Global Advanced Driver Assistance Systems Market to Expand at a CAGR of 21.1% till 2023
According to a new report by Research on Global Markets, the global advanced driver assistance systems (ADAS) market is expected to exhibit a compound annual growth rate (CAGR) of 21.1% during the 2018-2023 period, and will reach a market size of USD 31.9 Bn by 2023.
According to the report, rising concerns regarding safety, government initiatives, shifting preferences towards advanced auto features, and technological innovations are the primary growth drivers of the market. The demand for ADAS is higher for private vehicles, and the segment currently holds the largest market share. This is mainly because ADAS features like blind spot detection, lane assistance, and active cruise control are typically meant for personal use.
Region-wise, North America currently holds the largest share of the global ADAS market, owing to the presence of leading players who operate in the region, strict regulations regarding road safety, and innovations in technology. However, during the forecasted period, Asia-Pacific is expected to witness the highest CAGR, given the considerable expansion of the automotive market in the region. The ADAS markets in Latin America and the Middle East and Africa, though still at nascent stages, are also anticipated to experience high growth during the forecasted period.
Check out the Research on Global Markets report featured in this article:
Key highlights of this report:
- Global market overview - historical (2015–2017) and forecasted (2018–2023) market size (USD Bn), geography-wise market revenue (USD Bn), and market attractiveness analysis
- Qualitative analysis of the drivers and challenges affecting the global ADAS market
- Trends in the global ADAS systems market
- Analysis of the competitive landscape and profiles of the major players operating in the market
- Market segmentation based on vehicles (private vehicles and commercial vehicles) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
- Market segmentation based on sensors (image sensors, radar sensors, lidar sensors, and others [ultrasonic, infrared and laser sensors]) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
- Market segmentation based on components (adaptive cruise control [ACC], parking assistance [PA], lane departure warning [LDW], tire pressure monitoring [TPM], blind spot detection [BSD], autonomous emergency braking [AEB], and others [adaptive front lighting, drowsiness monitor, forward collision warning, head-up display, and driver monitoring systems]) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
- Market segmentation based on region (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa)
This report has been formulated and designed with the purpose of giving businesses a concise understanding of the demand for ADAS the world, to determine the viability of the market, develop strategies based on the drivers, and to help brands identify competition and respond accordingly.