ADAS Market worth $74.9 billion by 2030 - Exclusive Report by MarketsandMarkets™

CHICAGO, Dec. 14, 2021 /PRNewswire/ -- According to the new market research report "ADAS Market by System (ACC, DMS, IPA, PDS, TJA, FCW, CTA, RSR, LDW, AEB, & BSD), Component (Radar, LiDAR, Ultrasonic, & Camera Unit), Vehicle (PC, LCV, Bus, & Truck), Level of Autonomy (L1, L2&3, L4, L5), Offering, EV, and Region - Global Forecast to 2030", published by MarketsandMarkets™, 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%.

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.

Vehicle production was low in 2020 in major European countries and the US due to the ongoing COVID-19 pandemic. Earlier, the ADAS Market was expected to witness rapid growth from 2022 onward as major safety regulations is outlined to be imposed, and deployment of autonomous driving systems was planned during the same timeline. As vehicle production is suspended, any new investment for advanced technology is unlikely. OEMs and tier 1 players are either using cash reserves or acquiring funds to continue operations during the crisis. OEMs have experience recovery in vehicle sales in 2021 and market to expected to grow significantly from second quarter of 2022.

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414 – Tables
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TPMS is expected to be the largest segment in the ADAS Market

A tire pressure monitoring system (TPMS) uses sensors to detect tire pressure levels and alert the driver when the tire pressure is low. Two TPMS implementations are available: direct and indirect. Indirect TPMS uses ABS sensors to detect low tire pressure. If the pressure in a tire is dangerously low, its wheel speed will be different than the others. The ECU analyzes the rotation information and informs the driver about the low tire pressure. Direct TPMS uses different pressure monitoring sensors for individual tires. These sensors transmit the data to the ECU for analysis, and every sensor has a unique serial number. Post analysis, the system can easily identify the tire with low pressure using the serial number and display a visual warning on the dashboard.

The inclusion of TPMS is standard in all leading automobile markets such as the US, European countries, and some Asia Pacific countries. While TPMS was earlier mandated only for passenger cars in Europe, it is now to be mandatorily installed in vans, trucks, and buses by 2022. China announced that all new vehicles from 2019 would have standard TPMS, while Japan, Russia, South Korea, and Turkey have already mandated TPMS as a standard in new vehicles. Such large-scale regulation of TPMS has spiked its penetration in major automotive markets. Further growth of the TPMS segment will depend on increasing vehicle production and its implementation across all vehicle types, post 2022.

Truck segment will be a key market for ADAS

Trucks are the backbone of the logistics industry in major countries. Major reliance on trucks has encouraged lawmakers to establish safer and less fatigue-inducing driving conditions by standardizing more ADAS features. For instance, the European Union has mandated vulnerable road user detection and warnings, especially for trucks and buses. In addition, intelligent speed assistance will become standard in all vehicles, including trucks, in Europe by 2022. Such mandates will help the growth of the truck segment of the ADAS Market during the forecast period.

Trucks are significantly popular and a major revenue source for OEMs such as AM General and Ford in the US. These OEMs offer a wide range of these trucks to attract more consumers. In heavy-duty trucks, the driver is required to travel longer distances; hence, there is a chance of fatigue, which can cause road accidents. OEMs have therefore started focusing on installing ADAS applications in heavy- and medium-duty trucks. Major truck manufacturers such as MAN, IVECO, and Mercedes-Benz offer ADAS features for a safer driving experience. Bosch and Continental offer a wide variety of ADAS solutions specially targeted at commercial vehicles.

An increase in safety awareness and demand for driving comfort among consumers will be prominent factors for the growth of the truck segment in the ADAS Market. For instance, Ambarella Inc (US), an artificial intelligence vision silicon company, formed a partnership with Arrival (Luxembourg) electric vehicle manufacturers to develop modules for autonomous driving and ADAS features in Arrival's vans and buses. The need for safety during travel is the current necessity of the market; for this, companies are working on platooning technology, which prevents accidents by human error. Platooning also enables fuel-saving and environmental protection. Companies such as Volvo Trucks and FedEx have partnered to test truck platooning technology with an aim to reduce fuel usage as well as connect trucks by driving in convoys to improve safety.

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Europe is the largest ADAS Market in 2020

Stringent safety regulations are expected to drive the demand for ADAS in Europe. France is one of the fastest-growing markets for ADAS in Europe. In 2018, France contributed approximately 12% to the total vehicle production in the region as per the European Automobile Manufacturers Association. Several safety mandates have been implemented by the French government. For instance, in 2015, the government made it compulsory to install automatic emergency braking (AEB) and lane departure warning (LDW) in all new heavy trucks.

The increasing production and sales of luxury vehicles due to strong economic growth play a major role in Germany. Major German OEMs such as Volkswagen and Daimler AG have incorporated advanced features to enhance the driving experience. These OEMs offer most ADAS features as standard in their premium segment vehicles. In mid-segment SUVs and sedans, essential ADAS features are offered under additional packages.

The ADAS Market is dominated by global players such as Robert Bosch (Germany), Continental AG (Germany), ZF Friedrichshafen (Germany), Denso (Japan), Aptiv (UK), Valeo (France), Magna International (Canada). These companies have adopted strategies of new product development, expansions, collaborations, partnerships, and mergers & acquisitions to gain traction in the market.

Browse Related Reports:

Semi-Autonomous and Autonomous Vehicles Market by Level of Automation (Level 1, Level 2&3 & Autonomous Vehicles), ADAS Features, Components (AI, Radar, LIDAR, Camera and Ultrasonic Sensor), Fuel Type (ICE, EV), and Region - Global Forecast to 2022 & 2030

Semi-Autonomous & Autonomous Truck Market by Level of Automation (Level 1, Level 2 & 3, Level 4, and Level 5), Propulsion (Diesel, Electric, and Hybrid), Application, Truck Class, ADAS Features, Sensor, and Region - Global Forecast to 2030

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