensive study of the up-to-date industry developments in all of the sub-segments from 2016 to 2027. In order to study thoroughly this research study categorizes market depending upon different aspects such astype, sensor type, vehicle type, and region:
By System Type
By Sensor Type
By Vehicle Type
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