Advanced Driver Assistance Systems (ADAS) Sales to Increase 3.2X by 2031 against Current Valuation amid Demand for Improved Vehicle Safety: Future Market Insights Study
The Future Market Insights (FMI) survey on the advanced driver assistance systems market offers insights into key factors impacting the growth of the market. The report also discloses compelling insights into the demand outlook for advanced driver assistance systems in terms of product type, and end use
DUBAI, UAE., Aug. 4, 2021 /PRNewswire/ -- According to a survey conducted by FMI, the global advanced driver assistance systems market is anticipated to surpass a valuation of US$ 222 million in the year 2021.
Through the course of the forecast period, staring from 2021 to 2031, the market is expected to register a robust CAGR of 12.1%.
Thanks to the growing awareness about the importance of advanced systems such as night vision, road sign recognition, and drowsiness monitoring among vehicle owners, sales in the market is likely to surge at 3.2X through 2031.
Rising cases of road accidents have made it imperative to incorporate ADAS in vehicles across all segments, commercial and passenger alike. As per a study conducted by the World Health Organization (WHO) in 2021, nearly 1.3 million people die every year due to road accidents and around 20 to 50 million people across the globe incur non-fatal injuries because of the collisions. Thus, the demand to curb incidents of road adversaries will create significant sales opportunities for the ADAS market.
Governments across various countries are focusing on mandating the use of ADAS as a compulsory safety measure. For instance, the Union Minister for Road and Highway Transport in India announced at the SIAM conference in November 2020that all cars should use ADAS by the end of 2022. Such initiatives are expected to help the demand for ADAS to skyrocket over the coming years.
"Original equipment manufacturer (OMEs) and ADAS producers are progressively investing in research and development to introduce advanced driver assistance designs that incorporate System on Chips (SoC) to support autonomous vehicles," says the FMI analyst.
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Key Takeaways from Advanced Driver Assistance Systems Market Study
- Owing to the rising occurrence of road accidents in the U.S. and Canada, the North America market is likely to register growth at a CAGR of 11.3% over the forecast period.
- The market in Europe is expected to expand at a steady pace, demonstrating sales growth at a CAGR of 8% through 2031.
- East Asia is anticipated to emerge as a highly lucrative market, which can be attributed to increasing automotive production in the countries like China and simultaneous focus on introducing advanced technologies to amplify vehicular safety.
- South Korea and Japan are projected to collectively account for around 14% of the overall market share in the year 2021.
Key Drivers
- Government regulations making ADAS compulsory across all vehicle models will remain a chief growth driver.
- Production of autonomous and hybrid vehicles will create prospects for sales of technologies offering greater safety features in cars, thus giving tailwinds to growth registered in the market.
Key Restraints
- High costs of vehicles with in-built advanced driver assistance systems is hampering the demand.
- Increasing adoption of two-wheelers for routine commute in low and middle-income economies is hindering the growth of the market.
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Competitive Landscape
Key manufacturers operating in the advanced driver assistance systems market are emphasizing on developing innovative technologies and system to gain competitive edge over other market players. For instance,
- In January 2021Aptiv, an Irish auto parts company announced a launch of a next generation level 1-3 capable ADAS platform named, "Aptiv's Smart Vehicle Architecture™". The new platform is compatible with electric vehicles and automated and also allows the user to understand its technological roadmaps.
- In March 2018, Nissan, a prominent car manufacturing company, announced to deploy ProPILOT in their 20 models by the year 2022. The ProPILOT technology that assist in autonomous driving for highway use in single-lane traffic.
Some of the key players operating in the advanced driver assistance systems market profiled by FMI are:
- Konrad GmbH
- AB Dynamics plc
- National Instruments Corporation
- TKH Group NV
- Oxford Technical Solutions Ltd.
- Racelogic Ltd.
More Valuable Insights on Advanced Driver Assistance Systems Market
FMI, in its new report, offers an unbiased analysis of the global advanced driver assistance systems market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in the advanced driver assistance systems market with detailed segmentation:
By Product Type
- Hardware
- Software
By End User
- Automotive OEMs
- Tier-1 Suppliers
- Labs and Other Institutes
By Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Middle East and Africa (MEA)
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Key Questions Covered in the Advanced Driver Assistance Systems Report
- The report offers insight into advanced driver assistance systems demand outlook for 2021-2031
- The market survey also highlights projected sales growth for the advanced driver assistance systems market between 2021 and 2031
- Advanced driver assistance systems 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
- Advanced driver assistance systems market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
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