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Global Advanced Driver Assistance Systems Market reaching a market value of USD 31.9 Bn in 2023 By Radiant Insights, Inc

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Global Advanced Driver Assistance Systems Market reaching a market value of USD 31.9 Bn in 2023 By Radiant Insights, Inc

November 25
16:20 2019
The Global Advanced Driver Assistance Systems Market report focuses on global major leading industry players providing information such as company profiles, product specification, price, cost, revenue and contact information.

The Global Advanced Driver Assistance Systems Market is projected to expand rapidly at a compound annual growth rate (CAGR) of 21.1%, reaching a market value of USD 31.9 Bn in 2023. Rising concerns regarding consumer safety, government initiatives, consumer preference towards advanced auto features, and technological innovations will stoke the growth of the market.

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Global Advanced Driver Assistance Systems Market (2018-2023)

Vehicle segment insights:
The demand for ADAS is higher for private vehicles since features such as blind spot detection (BSD), lane assistance, and active cruise control (ACC) are geared for personal use. This is why it held a market share of 79% in 2017. Recent regulations that mandate the use of ADAS features in commercial vehicles is a crucial factor that will fuel the growth of the segment, with an expected CAGR of 24% during the 2018–2023 period.

Sensor segment insights:
Among the sensor technologies, image sensors dominated the market with a 30.6% share in 2017 and generated a revenue of USD 3.2 Bn. The segment for radar sensors was next, with a market share of 29.8%, due to its use in multiple ADAS features such as BSD, ACC, and automatic emergency braking (AEB).

Component segment insights:
ACC held the largest market share of 21.1% in the components segment in 2017, being the most preferred feature to control speed. Parking assistance (PA) held the second-highest share. The use of PA is increasing, especially in urban areas, since it helps in efficient parking, and reduces traffic congestions by up to 30%. AEB is expected to witness the highest growth, with an anticipated CAGR of 32% during the forecast period.

Browse full report with TOC @ https://www.radiantinsights.com/research/global-advanced-driver-assistance-systems-market-2018-2023

Regional insights:
North America, occupying approximately 34% of the global market, is the leader in the ADAS market. The presence of leading players in the region (such as Ford and Delphi Technologies), strict regulations regarding road safety, and innovations in technology have fuelled the growth of the market in this region. Asia-Pacific, being the fastest-growing automotive market, is anticipated to expand at the highest CAGR of 28.6% during the forecast period. Latin America and the Middle East and Africa markets, though still at nascent stages, are also anticipated to experience high growth.

Companies covered:
Continental AG
Autoliv Inc.
Delphi Technologies
Denso Corporation
Bosch
Magna International
BMW AG
Ford Motor Co.
Aisin Seiko Co., Ltd.
Mobileye

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