ADAS Radar Systems Market size is anticipated to reach USD 36 Billion by the end of 2035, escalating at a CAGR of 10% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of ADAS radar systems was over USD 10 Billion. The major factor accredited to the market growth is the rising demand for safety feature-enabled vehicles owing to the surging cases of road accidents worldwide. World Health Organization 2022 statistics state that each year, road crashes are responsible for over 1 million deaths worldwide. Advanced Driver-Assistance Systems (ADAS), support driver in navigation, and parking, along with several other applications, whereas, ADAS radars sensors are mounted on vehicles for detecting objects in front of the vehicle which basically deliver drivers with safety alerts and enable in execution of safety operations such as automatic emergency braking (ABS), adaptive cruise control (ACC), and blind spot monitoring among others. Hence, the augmenting use of aforementioned advanced features and sensory technology in automobiles to ensure the safety of vehicles, drivers, and pedestrians is bolstering the market growth. As per findings over 9.6 billion automotive sensors were sold globally in 2021.
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
By Component
Growth Drivers
Challenges
October 21, 2021: Robert Bosch GmbH to participate in publicly funded CONCORDA project in a consortium headed by Ertico project which is innovated to secure data transmission supports assistance systems in safety-critical driving situations and used for future automated driving functions.
September 29, 2021: Horizon Products and Continental AG to join hands for the commercialization of automotive AI technology. The main focus of this venture are the artificial intelligence processors and algorithms for intelligent driving.
Author Credits: Abhishek Verma, Hetal Singh
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