According to HTF Market Intelligence, the Global ADAS Technology Market market to witness a CAGR of 10.5% during forecast period of 2023-2028. Global ADAS Technology Market Breakdown by Component (LiDAR, Radar, Camera, Sensors) by System (ACC, DMS, IPA, PDS< TJA, FCW, RSR, LDW, AEB, BSD) by Vehicle Type (Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle) and by Geography (North America, South America, Europe, Asia Pacific, MEA). The ADAS Technology Market market size is estimated to increase by USD 19.17 Billion at a CAGR of 10.69% from 2023 to 2028. The report includes historic market data from 2017 to 2022E. Currently, market value is pegged at USD 27.23 Billion.
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Advanced Driver Assistance Systems (ADAS) technology refers to a range of features and systems installed in vehicles that enhance the safety and driving experience of the driver. ADAS technology includes features such as collision avoidance systems, adaptive cruise control, lane departure warnings, and automatic emergency braking.
ADAS Technology Market market – Key Segment Analysis
The market share growth by the Passenger Car segment will be significant during the forecast period. The segment is driven by the Government regulations and initiatives promoting road safety..
ADAS Technology Market market – Competition Analysis
The global ADAS Technology Market market is seeing several joint ventures to intensify the capability of manufacturers and/or companies to establish geographic footprints to new territory. The vendors are accelerating M&A strategies to expand their geographical reach, which is shaping the market toward new growth cycle. The list of players that are profiled in the study are Aptiv (United States), Autoliv (Sweden), Velodyne Lidar (United States), Hitachi Astemo (Japan), Gentex (United States), Veoneer (Sweden), Delphi Technologies (United Kingdom), Synopsys (United States), Robert Bosch (Germany), aiMotive (Hungary).
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ADAS Technology Market
Market Drivers
- Government regulations and initiatives promoting road safety.
Market Trend
- Increasing demand for advanced safety features in vehicles.
Market Opportunities
- Collaboration between automotive and technology companies to develop and integrate ADAS technology.
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FIVE FORCES & PESTLE ANALYSIS:
In order to better understand market conditions five forces analysis is conducted that includes the Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, and Threat of rivalry.
- Political (Political policy and stability as well as trade, fiscal, and taxation policies)
- Economical (Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates)
- Social (Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles)
- Technological (Changes in digital or mobile technology, automation, research, and development)
- Legal (Employment legislation, consumer law, health, and safety, international as well as trade regulation and restrictions)
- Environmental (Climate, recycling procedures, carbon footprint, waste disposal, and sustainability)
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