ADAS Market Set to Surpass $65.1 Billion by 2030: Analysis of Key Trends and Drivers

The global ADAS market is projected to grow from an estimated $30.9 billion in 2022 to $65.1 billion by 2030, registering a CAGR of 9.7% from 2022 - 2030.

Software and hardware providers provide ADAS systems such as adaptive cruise control, adaptive front lights, automatic emergency braking, blind spot detection, cross traffic alert, among others to various global OEMs and component manufactures. Factors such as increased demand for road safety and strong government support have caused leading original equipment manufacturers (OEMs) to invest in development of ADAS systems.

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BEV segment to be the largest market by value during forecast period

BEVs have an increasing demand due to concerns about emission reductions worldwide. Due to the low availability of charging stations and the high cost of EV batteries, BEVs had a low demand. However, the demand for BEVs has increased significantly due to the decreasing cost of EV batteries at a fast and steady rate coupled with increasing EV range and a growing EV charging network worldwide. BEVs contributed to a considerable part of top-selling EVs in the market in 2022. BEVs are available in multiple segments, including sedans, SUVs, and hatchbacks. Many OEMs are launching electric vehicles to cater to the market demand. Tesla, Volkswagen AG (Germany), SAIC Motors (China), BYD, and Stellantis (Netherlands) are the pure electric vehicle companies topping sales. In contrast, OEMs such as Nissan, Toyota, and GM offer tough competition to electric vehicle manufacturers. Tesla is a bestseller in North America and Europe, whereas Wuling HongGuang Mini EV is a low-cost EV popular in China. BEV models such as Tesla Model X offer autopilot ADAS features, including adaptive cruise control, auto park, and lane departure warning systems. OEMs such as Nissan, BMW, Mercedes Benz, Ford, GM, and others provide ADAS features across their premium models. For instance, Nissan offers pro-pilot features to its Nissan Leaf and Nissan Altima electric cars. The pro-pilot ADAS features include ACC, IPA, and LDW. Similarly, Mercedes Benz provides a drive-pilot for its S Class model, which comes with autonomous emergency braking, blind spot detection, lane change warning, evasive steering assist, traffic jam assist, speed limit assist, and remote parking assist. Mercedes is one of the best providers of level 3 automation in passenger cars.

Software to be the fastest growing segment during the forecast period

Increasing demand for accurate and faster object recognition will be a major growth driver for the software segment of the ADAS market. Modern vehicles are equipped with high-resolution cameras and long-range radar sensors for driver assistance. Hence, developments in image recognition technology will play a critical role in deploying these sensors in upcoming vehicles. Newer features such as pedestrian recognition, cyclist recognition, vehicle detection, driver monitoring systems, and traffic sign recognition are being tested, and plans to roll them out in more vehicles for improved occupant safety are underway. More sophisticated ADAS features would demand faster and more accurate software algorithms/platforms for detecting objects with low latency. BlackBerry (Canada) has developed QNX as a modular, flexible, and hardware-optimized software platform for ADAS applications. ADAS software consists of algorithms that perform pre-decided functions based on the input data from cameras, radar, LiDAR, and ultrasonic sensors. The input data is processed by the ECUs and activates the physical vehicle components such as steering, brakes, throttle, and others to evade accidents. The entire process is controlled and monitored by the software platform, from analyzing the input data to the decision-making. Automakers are turning toward deep learning as they look for innovative ways to enable smart camera applications and automated driving systems for next-generation vehicles. In December 2020, Renesas Electronics (Japan) developed an R-car software development kit. This complete software platform enables quick and easy software development and offers validation for smart cameras and automated driving applications used in commercial, passenger, and off-road vehicles. It manages the software complexity and supporting features ranging from entry safety compliance to advanced highway pilot.

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"Europe is leading the ADAS market as of 2022"

Automotive is one of the key industries in Europe. In June 2022, the region had 301 automobile assembly and production plants, of which 134 produce passenger cars, 41 produce vans, 52 build trucks, 66 produce buses, 72 make engines, and 18 make batteries. According to the European Automobile Manufacturers Association (ACEA), Europe accounted for around 22% of global vehicle production in 2022. The European automotive market registered steady growth in the last six years despite the recent global automotive slowdown. Leading European automotive manufacturers to offer high-performance engines and advanced safety features to stay competitive. Passenger car sales of major automakers such as the Volkswagen Group, Mercedes Benz, Renault, Hyundai, BMW, Toyota, and Stellantis led to the demand for ADAS-enabled vehicles in the region.

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This release was published on openPR.