ADAS and Autonomous Driving Components Market Size, Share, Growth, and Industry Analysis, By Type (Cameras, Radars, Ultrasonic Sensors, LiDARs, and ECUs), By Application (Passenger Cars and Commercial Vehicles) and Regional Insights and Forecast To 2031

Updated On: 22 April 2024

ADAS AND AUTONOMOUS DRIVING COMPONENTS MARKET REPORT OVERVIEW

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The global ADAS and autonomous driving components market size was USD 3735.3 million in 2019 and will touch USD 8674.2 million by 2026, at CAGR of 12.6% during the forecast period.

ADAS and autonomous driving components describe a collection of modern technologies incorporated right into cars to enhance security as well as the driving experience. These systems generally make use of sensing units, video cameras radar lidar together with various other innovations to collect details regarding the automobile's atmosphere as well as help the motorist in executing numerous jobs. Typical ADAS includes flexible cruise ship control, lane separation caution automated emergency situation stopping, unseen area surveillance as well as car parking sensing units. These systems propose to lower the possibility of mishaps by offering chauffeurs with real-time cautions along with automated help when required enhancing general roadway safety and security. As vehicle innovation breakthroughs, ADAS capacities remain to develop ready for innovative independent driving functions.

The technologies greatly vary within the huge umbrella of Advanced Driver Assistance Systems (ADAS) and components that all serve vehicle safety, vehicle efficiency, and vehicle autonomy. The location is additionally seeing an uplift in brand-new applications inspired by the expanding customer rate of interest in more secure as well as extra reliable transport remedies for the increased use ADAS coupled with independent driving elements inevitably, leading the expanding ADAS as well as Autonomous Driving Components Market. This will certainly even more result in a significant enhancement in the ADAS and also Autonomous driving market as a result of substantial financial investments by automakers plus innovation firms in research studies coupled with growth.

COVID-19 Impact: The Pandemic declined the Market Growth Due to the Supply Chain Disruption

The global COVID-19pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market growth and demand returning to pre-pandemic levels.

The Coronavirus pandemic adversely affects the High level Driver Help Frameworks (ADAS) and independent driving parts market. Store network disturbances, plant terminations, and diminished customer spending have prompted a log jam underway and the organization of these innovations. In addition, with limitations on development and diminished travel, the interest in ADAS and independent driving highlights has diminished, affecting the two makers and providers. Also, the financial slump coming about because of the pandemic has prompted spending plan cuts and diminished interest in innovative work, further impeding the progression and reception of these advancements. Subsequently, the pandemic has presented extensive difficulties to the development and advancement of the ADAS and independent driving parts market, requiring variation techniques and recuperation endeavors for the business to really bounce back.

LATEST TRENDS

"Usage of Latest Technology Leads to Market Growth"

As of the most recent patterns in the High level driver help Frameworks (ADAS) and independent driving parts market, there is a striking flood in the combination of man-made brainpower (simulated intelligence) and AI calculations. These advancements are being utilized to upgrade the insight, independent direction, and control abilities of independent vehicles, empowering them to explore complex true situations with more noteworthy proficiency and wellbeing. Moreover, there is a developing accentuation on the improvement of powerful sensor combination frameworks that coordinate information from different sensors including cameras, lidars, radars, and ultrasonic sensors to give a thorough comprehension of the vehicle's environmental elements. Besides, there's a shift towards the improvement of additional reasonable and versatile answers to speed up the reception of ADAS and independent driving advancements across various vehicle portions, encouraging a more far reaching sending of semi-independent and independent vehicles on the lookout.

ADAS AND AUTONOMOUS DRIVING COMPONENTS MARKET SEGMENTATION

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By Type

Based on type the global market can be categorized into Cameras, Radars, Ultrasonic Sensors, LiDARs, and ECUs.

• Cameras: By supplying visual data for lane detection, object recognition, and traffic sign recognition, cameras are essential to ADAS and autonomous driving.

• Radars: In bad weather or in situations with limited visibility, radars are crucial tools for identifying objects and hazards surrounding the car.

• Ultrasonic Sensors: These sensors are used for obstacle identification at low speeds, blind-spot monitoring, close-range detection, and parking assistance.

• LiDARs: Using laser pulses, LiDARs create intricate three-dimensional maps of the environment around the vehicle, allowing accurate object localization and identification for autonomous driving.

• ECUs (Electronic Control Units): ECUs are the brains of ADAS and autonomous driving systems, processing sensor data, running control algorithms, and coordinating vehicle operations to guarantee safe and efficient driving.

By Application

Based on application the market is classified into Passenger Cars and Commercial Vehicles

• Passenger Cars: Primarily focused on improving driver safety and comfort in passenger cars with features, which meet the needs of individual consumers seeking convenience and safety in their daily commute, including automated parking systems, adaptive cruise control, and lane departure warning.

• Commercial Vehicles: Places a strong emphasis on productivity and efficiency gains and technologies such as autonomous convoying, predictive maintenance, and collision avoidance systems are designed to optimize fleet operations, cut fuel costs, and improve overall logistics and transportation efficiency.

DRIVING FACTORS

"Safety Regulations and Consumer Demand to Lead an Increase in Market Demand"

Key driving forces for the development of ADAS technology include the will from consumers who demand better driving experiences similar to those from the driving assistance systems and the government rules that render the equipping of cars with the safety agreement features a requirement. The technology in some of the modern vehicle protocols for safety includes existing technologies, such as adaptive cruise control, lane-departure alarming, automated emergency braking, and blind-spot warning. Besides, ADAS technology is driven by the expanding consumer want that their car be instilled with the safety trendiest and most up-to-date features.

"Technological Advancement to Accelerate Market Growth"

Fast developments in artificial intelligence, machine learning, sensor technology, and communication are driving the creation of ADAS and autonomous driving components. The accuracy, dependability, and performance of these systems are always being improved by manufacturers via innovation, which increases their capacity to handle challenging driving situations and enhances convenience and safety while driving. The cost of these components is anticipated to come down as technology advances, which will promote market expansion and usage even more.

RESTRAINING FACTORS

"Strict Rules and Regulations to Slow Down the Market Growth"

The complex regulatory environment and legal ambiguities surrounding autonomous cars are two significant factors impeding the market for Advanced Driver Assistance Systems (ADAS) and autonomous driving components. The absence of standardized frameworks for testing and certification, along with regional variations in rules, provide major obstacles to the development and implementation of these technologies. The regulatory environment is made more complex by worries about safety, responsibility, and moral quandaries that arise when making decisions in life-threatening circumstances. The market's potential development is impeded by these obstacles, which cause enterprises to manage complicated legal requirements and strive for compliance with increasing laws, delaying the general adoption of ADAS and autonomous driving components.

ADAS AND AUTONOMOUS DRIVING COMPONENTS MARKET REGIONAL INSIGHTS

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"Asia Pacific to Dominate the Market due to its Strong Manufacturing Sector"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

Asia Pacific is the dominant geographical area with the biggest ADAS and autonomous driving components market share. The region has been recognized as the most crucial haven for developing and deploying independent driving technologies, driven primarily by technical achievements in these respective fields and supported by governments, developing their automotive industries, such as South Korea, China, and Japan. The entire dataset will be global leading through a combination of government ambitious regulations and huge equal measure investments from local and foreign enterprises in that course; The Asia Pacific region will continue to lead in powering the future of the components of ADAS and autonomous driving, given among other factors, the needs of a fast-growing middle class and rapid urbanization for safe and efficient transportation solutions.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

Key participants in the quickly developing market for autonomous driving components and advanced driver assistance systems (ADAS) include well-known automakers, major technology companies, semiconductor manufacturers, and niche startups. These organizations foster innovation in a variety of fields, including artificial intelligence algorithms, vehicle control systems, sensor technologies, and networking solutions. Their combined efforts, serving both consumer and industrial applications, are reshaping the landscape of vehicle automation, safety, and navigation.

List of Market Players Profiled

• ZF (Germany)
• Velodyne LiDAR (U.S.)
• Magna International (Canada)
• NVIDIA Corporation (U.S.)
• Robert Bosch (Germany)
• Continental AG (Germany)
• Denso Corporation (Japan)
• Infineon Technologies (Germany)

INDUSTRIAL DEVELOPMENT

February 2024: Haomo.An artificial intelligence firm called AI has secured over RMB 100 million (US$14 million) in a Series B1 financing led by Chengdu Wufa Private Equity Fund Management Co. The money will be used to improve research and development as well as promote robotics development in Chengdu's Wuhou area, which is located in the Sichuan region in southwest China.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence the market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.