April 12, 2024

ADAS Sensors Market Set to Expand at 8.7% CAGR, Surpassing US$ 70 Billion Mark by 2033

The global ADAS sensors market in 2022 was US$ 28.12 billion and is estimated to be US$ 30.53 billion in 2023. As per the Future Market Insights projection, the ADAS sensors market is anticipated to expand at a CAGR of 8.7% between 2023 and 2033, totalling around US$ 70.33 billion by 2033.

ADAS (Advanced Driver Assistance Systems) in-vehicle systems help in monitoring, warning, and managing the vehicle with partial and full driver control like when a person drives the car but is unable to completely concentrate on driving and is in need of appointing in vehicle control, where the driver is driving in or doing other tasks such as parking the vehicle.

Request a Sample of this Report: 
https://www.futuremarketinsights.com/reports/sample/rep-gb-11865

There is full concentration on the development of high-precision sensors as ADAS sensors play an important part in ADAS decision-making for vehicle control thus, upliftment of the market arises.

Reasons like the lack of infrastructures outside urban areas, exhibiting cost considerations, and insufficient driving in training or discipline are all restraining the industry’s development in developing countries.

Key Takeaways from the Market Study

  • The global advanced driver assistance systems (ADAS) sensors market expanded at a CAGR of 7.4% between 2018 and 2022.
  • The global ADAS sensors market is expected to boost sales at an impressive 14.1% CAGR over the forecast period, with the market valuation reaching US$ 43.2 billion in 2030.
  • Future Market Insights (FMI) says that the sales in the ADAS sensors market accounted for 6-7% of the global sensors market in 2020.
  • North America’s ADAS sensors market is expected to hold a 15.6% of the total market share whereas the United States holds a value share of 14.8%.
  • The United Kingdom is projected to emerge as a significant pocket over the assessment period with a market share of 14.2% whereas Germany’s market is said to expand at a CAGR of 8.9% due to the high adoption of ADAS systems in economic and luxury vehicles.
  • Europe’s ADAS sensors market held a dominant share of 24.3% in the global ADAS sensors market in 2022.
  • The rising preference for cruise control in modern vehicles might spur demand for ADAS sensors that drives sales in this segment holding a market share of 52.4%.
  • The demand for ADAS sensors in the passenger vehicles segment is expected to continue rising over the forecast period as per FMI holding a market share of 49.9%.
  • A wide availability of ADAS radar sensors offered by OEMs might boost sales with a value share of 40.2%.

The presence of a variety of electronic monitoring and controlling devices is one of the key developments of the ADAS market – comments a Future Market Insights Analyst.

Some of the prominent players profiled in the global market are

  1. Continental AG
  2. Robert Bosch GmbH
  3. Denso Corporation
  4. Delphi Technologies PLC
  5. Hella GmbH & Co. KGaA
  6. TE Connectivity
  7. CTS Corporation
  8. NXP Semiconductors N.V.
  9. Microchip Technology Inc.
  10. Infineon Technologies AG

Important Developments by Key Players in the Market

  • In January 2023, from the latest in energy-efficient lifestyle products to advances in e-mobility that electrify vehicles and roadways to the realization of a carbon-neutral town, Panasonic highlights its innovations, smart collaborations, environmentally responsible solutions, and wellness technology at CES 2023.
  • In May 2023, Japan’s Panasonic Holdings Corp (6752.T) aims to ramp up production of battery cells used in electric vehicles by building at least two new factories in North America.

Direct Purchase of this Report: 
https://www.futuremarketinsights.com/checkout/11865

ADAS Sensors Market Segmentation

By Product Type:

  • Blind Spot Detection
  • Night Vision Sensors
  • Light Sensors
  • Parking Sensors
  • Cruise Control

By Vehicle Type:

  • Passenger Vehicles
  • Commercial Vehicles
  • Heavy Commercial Vehicles

By Sales Channel:

  • Original Equipment Manufacturers (OEM)
  • Original Equipment Spares (OES)
  • Independent Aftermarket (IAM)

By Region:

  • North America
  • Latin America
  • Eastern Europe
  • Western Europe
  • Asia Pacific excluding China & Japan
  • Japan
  • China
  • The Middle East & Africa

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times. 

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:        

Nandini Singh Sawlani

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: 
[email protected]
Website: https://www.futuremarketinsights.com
LinkedInTwitterBlogs | YouTube

About Author