ADAS Market worth 655 million Units by 2030 – Exclusive Report by MarketsandMarkets™
Chicago, April 08, 2024 (GLOBE NEWSWIRE) -- *ADAS market** size is projected to grow from 334 million Units in 2024 to 655 million Units by 2030, at a CAGR of 11.9%., according to a new report by MarketsandMarkets™. *
Browse and in-depth TOC on *"ADAS Market"
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*Report Attributes* *Details*
Market size value in 2024: *334 million units*
Projected to reach 2030: *655 million units*
CAGR: *11.9%*
Base Year Considered: *2023*
Forecast Period: *2024-2030*
Largest Market: *US*
Region Covered: Asia Pacific, Europe, North America, and the Rest of the World
Segments Covered: Offering (Hardware (Camera, Radar, LiDAR, Ultrasonic, ECU), Software (Middleware, Application Software & OS)), System Type, Vehicle Type (PC, LCV, HCV), Level of Autonomy, Vehicle Class, EV type and Region
Companies Covered: Robert Bosch (Germany), ZF Frierdrichshafen (Germany), Continental AG (Germany), Denso (Japan), Magna International (Canada), Mobileye (Jeruselam)
The increasing demand for electric and autonomous vehicles is expected to increase the demand for ADAS. Additionally, continuous innovation in connected car features will boost the demand for ADAS.
*BEV segment is expected to have the largest share in the global ADAS market*
The BEV is expected to grow the largest in terms of volume. Owing to the governments of India, China, the United States, and European nations provide subsidies for electric infrastructure, consequently fostering expansion within the Battery Electric Vehicles (BEVs) segment. OEMs respond by introducing new electric iterations of existing Internal Combustion Engine (ICE) models. Furthermore, heightened competition from prominent Electric Vehicle (EV) manufacturers like Tesla prompts traditional OEMs to strategize incorporating additional safety and driving assistance features to maintain competitiveness. Prominent automakers such as BMW, BYD, Tesla, Mercedes Benz, and Audi increasingly focus on eco-friendly vehicles equipped with enhanced driving comfort features. For instance, in September 2023, BYD expanded its sales in Southeast Asia through partnerships with regional distributors. As a result, the anticipated increase in demand for ADAS solutions within the electric vehicle segment is projected for the forecast period.
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*The application Software segment is estimated to exhibit the fastest growth in the global ADAS market.*
Application software is expected to have significant growth opportunities in the automotive software market during the forecast period. This is attributed to the increasing sales of ADAS-equipped vehicles and the rising demand for connected technologies. Enterprises such as Honda Motor Co., Ltd. (Japan), Toyota Motor Corporation (Japan), Mahindra & Mahindra Limited (India), BYD (China), and MG Motor (UK), among others, provide Advanced Driver Assistance Systems (ADAS) functionalities. These functionalities encompass adaptive cruise control, lane-keeping assist, lane departure warning, automatic emergency braking, traffic sign recognition, blind-spot detection, and rear collision warning. The effective operation of these features mandates that application software be capable of functioning efficiently within a real-time environment. In India, automotive Original Equipment Manufacturers (OEMs) such as Mahindra & Mahindra Limited and Morris Garages offer Advanced Driver Assistance Systems (ADAS) functionalities. These include adaptive cruise control with stop-and-go functionality, lane-keep assist, and traffic sign recognition.
Similarly, in October 2023, Hyundai Motor Company announced the standardization of six airbags across all its models. Additionally, the company is poised to integrate ADAS as a standard feature across all models by 2025. It is anticipated that 60% of all Hyundai vehicles sold in India will incorporate ADAS features by 2024.
*US to lead the ADAS market in North America.*
The US is predicted to lead the North American ADAS industry due to the high demand for feature-rich passenger cars and pickup trucks, and it is a mature market for modern technology compared to Canada and Mexico. ADAS features include lane departure warning, forward collision warning, automatic emergency braking, adaptive cruise control, and blind-spot monitoring. Some vehicles also have advanced features like automatic park assist and traffic sign recognition. These technologies can help improve road safety by reducing the risk of accidents caused by human error. For instance, in December 2023, Black Sesame Technologies (US) and BlackBerry (US) partnered with ECARX (China) for ADAS technology by integrating advanced AI algorithms, sensor fusion, and cybersecurity features into the Skyland platform. Additionally, the increase in sales and demand for autonomous driving and cruise control of luxury vehicles will positively impact the demand for ADAS in North America. The region's large customer base and high disposable income have fueled the premium passenger car market.
*Key Market Players:*
The ADAS Companies are Robert Bosch GmbH (Germany), Continental AG (Germany), ZF Friedrichshafen (Germany), Denso (Japan), and Magna International (Canada), among others.
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