June 23, 2024

Advanced Driver Assistance System Market Is Driven By Increasing Focus On Safety Features

 

Advance driver assistance systems (ADAS) provide safety, convenience, and comfort features aimed at automating, adapting, and enhancing vehicle systems for safety and improved driving. ADAS incorporates various technologies including cameras, radars, ultrasound, and other sensors to monitor the driving environment. Key features include blind spot monitoring, automatic emergency braking, pedestrian detection, and lane departure warning. With growing concerns over road safety and regulations enforcing safety technologies, adoption of ADAS is rising steadily.

The global advance driver assistance system market is estimated to be valued at US$ 33.99 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Key Trends

One of the major trends in the advance driver assistance system market is the growing integration of AI technologies. AI capabilities are being incorporated into ADAS to make systems more intelligent, efficient, and automated. Functions such as personalization of systems based on driver behavior and automatic adapting of vehicle responses based on external factors are being developed using AI and deep learning algorithms. This allows vehicles to learn from existing scenarios and respond proactively to new situations. Vehicle manufacturers are focusing on developing Level 3 and Level 4 autonomous driving capabilities using AI. For instance, Tesla utilizes AI and computer vision extensively to develop and enhance Autopilot functions. Such innovations are expected to transform the automotive industry in the coming years.

Porter’s Analysis

Threat of new entrants: New entrants face high entry barriers due to the requirement of large R&D investments and need to attain technological expertise.

Bargaining power of buyers: The bargaining power of buyers is moderate as buyers have several product options from different OEMs and Tier-1 suppliers.

Bargaining power of suppliers: The bargaining power of suppliers is also moderate as major ADAS suppliers have capabilities to supply to multiple OEMs and do not rely on a single buyer.

Threat of new substitutes: There is no direct substitute available for ADAS as safety features get integrated into vehicles.

Competitive rivalry: The competitive rivalry is high among major players to gain market share through constant innovation and technological advancements.

Key Takeaways

The global Advance Driver Assistance System market is expected to witness high growth. The global advance driver assistance system market is estimated to be valued at US$ 33.99 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.

Regional analysis comprises- The North America region currently dominates the market due to stringent safety regulations and presence of major players. Asia Pacific is expected to grow at fastest pace during the forecast period led by China and India on account of rising vehicle production.

Key players operating in the Advance Driver Assistance System market are Aptiv, Continental AG, Denso, Hyundai Mobis, Magna International, Robert Bosch, Valeo, Veoneer, ZF Friedrichshafen, and others. Aptiv offers adaptive cruise control, automatic emergency braking and other ADAS solutions. Continental focuses on radar, camera and domain controller solutions. Denso supplies powertrain and thermal management systems.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it