ADAS Market worth $65.1 billion by 2030 - Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 20, 2023 /PRNewswire/ -- ADAS Market is projected to grow from USD 30.9 billion in 2022 to USD 65.1 billion by 2030, registering a CAGR of 9.7%., according to a new report by MarketsandMarkets™. The demand for Advanced Driver Assistance Systems (ADAS) is increasing quickly due to the rise in traffic accidents on a global scale. To make driving safer and cut down on accidents, automakers are heavily investing in the development of these technologies. Customers are increasingly choosing vehicles with ADAS capabilities as they become more aware of the safety advantages of these systems. The need for ADAS is being further increased by governments drafting legislation to make such systems required in vehicles.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1201

Browse in-depth TOC on "ADAS Market"

456 - Tables
95 - Figures
492 - Pages

ADAS Market Scope:

BEV segment to be the largest market by value during forecast period

BEVs have an increasing demand due to concerns about emission reductions worldwide. Due to the low availability of charging stations and the high cost of EV batteries, BEVs had a low demand. However, the demand for BEVs has increased significantly due to the decreasing cost of EV batteries at a fast and steady rate coupled with increasing EV range and a growing EV charging network worldwide. BEVs contributed to a considerable part of top-selling EVs in the market in 2022. BEVs are available in multiple segments, including sedans, SUVs, and hatchbacks. Many OEMs are launching electric vehicles to cater to the market demand. Tesla, Volkswagen AG (Germany), SAIC Motors (China), BYD, and Stellantis (Netherlands) are the pure electric vehicle companies topping sales. In contrast, OEMs such as Nissan, Toyota, and GM offer tough competition to electric vehicle manufacturers. Tesla is a bestseller in North America and Europe, whereas Wuling HongGuang Mini EV is a low-cost EV popular in China. BEV models such as Tesla Model X offer autopilot ADAS features, including adaptive cruise control, auto park, and lane departure warning systems. OEMs such as Nissan, BMW, Mercedes Benz, Ford, GM, and others provide ADAS features across their premium models. For instance, Nissan offers pro-pilot features to its Nissan Leaf and Nissan Altima electric cars. The pro-pilot ADAS features include ACC, IPA, and LDW. Similarly, Mercedes Benz provides a drive-pilot for its S Class model, which comes with autonomous emergency braking, blind spot detection, lane change warning, evasive steering assist, traffic jam assist, speed limit assist, and remote parking assist. Mercedes is one of the best providers of level 3 automation in passenger cars.

Software to be the fastest growing segment during the forecast period

Increasing demand for accurate and faster object recognition will be a major growth driver for the software segment of the ADAS market. Modern vehicles are equipped with high-resolution cameras and long-range radar sensors for driver assistance. Hence, developments in image recognition technology will play a critical role in deploying these sensors in upcoming vehicles. Newer features such as pedestrian recognition, cyclist recognition, vehicle detection, driver monitoring systems, and traffic sign recognition are being tested, and plans to roll them out in more vehicles for improved occupant safety are underway. More sophisticated ADAS features would demand faster and more accurate software algorithms/platforms for detecting objects with low latency. BlackBerry (Canada) has developed QNX as a modular, flexible, and hardware-optimized software platform for ADAS applications. ADAS software consists of algorithms that perform pre-decided functions based on the input data from cameras, radar, LiDAR, and ultrasonic sensors. The input data is processed by the ECUs and activates the physical vehicle components such as steering, brakes, throttle, and others to evade accidents. The entire process is controlled and monitored by the software platform, from analyzing the input data to the decision-making. Automakers are turning toward deep learning as they look for innovative ways to enable smart camera applications and automated driving systems for next-generation vehicles. In December 2020, Renesas Electronics (Japan) developed an R-car software development kit. This complete software platform enables quick and easy software development and offers validation for smart cameras and automated driving applications used in commercial, passenger, and off-road vehicles. It manages the software complexity and supporting features ranging from entry safety compliance to advanced highway pilot.

"Europe is leading the ADAS market as of 2022"

Automotive is one of the key industries in Europe. In June 2022, the region had 301 automobile assembly and production plants, of which 134 produce passenger cars, 41 produce vans, 52 build trucks, 66 produce buses, 72 make engines, and 18 make batteries. According to the European Automobile Manufacturers Association (ACEA), Europe accounted for around 22% of global vehicle production in 2022. The European automotive market registered steady growth in the last six years despite the recent global automotive slowdown. Leading European automotive manufacturers to offer high-performance engines and advanced safety features to stay competitive. Passenger car sales of major automakers such as the Volkswagen Group, Mercedes Benz, Renault, Hyundai, BMW, Toyota, and Stellantis led to the demand for ADAS-enabled vehicles in the region.

According to experts, stringent emission regulations and zero emission targets in Europe would majorly affect both passenger car and commercial vehicle manufacturers during the forecast period. The growth of the European ADAS market can be attributed to technological advancements in driver assistance features such as traffic jam assist and blind-spot detection with rear cross-traffic and mandates that have been set up since July 2022 or features such as DMS, AEB and LCW in passenger cars. The growing shift to EVs and the growing demand for road safety will increase ADAS demand in the region.

However, the region will be affected by the upcoming recession, which will impact the automotive market. Factors such as the ongoing energy crisis and the increasing cost of living in this region, with minimal salary growth to match the price inflation, will lead to reduced automotive demand. Countries such as Germany, Netherlands, France, and the UK have already been severely impacted due to these factors.

Request Sample Pages:  https://www.marketsandmarkets.com/requestsampleNew.asp?id=1201

ADAS Market Dynamics:

Drivers:

1. Increased safety of vehicles.
2. Comfort features associated with ADAS.
3. Increasing interest of customers in luxury vehicles.
4. Integration of radar and cameras in modern cars.

Restraints:

1. ADAS infrastructure at developing stage.
2. Consumer acceptance of autonomous cars.

Opportunities:

1. Increasing demand for autonomous vehicles.
2. Emergence of 5G technology for vehicles.
3. Increasing adoption of IoT and GPS in ADAS.
4. Increasing adoption of electric vehicles.
5. New trends in shared automotive mobility.

Challenges:

1. Hight cost of integration.
2. Environmental constraints and security threats.
3. Maintaining balance between cost and quality.
4. Lag in real-time image processing in multi-camera systems.

Key Market Players:

The ADAS market is dominated by established players such as Robert Bosch (Germany), Denso (Japan), Continental AG (Germany), Magna International (US), and ZF Friedrichshafen (Germany), among others. These companies provide ADAS components to global OEMs. These companies have set up R&D infrastructure and offer best-in-class products to their customers.

Recent Developments:

• In January 2023, ZF Friedrichshafen AG launched Smart Camera 4.8. It enables autonomous cars to have a wider field of view, enabling the vehicle to identify pedestrians, cyclists, and other vehicles.
• In December 2022, Robert Bosch GmbH launched the 6G-ICAS4 mobility project to integrate communication and radar systems into a single 6G system.
• In September 2022, ZF has presented its advanced new electric power steering (EPS) system for trucks, coaches, and city buses. The EPS was prepared for steer-by-wire and up to level 5 autonomous driving. eWorX, ZF's electrified commercial vehicle power take-off (PTO) system for driving on-board work equipment, has also been presented, offering emission-free city and urban operation.
• In November 2021, Robert Bosch GmbH developed a Ridecare solution for vehicles to ensure a safe and pleasant driving experience. This solution will sense the smell of smoke, vehicle scratch, and dents.
• In July 2021, According to Magna International, the deployment of its Icon Radar in the Fisker Ocean early in 2022 introduced a digital radar for driver assistance. The radar improves an automobile's ability to visualize its surroundings and identify possible threats, such as a car stuck in a dark tunnel or a pedestrian up to 150 meters distant. Higher levels of autonomy, according to Magna, would arise from digital radar. It can detect open passageways and low-lying items on congested, multi-lane roadways in addition to vehicles and pedestrians.
• In January 2021, Magna partnered with Fisker to develop an ADAS, which will be applied to the Fisker Ocean SUV, expected to be launched by 2023. This new business win demonstrates Magna's ability to bring scale and efficiency to the mobility landscape and represents an important expansion of the EV platform sharing, vehicle engineering, and manufacturing cooperation between the two companies.
• In January 2021, Aptiv PLC launched its next-generation ADAS platform. It formalizes the interfaces for sensors and feature functions. The platform enables extensive reuse of base software components, lowering development costs. It works flawlessly with a zonal architecture in which I/O and compute are separated.

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=1201 

Browse Adjacent Market: Automotive and Transportation Market Research Reports & Consulting

Related Reports:

Semi-Autonomous & Autonomous Bus Market - Global Forecasts to 2030

Semi-Autonomous & Autonomous Truck Market - Global Forecasts to 2030

HD Map for Autonomous Vehicles Market - Global Forecasts to 2030

Connected Car Market - Global Forecasts to 2026

About MarketsandMarkets™:

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/driver-assistance-systems-market.asp     
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/driver-assistance-systems.asp   

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg