Chicago, April 24, 2023 (GLOBE NEWSWIRE) — ADAS market is expected to grow from $30.9 billion in 2022 to $65.1 billion in 2030, registering a CAGR of 9.7% over the forecast period, according to a new report by MarketsandMarkets™.
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| report attributes | details |
| Market size value in 2022: | $30.9 billion |
| Probably by 2030: | $65.1 billion |
| CAGR: | 9.7% |
| Considered base year: | 2021 |
| Forecast period: | 2022-2030 |
| Biggest Market: | Asia Pacific |
| Covered Region: | North America, Europe, Asia Pacific and Rest of the World |
| Covered segments: | System, component, offer, electric vehicle, degree of autonomy, vehicle type, vehicle class, sales channel and region |
| Covered companies: | Robert Bosch (Germany), Continental AG (Germany), Magna International (Canada), ZF Friedrichshafen AG (Germany) and Denso (Japan) A total of 25 important company profiles were recorded and made available. |
Factors such as increasing concern for road safety, efficient R&D for ADAS component design, and government contracts for vehicle safety will drive the ADAS systems market in the years to come. The growing demand for advanced driving functions in automobiles is supported by wide network coverage of 5G connectivity and the incorporation of IoT devices in premium sedans and SUVs. It is expected that even budget segment vehicles will install ADAS systems in the coming years according to the regulations of countries in Europe and some other countries like Japan, South Korea, China and the USA.
Government regulations and investment by automakers are driving a promising market for ADAS systems in passenger cars
Passenger cars include sedans, hatchbacks, station wagons, sport utility vehicles (SUVs), multi-utility vehicles (MUVs), and vans. This is the most promising segment and the largest market for ADAS due to…
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