ADAS Market to Generate Revenue Worth $72.2 Billion by 2030
- Published: November 2022
The global advanced driver assistance systems market is projected to generate $72.2 billion revenue by 2030, advancing at a CAGR of 12.1% during 2021–2030. This can be ascribed to the growing trend of autonomous vehicles, the rising standard of living coupled with surging disposable income, the increasing innovative product launches by prominent players, and the surging consumers’ preferences for safety and comfort features in vehicles.
Tire pressure monitoring system (TPMS) Dominates the Market
Tire pressure monitoring system (TPMS) held the largest revenue share, of more than 18%, in 2021. The growing consumer awareness regarding vehicle safety, the increasing implementation of electronic systems in vehicles, the mounting need for tire pressure management, the surging focus on improving the service life of tires, and the rising production of vehicles are the key reasons propelling the market growth in this category.
Based on sensor, the radar sensor category accounted for the largest revenue share in 2021, and it is further expected to maintain its position in the coming years. The widespread usage of such sensors in vehicles to enable essential safety and comfort features; and the increase in the number of semi-autonomous vehicles or trend for autonomous vehicles, which requires such sensors in adaptive cruise control and automatic emergency braking systems, are the prime reasons contributing to the product demand.
Based on vehicle type, the passenger cars category dominated the market in 2021, and it is further expected to grow with a substantial CAGR during the forecast period. This is due to the rising number of passengers traveling through their vehicles, the increasing sales of passenger cars, the rising standard of living coupled with the surging disposable income, and the growing need for safety features, comfort, and efficiency in passenger cars.
Geographically, North America held the largest revenue share in 2021 in the market, and it is further expected to maintain its dominance during the forecast period. This is ascribed to the high preference to own personal vehicles associated with increased per capita income, technological developments in the automobile sector, the rise in fatality rates, and the surge in the sales of premium cars in nations such as Canada and the U.S. Additionally, the U.S. contributes the majority of revenue to the regional market, due to the presence of a large number of vehicle manufacturers in the nation.
Furthermore, the APAC advanced driver assistance systems market will register the fastest growth in the coming years. The growing automotive industry, the rising smart cities, rapid urbanization, the increasing number of premium car ownerships, technological advancements, and the surging trend of autonomous vehicles are boosting the regional market growth.
Some of the major players in the market are Robert Bosch GmbH, Magna International Inc., HELLA GmbH & Co. KGaA, Valeo SA, Autoliv Inc., Continental AG, Ford Motor Company, Denso Corporation, Audi AG, and Infineon Technologies AG.