Meticulous Research®—a leading global market research company, published a research report titled, ‘ADAS Market by Type (Blind Spot Detection Systems, Automatic Emergency Braking Systems), Automation (Level 1, 2, and 3), Component (Vision Camera Systems, Sensors), Vehicle, End Use (Passenger, Commercial), and Geography - Global Forecast to 2031.’
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According to the latest publication from Meticulous Research®, the ADAS market is projected to reach $122.86 billion by 2031, growing at a CAGR of 14.6% from 2024 to 2031. The market's expansion is driven by stringent vehicle safety regulations, increased demand for luxury cars, and the integration of safety and comfort features in high-end vehicles. However, the lack of supporting infrastructure in developing countries is a restraining factor.
Additionally, the emergence of autonomous vehicles, developments in autonomous shared mobility, and the rising adoption of electric vehicles are expected to provide growth opportunities for the ADAS market. However, environmental and data security risks, as well as the high costs of implementing ADAS, pose challenges for industry players.
The global ADAS market is segmented by system type (adaptive cruise control, blind spot detection, automatic parking, pedestrian detection, traffic jam assistance, lane departure warning, tire pressure monitoring, automatic emergency braking, adaptive front-lighting, traffic sign recognition, forward collision warning, driver monitoring, and night vision), level of automation (level 1, level 2, and level 3), component (vision camera systems, sensors, ECU, software, and actuators), vehicle type (internal combustion engine, hybrid, and electric vehicles), end use (passenger vehicles and commercial vehicles), and geography. The study also evaluates industry competitors and analyzes the market at regional and country levels.
By system type, adaptive cruise control systems are expected to dominate the market in 2024, driven by the need for comfortable driving experiences, government regulations, and technological advancements. However, the blind spot detection systems segment is anticipated to register the highest CAGR, fueled by the expanding e-commerce and logistics sectors and the rising adoption of CMOS image sensors.
By level of automation, level 1 systems are projected to hold the largest market share in 2024 due to investments in vehicle electrification and increasing demand for driver assistance systems. The level 3 segment is expected to experience the highest growth, driven by demand for self-driving vehicles and initiatives to launch advanced autonomous cars.
In terms of components, sensors are expected to account for the largest share and the highest growth rate, supported by the need to reduce greenhouse gas emissions and increased demand for sensors in hybrid powertrains.
Regarding vehicle types, internal combustion engine vehicles are expected to lead the market in 2024, though the electric vehicles segment is anticipated to grow at the highest CAGR, driven by supportive government policies, investments by automotive OEMs, environmental concerns, and advancements in charging technologies.
In terms of end use, passenger vehicles are projected to dominate the ADAS market in 2024, driven by growing awareness of greenhouse gas emissions and demand for premium cars. The commercial vehicles segment is expected to register the highest growth rate, driven by fuel price increases, emission norms, and the adoption of autonomous delivery vehicles.
Geographically, Asia-Pacific is expected to lead the ADAS market in 2024 due to the growing automotive manufacturing sector, supportive regulations, and the popularity of electric vehicles. Europe is projected to experience the highest growth rate, driven by the presence of component manufacturers, growth in the automotive sector, and high demand for sensors.
Key players in the global ADAS market include Continental AG (Germany), Valeo SA (France), Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), Aptiv PLC (Ireland), Autoliv, Inc. (Sweden), Denso Corporation (Japan), Garmin Ltd. (U.S.), Infineon Technologies AG (Germany), Magna International Inc. (Canada), Mobileye B.V. (Israel), Huawei Technologies Co., Ltd. (China), Qualcomm Technologies, Inc. (U.S.), Microsoft (U.S.), and NXP Semiconductors N.V. (Netherlands).
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