A recent survey by Future Market Insight (FMI) discloses information on drivers, opportunities, and restraints affecting the advanced driver assistance system (ADAS) testing equipment market growth. The report highlights scope for expansion across various segments in terms of product and end user type for the next 10-years.
DUBAI, U.A.E., Oct. 12, 2021 /PRNewswire/ -- Future Market Insights (FMI), Dubai: As per exhaustive research conducted by FMI, the global advanced driver assistance system testing equipment marketis anticipated to reach US$ 222,486 thousand in 2021. The sales of ADAS testing equipment is estimated to register year-on-year growth of 9.1% in 2021.
Growing number of road accidents has substantially increased road safety concerns across the world. This has compelled manufacturers to thoroughly assess ADAS and ADS performance using efficient methods to validate the complacence of autonomous vehicles in accordance with safety standards. This is in turn propelling the sales of ADAS testing equipment.
A significant rise in the number of autonomous vehicles sold in countries such as the U.K., the U.S., and Germany has been helping in expansion of the market. These countries have implemented several stringent regulations, mandating the testing of vehicles and the inclusion of ADAS. Implementation of stringent regulations to ascertain driver and passenger safety will bode well for the market.
Historically, the market grew at a CAGR of 3.7% over the past half-decade due to the suspension of production across industries amid the COVID-19 pandemic. The ongoing development of sophisticated ADAS equipment and increasing adoption of autonomous vehicles in various countries is facilitating the market growth. Driven by this, the market for ADAS is projected to expand at an impressive CAGR of 12.1% between 2021 and 2031.
"Leading automotive manufacturers are extensively incorporating advanced technologies such as artificial intelligence (AI), internet of things (IoT), and machine learning in new vehicles to provide improved autonomous driving experience. This is expected to create immense scope for the ADAS testing equipment in forthcoming years," says the FMI analyst.
Key Takeaways from the ADAS Testing EquipmentMarket Study
The market in North America is anticipated to grow at an impressive CAGR of 11.3% through 2031 owing to the presence of leading autonomous vehicle manufacturers such as Tesla and GM Motors in the U.S.
Favored by the implementation of stringent regulation, mandating the testing of ADAS-based vehicles, the U.K. market is expected to drive sales across Europe.
China is projected to emerge as one of the fastest growing markets in Asia Pacific, driven by the increasing vehicle production and focus on improved road safety.
Japan and South Korea are forecast to collectively account for around 14% of the global ADAS testing equipment sales by the end of 2031.
Based on product, hardware is estimated to remain the most remunerative segment, supported by its ability to be customized as per end user demand.
Growing demand for autonomous vehicles and implementation of road safety norms, mandating ADAS integration in vehicles will drive sales in North America, Europe, and Asia Pacific.
Technological advancement in ADAS technologies by original equipment manufacturers (OEMs) is spurring the sales of ADAS testing equipment.
Increasing speculations pertaining proper safety of autonomous vehicles and growing demand for two-wheelers across developing economies are hampering the sales of ADAS testing equipment.
As per FMI, top five players in the global ADAS testing equipment market are Konrad GmbH, AB Dynamics plc, National Instruments Corporation, TKH Group NV, Oxford Technical Solutions Ltd., and Racelogic Ltd. These players are projected to capture nearly 50% of the total market share in 2021.
Key players are focusing on adopting inorganic strategies such as strategic collaborations, partnerships, merger, and acquisitions to expand their global footprints. Apart from this, product developments, intensive research and development (R&D), and new product launches are also expected to remain prominent expansion strategies among key companies. For instance,
In July 2021, National Instruments Corporation, an American multinational company, and Seagate Technology Holdings, a leader in data storage solutions, announced entering into a collaboration to launch first of its kind ADAS record offering, enhancing their transfer and data storage services.
In November 2019, Denso, a global automotive components manufacturer, announced partnering with a wireless technology company, Metawave, to assist the company in the development of smart radar systems for autonomous cars.
Some of the key players operating in the market profiled by FMI are:
AB Dynamics plc
National Instruments Corporation
TKH Group NV
Oxford Technical Solutions Ltd.
More Valuable Insights on ADAS Testing EquipmentMarket
FMI, in its new report, offers an unbiased analysis of the global ADAS testing equipment market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in ADAS testing equipment market with detailed segmentation:
Key Questions Covered in the ADASTesting EquipmentMarket Report
The market survey also highlights projected sales growth of the ADAS testing equipment market between 2021 and 2031
The report offers insight into ADAS testing equipment demand outlook for 2021-2031
ADAS testing equipment market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
ADAS testing equipment market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.