Automotive Passenger Car ADAS Market to Grow with a CAGR of 10.5% Globally through to 2028
Safety Regulations and Mandates, Consumer Demand for
Enhanced Safety, Technological Advancements and Rising Autonomous Driving
Initiatives are factors driving the Global Automotive Passenger Car ADAS market
in the forecast period 2024-2028.
According to TechSci Research report, “Global Automotive
Passenger Car ADAS Market - Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Automotive Passenger Car
ADAS Market stood at USD 21 billion in 2022 and is anticipated to grow with a
CAGR of 10.5% in the forecast period, 2024-2028. The term "advanced driver
assistance system" refers to a broad category of active and passive
technologies that are all intended to help the driver by improving security and
safety for the driver, passengers, and pedestrians while they are on the road.
ADAS is made up of several essential parts, including software, sensors, cameras,
radars, and other imaging devices. Among the many technologies that make up the
ADAS are autonomous emergency braking, park assist, adaptive cruise control,
and lane departure warning system. Automotive technology has advanced thanks to
artificial intelligence (AI). Additionally, this market is expanding because of
rising urbanization, industrialisation, improved living conditions, and
increased disposable income.
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Passenger Car ADAS Market.”
The Global Automotive Passenger Car Advanced Driver
Assistance Systems (ADAS) market stands at the forefront of automotive
innovation, poised to redefine the driving experience, and significantly
enhance road safety. This thriving market is characterized by the integration
of cutting-edge technologies and a commitment to reducing accidents and
fatalities on the world's roadways. Spanning a vast spectrum of features and
functionalities, ADAS systems encompass everything from adaptive cruise control
and lane-keeping assistance to autonomous emergency braking and parking
assistance.
One of the driving forces behind the ADAS market's
rapid growth is the increasingly stringent safety regulations and mandates
enforced by governments and regulatory bodies worldwide. These regulations
underscore the urgent need to improve road safety and reduce the toll of
traffic accidents. Entities like Euro NCAP (European New Car Assessment
Programme) and the NHTSA (National Highway Traffic Safety Administration) in
the United States have played pivotal roles in advocating for ADAS adoption.
Consequently, automakers are compelled to incorporate advanced safety features
into their vehicles to meet these regulatory requirements. The result is a
marketplace where ADAS technologies are no longer optional luxuries but
essential components of modern passenger cars, ushering in a new era of road
safety.
Furthermore, consumer demand for enhanced safety
features is another driving factor behind the ADAS market's ascent. With
increased awareness and concern for road safety, consumers are actively seeking
vehicles equipped with ADAS technologies that provide an additional layer of
protection. Features such as blind-spot detection, lane departure warning, and
pedestrian detection bolster driver confidence and decrease the likelihood of
accidents, resonating strongly with safety-conscious buyers. This
consumer-driven demand acts as a catalyst for automakers to integrate ADAS into
an ever-widening array of passenger car models, democratizing access to these
life-saving technologies.
Technological advancements are at the core of the ADAS
market's trajectory. Innovations in sensors, artificial intelligence, and
connectivity are driving the evolution of these systems. Sensors, such as LiDAR
and radar, are becoming more accurate and reliable, enabling ADAS systems to
perceive their surroundings with unprecedented precision. AI algorithms are
continuously improving, enhancing the capabilities of features like adaptive
cruise control and traffic sign recognition. Additionally, the integration of
vehicle-to-everything (V2X) communication and the rollout of 5G connectivity
are revolutionizing real-time capabilities, facilitating vehicle-to-vehicle and
vehicle-to-infrastructure communication, and thereby advancing both safety and
traffic management.
The ADAS market is intricately linked to the pursuit
of autonomous driving. Advanced Driver Assistance Systems serve as the
foundational steppingstones for fully autonomous vehicles. With features like
adaptive cruise control, lane-keeping assistance, and self-parking, ADAS
technologies are instrumental in the gradual progression from human-operated
vehicles to full autonomy. Industry leaders like Tesla, Waymo, and established
automakers are heavily invested in autonomous technology, striving to develop
fully autonomous vehicles. This push towards autonomy continually fuels the
demand for ADAS components, as they form the basis for the evolution from
advanced driver assistance to complete automation.
Competitive dynamics within the automotive industry
also significantly influence the ADAS market's trajectory. Automakers are
engaged in fierce competition to distinguish their vehicles by offering
innovative and advanced features. In a crowded marketplace, where brand
differentiation is challenging, the integration of cutting-edge ADAS
technologies becomes a compelling selling point. This competition fosters
innovation encourages cost reductions, and ultimately makes ADAS technology
more accessible to a wider consumer base. Moreover, the global expansion of the
automotive market, particularly in emerging economies, presents ample growth
opportunities for ADAS technology providers. These regions are witnessing
surging vehicle sales and an expanding middle class with disposable income,
which fuels demand for vehicles equipped with ADAS.
Major companies operating in Global Automotive Passenger
Car ADAS Market are:
- Robert Bosch GmbH
- Continental AG
- ZF Friedrichshafen AG
- DENSO CORPORATION
- Aptiv PLC
- Valeo SA
- Magna International Inc.
- Aisin Seiki Co. Ltd
- Autoliv Inc.
- Hyundai Mobis
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“The Global
Automotive Passenger Car Advanced Driver Assistance Systems (ADAS) market is
witnessing rapid growth and transformation. ADAS technologies, encompassing
features like adaptive cruise control, lane-keeping assistance, and collision
avoidance systems, are becoming integral to modern vehicles, enhancing safety
and convenience. This evolution is driven by stringent safety regulations,
consumer demand for enhanced safety features, continuous technological
advancements, the pursuit of autonomous driving, and intense competition within
the automotive industry. These factors are reshaping the way we drive, reducing
accidents, and advancing the journey towards fully autonomous vehicles. As the
ADAS market continues to expand, it promises to play a pivotal role in
revolutionizing the driving experience, making it safer, more efficient, and
increasingly connected. This market is not only about technology but also about
redefining the future of mobility and the way we interact with our vehicles on
the road..,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Automotive Passenger Car ADAS Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Sensor
Type (Radar, Ultrasonic, Camera, Lidar), By Level of Autonomy (Level1, Level2,
Level3, Level4, Level5), By Function (Collision Avoidance, Adaptive Cruise
Control, Lane Departure Warning System, Emergency Braking, Park Assistance) By
Region, By Competition, 2018-2028”, has evaluated the future growth potential of Global
Automotive Passenger Car ADAS Market and provides statistics & information
on market size, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in
Global Automotive Passenger Car ADAS Market.
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