ADAS Aftermarket by Technology
The worldwide ADAS aftermarket is currently valued at close to US$ 1 Bn and to reach a revenue of US$ 2.28 Bn Sales of ADAS solutions are slated to surge at a CAGR of around 9% from 2021 to 2031. Ultrasonic sensors and radar are the most sought- after technologies in ADAS solutions.
Starting with the overview of ADAS Aftermarket by Technology, it presents an overall analysis of the latest trends that are prevalent in the industry. The report begins with the description of the market surroundings and the analysis of the size and forecast of product or service based on regions and applications. In addition to it, the report also introduces the market competitive landscape among the vendors and manufacturers that contribute to the growth of the product or service. The company profiling and market price analysis in relation to the value chain features is also covered in the report. The data experts have examined and scrutinized the industry trends in the key regions. 2022 has been considered as the base year, with the forecast period extending to 2031.
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Advanced Driver Assistance Systems (ADAS) are groups of electronics technologies that assist drivers in driving and parking functions. Through a safe human-machine interface, an ADAS increases car and road safety. ADAS use automated technology such as sensors and cameras to detect nearby obstacles or driver errors and respond accordingly.
Increasing demand for safety sensors, such as seat belt tension, impact sensors, anti-theft, parking sensors, etc., is expected to create significant opportunities for ADAS manufacturers, contributing significantly to the growth of the advanced driver assistance systems market over the coming years.
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Key Takeaways from Market Study
- At a CAGR of 8%, adaptive cruise control is projected to be the fastest-growing segment under system type from 2021 to 2031.
- Park assist systems are expected to hold the highest share of 20% under the system type segment in terms of volume.
- By technology, radar sensors are projected to enjoy a market share of more than 27% by 2031.
- By vehicle type, passenger cars are projected to be the segment leader with a market share of more than 64%.
- By region, Europe is projected to hold the highest share in the global market accounting for more than 34%.
- The U.S. is projected to register the highest absolute $ opportunity of more than US$ 312 Mn from 2021 to 2031.
- By sales channel, OES are anticipated to lead with more than 84% share of the market.
Market Landscape Identified to Be Fairly Competitive
On a regional, national, and global basis, the worldwide automotive parts aftermarket is highly competitive and fragmented.
Some of the key ADAS manufacturers included in the report are
- Robert Bosch GmbH.
- Continental AG
- ZF Friedrichshafen AG
- Denso Corp.
- Aptiv plc
- Valeo SA
- Magna International Inc.
- Veoneer Inc.
- Aisin Corporation
- Hitachi Astemo, Ltd.
- Nidec Corporation
- Infineon Technologies AG
- Ficosa International SA
- Hella KGaA Hueck & Co.
- Pacific Industrial Co., Ltd.
- Mobileye
Conclusion
The ADAS Aftermarket by Technology is characterized by the presence of major players from North America, Europe, and East Asia. Demand for passenger cars and commercial vehicles equipped with advanced safety features are increasing around the globe, which is expected to propel demand for technologically advanced products over the decade.
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Technological developments along with collaborations and mergers and acquisitions by key market participants are expected to fuel the ADAS Aftermarket by Technology space.
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