June 12, 2024

The Advance Driver Assistance System Market driven by growing demand for advanced safety features

 

The advance driver assistance system plays a vital role in vehicle safety features by providing functions like adaptive cruise control, blind spot monitoring, lane departure warning, parking assist system and others. These systems use cameras, radars and other sensors to detect the environment and help drivers in parking, overtaking and driving in difficult conditions. ADAS warns drivers of potential collision, provides crucial vehicular and environmental data and take corrective actions in case driver fails to perform or is incapable of performing.

The global advance driver assistance system market size is valued at US$ 33.99 billion in 2023 and is estimated 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 key trends in the advance driver assistance system market is the growing demand and adoption of semi-autonomous and autonomous driving technologies. Major automotive OEMs are heavily investing in RD to develop advanced driver assistance systems capable of handling complex driving scenarios with minimum or no human intervention. Systems like adaptive cruise control, lane keep assist, traffic jam assist and highway driving pilot are representing the initial stages of autonomous driving. As autonomous driving technologies progress rapidly with each passing year, demand for advanced safety systems enabling partial or conditional automation will see significant growth over the forecast period. This will remain a major factor fueling the revenue generation in global advance driver assistance system market.

Porter’s Analysis

Threat of new entrants: The threat of new entrants into the Advance Driver Assistance System Market is moderate. High capital requirements and the need for strong technical expertise pose barrier for new players.

Bargaining power of buyers: The bargaining power of buyers is moderate. The presence of several established players provides buyers with alternatives. However, switching costs make it difficult for buyers to change suppliers.

Bargaining power of suppliers: Parts suppliers have moderate power. Suppliers of critical components like sensors and processors possess some pricing power due to differentiation. However, OEMs can source from alternate suppliers to avoid overdependence.

Threat of new substitutes: The threat of substitutes is low. There are limited alternatives that can provide the same level of comfort, convenience and safety functions as advanced driver assistance systems.

Competitive rivalry: The market is quite competitive with major global players actively investing in technology innovation.

Key Takeaways

The global Advance Driver Assistance System market is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 33.99 Bn in 2024, growing at a CAGR of 10%.

Regional analysis: North America dominates the market currently owing to strict safety regulations and increasing adoption of autonomous vehicles in the US and Canada. Asia Pacific is expected to be the fastest growing market with countries like China and India emerging as major hubs for automotive production and autonomous technologies.

Key players: 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. Players are focusing on collaborations and partnerships for co-development of autonomous technologies to strengthen their market position. The competitive rivalry in the market is quite high with major players actively investing in R&D to bring innovative solutions.

*Note:

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