Global ADAS Radar Systems Market Highlights over 2022 – 2030
The global ADAS radar systems market is estimated to grow at a CAGR of 11.2% over the forecast period, i.e., 2022 – 2030. ADAS or advanced driver-assistance systems use advanced technology to assist the driver, and ensure safety. The growth of the market can be attributed to the advancement in sensors to perform multitude of tasks, with increased reliability and without compromising on vehicle safety. Along with this, the evolution of automotive technology, and growing adoption of automated driving, are estimated to generate growth opportunities for the market.
Moreover, growing global demand for cars with high quality safety and comfort features, coupled with the rising number of vehicles per person, are projected to boost the market growth. For instance, it was observed that more than 62 million cars were sold in 2020, globally. Moreover, according to the data by the International Energy Agency (IEA), 17 million cars were sold in the United States, while 25 million cars were sold in China.
The market is segmented by vehicle type into heavy commercial vehicle (HCV), light commercial vehicle (LCV), passenger vehicle out of which, the passenger cars segment is anticipated to hold the notable share in the market over the forecast period on account of growing demand for vehicles for personal use, backed by increasing individual disposable income, and rapid urbanization globally. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global ADAS Radar Systems Market Regional Synopsis
On the basis of geographical analysis, the global ADAS radar systems market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of high demand for vehicles, presence of major automobile manufacturers, and growing adoption of advanced technology in the region.
The market in the North America region is anticipated to gain the significant market share throughout the forecast period owing to the increased the rate of economic development, and increasing sales of electric vehicles in the region. According to the report by the IEA, 231,088 BEVs were sold in the United States, in 2020.
The global ADAS radar systems market is further classified on the basis of region as follows:
Our in-depth analysis of the global ADAS radar systems market includes the following segments:
By Vehicle Type
By System Type
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The growing demand for cars, and adoption of automated driving features in cars are estimated to boost the market growth
The market is anticipated to attain a CAGR of 11.2% over the forecast period, i.e., 2022 – 2030.
The major players in the market are Robert Bosch GmbH, VALEO, Magna International Inc., DENSO Corporation, Continental AG, Aptiv plc, Hyundai Mobis, Veoneer Inc., ZF Friedrichshafen AG, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by vehicle type, system type, component, and by region.
The sensors segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
High cost of manufacturing and installation for ADAS is estimated to hamper the market growth.
The Asia Pacific region is anticipated to provide more business opportunities over the forecast period owing to the increasing car sales in the region.
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