At a CAGR of 8%, adaptive cruise control is projected to be the fastest-growing segment under system type from 2021 to 2031.
New York, NY — (ReleaseWire) — 02/22/2022 — New York: The global ADAS aftermarket is projected to expand at a value CAGR of 9% over the forecast period of 2021-2031 to reach a valuation of US$ 2.28 Bn.
Advanced Driver Assistance Systems (ADAS) are groups of electronics technologies that assist drivers in driving and parking functions. Through a safe human-machine interface, an ADAS increases car and road safety. ADAS use automated technology such as sensors and cameras to detect nearby obstacles or driver errors and respond accordingly.
Increasing demand for safety sensors, such as seat belt tension, impact sensors, anti-theft, parking sensors, etc., is expected to create significant opportunities for ADAS manufacturers, contributing significantly to the growth of the advanced driver assistance systems market over the coming years.
Key Takeaways from Market Study
– At a CAGR of 8%, adaptive cruise control is projected to be the fastest-growing segment under system type from 2021 to 2031.
– Park assist systems are expected to hold the highest share of 20% under the system type segment in terms of volume.
– By technology, radar sensors are projected to enjoy a market share of more than 27% by 2031.
– By vehicle type, passenger cars are projected to be the segment leader with a market share of more than 64%.
– By region, Europe is projected to hold the highest share in the global market accounting for more than 34%.
– The U.S. is projected to register the highest absolute $ opportunity of more than US$ 312 Mn from 2021 to 2031.
– By sales channel, OES are anticipated to lead with more than 84% share of the market.
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“Increasing active safety features in vehicles are expected to be key drivers for the development of the automotive sector, which is anticipated to drive demand for ADAS in the aftermarket,” says a Persistence Market Research analyst.
Market Landscape Identified to Be Fairly Competitive
On a regional, national, and global basis, the worldwide automotive parts aftermarket is highly competitive and fragmented.
Some of the key ADAS manufacturers included in the report are Robert Bosch GmbH, Continental AG, ZF Friedrichshafen AG, Denso Corp., Aptiv plc, Valeo SA, Magna International Inc., Veoneer Inc., Aisin Corporation, Hitachi Astemo, Ltd., Nidec Corporation, Infineon Technologies AG, Ficosa Internacional SA, Hella KGaA Hueck & Co., Pacific Industrial Co., Ltd., and Mobileye,
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The ADAS aftermarket is characterized by the presence of major players from North America, Europe, and East Asia. Demand for passenger cars and commercial vehicles equipped with advanced safety features are increasing around the globe, which is expected to propel demand for technologically advanced products over the decade.
Technological developments along with collaborations and mergers and acquisitions by key market participants are expected to fuel the ADAS aftermarket space.
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Want to Know More?
Persistence Market Research, a research and consulting firm, has published a revised market research report on the ADAS aftermarket that contains global industry analysis of 2016–2020 and opportunity assessment for 2021–2031.
The report provides in-depth analysis of the market through different segments, namely, system type, technology, sales channel, vehicle type, and region.
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