ADAS Market Size is Forecast To Be A Readjusted Size of USD 57760 Million By 2028 With A CAGR of 11.7% - Valuates Reports

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BANGALORE, India, Feb. 2, 2022 /PRNewswire/ -- Adas Market is segmented By Type - Hardware, Software, By Application - PC, LCV, Buses, Trucks. Global Opportunity Analysis and Industry Forecast 2022 - 2028. It is published in Valuates Reports under the Autos & Vehicles Category.

ADAS market size is estimated to be worth USD 29740 million in 2022 and is forecast to be a readjusted size of USD 57760 million by 2028 with a CAGR of 11.7% during the review period.

Major Factors Driving The Growth of The Adas Market Are

The ADAS market will be driven by compliance with upcoming safety mandates, rising demand for semi-autonomous driving systems and consistent improvement in hardware and software technology. The growing need to reduce the number of car accidents in order to prevent deaths and injuries is expected to propel the ADAS market forward.

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TRENDS INFLUENCING THE GROWTH OF THE ADAS MARKET

Customers' demand for assistive driving systems is increasing as the need for safer driving conditions grows, propelling the ADAS market forward. Advanced driver assistance systems have a number of benefits, including a reduction in property and life loss, a reduction in the number of accidents, and so on. ADAS is a set of safety features designed to improve pedestrian and passenger safety by reducing the severity of motor vehicle accidents. Advanced driver assistance systems warn the driver of impending danger and assist the driver in maintaining control in order to avoid or reduce the severity of accidents.

The ADAS market will benefit from increased awareness of vehicle safety ratings and lower component costs due to the widespread use of cameras and radars. ADAS solutions are being adopted by major automakers in order to achieve higher safety ratings and attract more customers. As a result, leading automakers either standardize safety systems across models or offer them as options. As a result, during the forecast period, demand for components such as cameras, radar sensors, ultrasonic sensors, and LiDAR will increase due to the increasing penetration of advanced driver assistance systems features.

The introduction of self-driving cars is expected to further drive the growth of the ADAS market. With features like lane monitoring, emergency braking, stability controls, and others, ADAS technologies have significantly reduced the complexity of driving. To collect data, autonomous vehicles use advanced technologies and systems like LiDAR, radar, ultrasonic sensors, and high-definition cameras. An onboard smart autonomous driving system analyses this data in order to safely maneuver the vehicle.

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ADAS MARKET SHARE ANALYSIS

Based on application, the passenger car segment is expected to be most lucrative during the forecast period. The passenger car segment contributes significantly to the ADAS market. Improved road safety standards, supporting legislation, and consumer awareness are all contributing to increased demand for safety systems in emerging markets.

Based on region, the Asia Pacific ADAS market is expected to be the most lucrative. In the Asia Pacific region, China, South Korea, and Japan account for the majority of the ADAS market. The market's expansion in the Asia Pacific can be attributed to Japan, South Korea, and China's high vehicle production and increased use of advanced electronics.

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Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

Adas Market By Company

• Aisin Seiki
• Autoliv
• Bosch
• Continental
• Delphi Automotive
• Denso
• Freescale Semiconductors
• Gentex
• Harman International
• Hella
• Hyundai Mobis
• Magna International
• Mobileye
• NVIDIA
• Panasonic
• Joyson Safety Systems
• Texas Instruments
• TRW Automotive
• Valeo

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SIMILAR REPORTS

• The global Automotive ADAS market size is projected to reach USD 169840 million by 2027, from USD 31340 million in 2020, at a CAGR of 27.0% during 2021-2027.
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