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Advanced Driver Assistance System (ADAS) Market Size

Report ID: GMI2461
Published Date: Mar 2024
Report Format: PDF

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Advanced Driver Assistance System Market Size

Advanced Driver Assistance System (ADAS) Market size was valued at USD 38.1 billion in 2023 and is estimated to register a CAGR of 17% between 2024 and 2032. The proliferation of affordable sensor technology in manufacturing contributes to cost reduction, making advanced driver assistance systems more accessible to a broader consumer base, thereby driving market growth.

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For instance, in April 2023, SmartSafe launched X-431 ADAS LITE. With its powerful calibration function and low price, the X-431 ADAS LITE is a cost-effective option for automotive applications. By offering powerful calibration features at an affordable price point, it enhances accessibility, making ADAS technology more widely available and propelling market growth.

Advanced Driver Assistance System Market Report Attributes
Report Attribute	Details
Base Year:	2023
Advanced Driver Assistance System Market Size in 2023:	USD 38.1 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	17%
2032 Value Projection:	USD 150.2 Billion
Historical Data for:	2018 - 2023
No. of Pages:	280
Tables, Charts & Figures:	300
Segments covered:	Technology, sensor, vehicle, distribution channel
Growth Drivers:	Supportive government regulations on accident prevention in North America Emerging European Commission initiatives for road safety Rising demand for electric vehicles Emergence of autonomous technology
Pitfalls & Challenges:	High component and technology costs Compatibility concerns

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The rising demand for electric vehicles is a significant factor fueling the advanced driver assistance system market. As automakers prioritize safety features in EVs, integrating ADAS technologies becomes paramount. These systems enhance safety and align with the futuristic image of electric mobility. The increasing adoption of EVs by environmentally conscious consumers creates a conducive environment for the proliferation of ADAS solutions, further boosting market growth as manufacturers strive to meet safety standards and consumer preferences in the EV segment.

High component and technology costs impede the ADAS market. The sophisticated sensors, cameras, and computing hardware required for ADAS functionalities can inflate manufacturing expenses, ultimately leading to higher vehicle prices. This could potentially deter cost-conscious consumers from investing in vehicles equipped with ADAS features. For manufacturers, the challenge lies in balancing the need for advanced safety technologies with affordability, as excessively high costs may hinder wide adoption and slow down-market growth.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of advanced driver assistance system (ADAS) reached USD 38.1 billion in revenue in 2023 and is set to expand at 17% CAGR from 2024 to 2032, propelled by the proliferation of affordable sensor technology in manufacturing contributing to cost reduction.

The image sensor segment accounted for over 35% revenue share in 2023, as cameras are becoming increasingly integral for enabling features, including lane departure warning and pedestrian detection.

North America held more than 30% of the market share in 2023, owing to the stringent safety regulations, increasing consumer demand for safety features, and significant investments by automotive manufacturers and technology companies.

Some of the top companies engaged in the industry are BorgWarner, Continental, Gentex Corporation, HELLA, Magna International, Mobileye, Renesas Electronics Corporation, Bosch, VALEO, and ZF Friedrichshafen AG.