In a recent published report, Kenneth Research has updated the market report for Advanced Driver Assistance Systems (ADAS) Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Advanced Driver Assistance Systems (ADAS) Market products.
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According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
As per the latest report published by Variant Market Research, Global Advanced Driver Assistance Systems (ADAS) Market is estimated to reach $62.7 billion by 2024; growing at a CAGR of 10.8% from 2016 to 2024. Advanced driver assistance systems, or ADAS, are systems to assist the driver in the driving procedure. ADAS are developed to automate, adapt, and enhance vehicle systems for safety & improved driving. Key factors accountable for the growth of ADAS market comprise the introduction of driver support technologies in mid segment cars, and the rising awareness regarding vehicle & pedestrian safety. ADAS technologies assist everyday driving tasks by reducing the demands on the driver and adding comfort, which helps enhance luxury and comfort, complementing safety with these benefits.
Some of the factors driving the growth of global advanced driver assistance systems market are strict government protocols, and consumer preferences shifting towards active safety features & advanced technology. However, pricing pressure, inflation, and complexity in testing systems are the factors hampering the market growth. Furthermore, deployment of ADAS in low-cost cars, and improved socio-economic conditions resulting in an increasing demand for luxury cars is expected to pose numerous growth opportunities for the market in the forthcoming years.
The global advanced driver assistance systems market is segmented into type, technology, and geography. Segmentation by type includes adaptive cruise control, tyre pressure monitoring system, park assist, drowsiness monitor, lane departure warning system, blind spot detection system, and other types. By technology, the segment is further sub-segmented into radar sensor, ultrasonic sensor. infrared sensor, image sensor, and laser sensor.
Based on geography, global advanced driver assistance systems market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico, whereas Europe segment consists of UK, Germany, Italy, France, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
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Prominent players operating in the market include Renault Group, Denso Corporation, Delphi Automotive PLC, Continental AG, Robert Bosch GmbH, Continental AG, Continental AG, Autoliv Inc., General Motors Company, Magna International Inc., and Ford Motor Company among others.
The key takeaways from the report
The report will provide detailed analysis of Global Advanced Driver Assistance Systems Market with respect to major segments such as type, technology, and geography
The report will include the qualitative and quantitative analysis with market estimation over 2015 – 2024 and compound annual growth rate (CAGR) between 2016 and 2024
Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
An exhaustive regional analysis of Global Advanced Driver Assistance Systems Market has been included in the report
Profile of the key players in the Global Advanced Driver Assistance Systems Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of the Global Advanced Driver Assistance Systems (ADAS) Market
Type Segments
Adaptive Cruise Control
Tyre Pressure Monitoring System
Park Assist
Drowsiness Monitor
Lane Departure Warning System
Blind Spot Detection System
Other Types
Technology Segments
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Radar Sensor
Ultrasonic Sensor
Infrared Sensor
Image Sensor
Laser Sensor
Geographical Segments
North America
U.S.
Canada
Mexico
Europe
UK
Germany
Italy
France
Rest of Europe
Asia-Pacific
India
China
Japan
South Korea
Rest of Asia-Pacific
RoW
South America
Middle East
Africa
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