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The global Advanced Driver Assistance System (ADAS) market size is expected to exhibit strong growth by reaching USD 124.31 billion by 2029. Fortune Business Insights™ in its report titled “Advanced Driver Assistance System (ADAS) Market Size, Share & COVID-19 Impact Analysis, By System Type (Adaptive Cruise Control, Park Assist, Lane Departure Warning System, Autonomous Emergency Braking, Forward Collision Warning, E-Call System, Others), By Component Type (LiDAR, Radar, Camera, Sensor), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles), and Regional Forecasts, 2022-2029” observes that the market size in 2021 stood at USD 37.31 billion and USD 43.62 billion in 2022. The market is expected to exhibit a CAGR of 16.1% during the forecast period. Enhanced automotive machine interfaces and rapid urbanization are likely to foster the industry’s growth.
Bosch, India Announced Plans for Making its Vehicles Economical to Boost Sales
In February 2022, Bosch, India declared plans to make its ADAS available for the mass market and make it more economical. This strategy may allow the company to boost its brand image and increase sales.
Raw Material Shortages and Supply Chain Disruptions Negatively Affected the Industry’s Growth
This industry was negatively affected during the COVID-19 pandemic due to raw material shortages and supply chain disruptions. The alarming spike in COVID-19 infections led to the adoption of strict regulations. The closure of manufacturing facilities severely disrupted the supply chain, thereby hampering the market’s growth. Further, transport and travel restrictions created raw material shortages. However, the adoption of sanitization and industrial automation allowed manufacturers to elevate sales.
Increasing Passenger Safety Concerns to Boost Industry Growth
Advanced Driver Assistance System is a software that comprises an extensive range of active and passive systems to offer drivers comfort, efficiency, and safety. Increasing consumer demand for passenger safety is likely to bolster product demand. Further, the rising adoption of advanced technologies in cameras, sensors, mapping, processors, and software algorithms has enhanced ADAS adoption in vehicles. Moreover, rising passenger and driver safety concerns may boost ADAS adoption. These factors may drive the ADAS market growth.
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Major Players Devise Acquisition Strategies to Strengthen Brand Image
The prominent companies operating in the market devise acquisitions to elevate their brand image worldwide. For example, Magna International Inc. completed the acquisition of Veoneer Inc. in July 2021 to reinforce its brand image and strengthen its product portfolio. Furthermore, manufacturers invest in research and developments to boost their product’s effectiveness and sales. Moreover, manufacturers devise partnerships, mergers, novel product launches, industrial automation, and expansions to enhance their market position globally.
Notable Industry Development
List of Key Players Profiled in the Report
Further Report Findings
Table of Segmentation
Value (USD billion) & Volume (Thousand units)
By System Type
By Component Type
By Vehicle Type