Market Overview:
MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the ADAS & Autonomous Driving Components Market, The Global ADAS & Autonomous Driving Components Market is projected to grow at a CAGR of around 21% during the forecast period, i.e., 2023-28. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight & sustainable materials, rising demand for luxury & customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the ADAS & Autonomous Driving Components Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.
Industry Outlook & Forecasts:
- Forecast Period: 2023-2028
- CAGR (2023-2028): 21%
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Global ADAS & Autonomous Driving Components Market Segmentation Breakdown:
The ADAS & Autonomous Driving Components Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- By Level of Automation
- Level 1 (Advanced Driving Assist Systems)
- Level 2 (Partial Automation)
- Level 3 (Conditional Automation)
- Level 4 (High Automation)
- Level 5 (Full Automation)
- By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Light Commercial Vehicle
- Medium Weight Commercial Vehicle
- Heavy Commercial Vehicle
- Ultra Heavy Commercial Vehicle
Of them all, passenger cars hold a significant share of the Global ADAS & Autonomous Driving Component Market.
- By Components Type
- Camera
- Radar
- Ultrasonic Sensors
- LiDAR
- Mechanical Automotive LiDAR
- Solid State Automotive LiDAR
- Electronic Control Unit
Here, LiDAR is projected to attain a notable market share in the coming years. Amongst the most promising sensor-based technologies for autonomous or self-driving cars, LiDAR technology makes vehicles aware of their surroundings and helps eliminate collision risk while driving.
- By System
- Adaptive Cruise Control (ACC)
- Adaptive Front Light (AFL)
- Automatic Emergency Braking (AEB)
- Blind Spot Detection (BSD)
- Cross Traffic Alert (CTA)
- Driver Monitoring System (DMS)
- Forward Collision Warning (FCW)
- Intelligent Park Assist (IPA)
- Lane Departure Warning (LDW)
- Night Vision System (NVS)
- Pedestrian Detection System (PDS)
- Road Sign Recognition (Rsr)
- Tire Pressure Monitoring System (TPMS)
- Traffic Jam Assist (TJA)
Geographical Growth Insights:
- By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Of all regions globally, Asia-Pacific is expected to acquire a prominent share of the ADAS & Autonomous Driving Component Market during 2023-28.
MarkNtel Advisors Highlights Key Market Drivers for ADAS & Autonomous Driving Components Market:
Stringent Safety Standards & the Mounting Demand for Autonomous Vehicles
Governments of various countries worldwide are mandating the integration of advanced safety features in vehicles, such as LDW (Lane Departure Warning) & AEB (Automatic Emergency Braking), to provide drivers with enhanced safety & comfort and reduce the rising number of road accidents. Several consumers are showing greater interest in autonomous vehicles integrated with advanced technologies like LiDAR, radar sensors, ultrasonic sensors, & HD cameras for data collection that help increase driving accuracy. These ongoing trends in the automotive sector are the major aspects projected to drive the Global ADAS & Autonomous Driving Components Market during 2023-28.
A Comprehensive Analysis of Leading Companies in Global ADAS & Autonomous Driving Components Market
- Analog Devices Inc.
- Autoliv Inc
- Continental AG
- Delphi Automotive PLC
- DENSO Corporation
- HERE
- IBEO Automotive Systems GmbH
- Infineon Technologies AG
- Intel Corporation
- LeddarTech
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What are the Growth Restraint driving the Global ADAS & Autonomous Driving Components Market?
High Repair Costs & Data Misinterpretation Issues Associated with ADAS
ADAS often miscalculates or misinterprets the outside data due to challenging weather or light conditions. It, in turn, results in users facing issues while driving, i.e., the main challenge to the widespread adoption of this technology. Moreover, the high repair cost associated with the application of ADAS is another aspect that poses questions in the minds of potential end users. Hence, these factors are projected to hamper the growth of the Global ADAS & Autonomous Driving Components Market during 2023-28.
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