In 2021, the advanced driver assistance systems market was worth around USD 25.84 billion, and it is projected to advance at a 12.1% CAGR from 2021 to 2030, hitting USD 72.2 billion by 2030, according to P&S Intelligence.
This can be credited to the growing acceptance of autonomous cars, the developing automotive industry, the increasing research and development activities mainly in emerging countries, and the increasing population globally.
Additionally, the spike in the acceptance of protection features in passenger cars, the growth in technical inventions, and governments’ extensive aid in terms of rule execution and financial reimbursements are supporting the growth of the market.
In 2021, the radar sensor category had the largest market share and is also projected to be dominant in the future as well, progressing at a CAGR of above 12%. This can be credited to its numerous aids, including the ability to recognize an object's exact location, find its velocity, calculate its distance, differentiate between stationary and mobile aims, concentrate on several targets at once, gather a lot of information, and gain data at multiple scales.
The development in technologies has been snowballing the count of connected cars. These cars are safer than standard passenger cars, as numerous systems encouraging vehicle protection are integrated within the connected cars. The industry has extended as a result of the rising customer knowledge regarding the protection and comfort of passenger vehicles with ADAS integration.
The U.S. generated the majority of revenue for the regional industry. The wide number of premium car operators, increasing count of road accidents, high research and development expenditure on autonomous vehicles, and government orders for systems including TPMS for all lightweight vehicles are the key reasons accountable for the market growth in the nation.
Hence, the growing acceptance of autonomous cars, the developing automotive industry, the increasing research and development activities mainly in emerging countries, and the increasing population globally, are the major factors propelling the advanced driver assistance systems market.
