Advanced Driver Assistance Systems Market 2023 Competitive Landscape, Cost Price and Forecast
Advanced Driver Assistance Systems Industry
The global advanced driver assistance system market size was valued at USD 30.61 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 11.0% from 2023 to 2030. The growing demand for advanced driver assistance systems (ADAS) in compact passenger cars is projected to be a prime factor driving the market growth. Increasing government regulations for mandatory implementation of ADAS in vehicles are anticipated to further drive the demand. Growing disposable income, economic stability, and a rising preference for materialistic lifestyles are driving the sales of luxury vehicles worldwide.
Developed countries such as the U.S., Canada, Japan, Spain, South Korea, and Germany accounted for a majority share of luxury car owners. However, developing countries such as India and China are witnessing high growth in the sales of luxury cars in the last few years. Germany is the most lucrative luxury car market owing to the presence of major leading players such as BMW, Mercedes-Benz, Audi AG, and Volkswagen. It is also the largest exporter of luxury cars worldwide with the U.S. being one of the largest consumer markets for all types of luxury vehicles.
Gather more insights about the market drivers, restrains and growth of the Global Advanced Driver Assistance Systems market
Advanced Driver Assistance Systems Market Segments:
Solution Type Insights
The adaptive cruise control (ACC) segment dominated the market in 2022 and accounted for the highest market share of 19.7%. The segment growth can be attributed to increased demand for safety features, technological advancements such as sensor and radar technology, and government regulations that mandate the inclusion of ACC systems in certain vehicles, such as commercial vehicles.
Components Type Insights
Based on component type, the advanced driver assistance system market is segmented into sensor, processor, software, and others. The sensor segment accounted for the largest revenue share of 31.9% in 2022 is estimated to register the fastest CAGR of 12.3% over the forecast periodowing to the substantial importance of this component in vehicle automation. The functioning of ADAS is primarily dependent on sensors and their functional accuracy. LIDAR, RADAR, ultrasonic, camera, and other sensors work together to perform the desired assistance and safety function.
Vehicle Type Insights
The passenger car segment accounted for the largest revenue share of 73.4% in 2022 is estimated to register the fastest CAGR of 11.2% over the forecast period. The segment growth can be attributed to the increased demand for safety systems in developing markets due to growing consumer awareness, supporting legislation, and improving road safety standards. Based on vehicle type, the market can be segmented into passenger cars and commercial vehicles.
Regional Insights
North America holds the highest market share of 32.9% in 2022. The growth of this region is driven by the technological advancement in the automotive industry and the presence of major players in the region. Furthermore, the higher adoption rate of new technology, along with improved economic conditions in the region. The rising fatality rate and increase in sales of high-end vehicles in countries such as Canada and the U.S. in this region is driving the market growth.
Browse through Grand View Research's Automotive & Transportation Industry Research Reports.
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Key Companies & Market Share Insights
The prominent players are focusing on geographic expansions and new product launches to enhance their presence in the market and gain a competitive edge. These initiatives also assist in creating awareness regarding driver safety among end-users. The market players are also focusing on undertaking various strategic initiatives, mergers, and acquisitions, agreements and contracts, and partnerships to enhance their position in the market. For instance, in September 2021, Continental AG (Continental) and Beijing Horizon Robotics Technology R&D Co., Ltd. announced a Joint Venture (JV) contract. The JV focuses on providing software and hardware-integrated solutions for advanced driver assistance systems and autonomous driving.
Key Advanced Driver Assistance System Companies:
- Altera Corporation (Intel Corporation)
- Autoliv Inc.
- DENSO CORPORATION.
- Continental AG
- Garmin Ltd.
- Infineon Technologies AG
- Magna International Inc.
- Mobileye
- Robert Bosch GmbH
- Valeo SA
- Wabco Holdings Inc
Segments Covered in the Report
Grand View Research has segmented the global advanced driver assistance system market based on solution type, component type, vehicle type, and region:
Advanced Driver Assistance System Solution Type Outlook (Volume, Million Units; Revenue, Billion, 2018 - 2030)
- Adaptive Cruise Control (ACC)
- Blind Spot Detection System (BSD)
- Park Assistance
- Lane Departure Warning (LDWS) System
- Tire Pressure Monitoring System (TPMS)
- Autonomous Emergency Braking (AEB)
- Adaptive Front Lights (AFL)
- Others
Advanced Driver Assistance System Component Type Outlook (Volume, Million Units; Revenue, Billion, 2018 - 2030)
- Processor
- Sensors
- Radar
- LiDAR
- Ultrasonic
- Others
- Software
- Others
Advanced Driver Assistance System Vehicle Type Outlook (Volume, Million Units; Revenue, Billion, 2018 - 2030)
- Passenger Car
- Commercial Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Advanced Driver Assistance System Regional Outlook (Volume, Million Units; Revenue, Billion, 2018 - 2030)
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- Saudi Arabia
- South Africa
- UAE
Recent Developments
- In June 2023, Continental AG announced the development of low-cost ADAS (Advanced Driver Assistance Systems) for Indian cars and two-wheelers. The company aims to make vehicles in the Indian market safer and more affordable.
- In June 2023, Continental introduced a new high-performance computer (HPC) for cars. It integrates the cluster, infotainment, and advanced driver-assistance systems (ADAS) into a single unit.
- In January 2023, NXP Semiconductors, the U.S.-based automotive radar manufacturer, launched a new one-chip radar IC series for next-generation ADAS and automated driving systems. The SAF85xx series combines NXP's advanced radar detector and processing technologies into a single device, providing tier-one suppliers and original equipment manufacturers (OEMs) with greater flexibility. It also, addresses short to long-range radar applications that comply with progressively meticulous NCAP safety requirements.
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