PUNE, India, December 05, 2022 (GLOBE NEWSWIRE) — The global Market size for driver assistance systems is expected to grow from US$43.62 billion in 2022 to US$124.31 billion by 2029, at a CAGR of 16.1% over the forecast period of 2022-2029. This information is provided by Fortune Business Insights in its report titled, Advanced Driver Assistance System Market, 2022-2029.
According to our analysts, the rapid urbanization, industrial expansion, improvement in living standards and rising per capita income are expected to stimulate the market development.
Request a sample copy of the research report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/adas-market-101897
Report Highlights:
| report coverage | details |
| forecast period | 2022-2029 |
| Forecast period 2022 to 2029 CAGR | 16.1% |
| Value prognosis 2029 | $124.31 billion |
| base year | 2021 |
| Market size in 2021 | $37.31 billion |
| Historical data for | 2018-2020 |
| number of pages | 200 |
| segments covered | By system type, by component type, by vehicle type and region |
| growth accelerator | High vehicle production and rising sales to boost market growth in Asia Pacific |
| Increasing demand for security features to promote market development |
Effects of COVID-19 on ADAS market
Supply chain disruptions and raw material shortages have had a negative impact on market growth
This market has been negatively impacted during the COVID-19 pandemic due to supply chain disruptions and shortages of raw materials. The sudden surge in COVID-19 patients led to the imposition of strict lockdown measures. The closure of manufacturing facilities has severely disrupted the supply chain, hampering the growth of the industry. In addition, transport and travel restrictions led to shortages of raw materials. However, the advent of industrial automation and disinfection allowed manufacturers to balance costs and increase sales.
To learn more about the short- and long-term impact of COVID-19 on this market, please visit:
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