According to a new report, published by KBV research, The Global Advanced Driver Assistance System (ADAS) Market size is expected to reach $69.7 billion by 2031, rising at a market growth of 10.8% CAGR during the forecast period.
The Commercial Vehicle segment is experiencing a CAGR of 11.8% during (2024 - 2031). This segment’s growth is driven by the rising adoption of ADAS in fleet management, compliance with safety regulations, and the need for operational efficiency in logistics and transportation. The integration of advanced technologies in commercial vehicles not only enhances safety for drivers and pedestrians but also improves overall fleet productivity. As the industry continues to evolve, the demand for ADAS in commercial applications is expected to rise, albeit at a pace different from that of the passenger car segment.
The Sensors segment is leading the Global Advanced Driver Assistance System (ADAS) Market by Component in 2023; thereby, achieving a market value of $19.9 billion by 2031. This significant share underscores the critical role of sensors in enhancing vehicle safety and automation, as they provide essential data for various ADAS functionalities, including adaptive cruise control, lane-keeping assistance, and collision avoidance systems. The growing demand for advanced safety features, driven by consumer preferences and regulatory pressures, has increased the adoption of various sensor technologies, such as radar, LiDAR, and ultrasonic sensors.
The Park Assistance segment exhibits a CAGR of 9.9% during (2024 - 2031). These systems are particularly valuable in urban areas with tight parking spaces, where parking can be challenging and stressful for drivers. The growing urbanization and increasing number of vehicles on the road have heightened the demand for park assistance systems. Innovations in sensor technology, such as ultrasonic and camera-based systems, have improved the accuracy and reliability of park assistance, making it a popular choice among consumers.
Full Report: https://www.kbvresearch.com/advanced-driver-assistance-system-market/
The North America region dominated the Global Advanced Driver Assistance System (ADAS) Market by Region in 2023; thereby, achieving a market value of $23.5 billion by 2031. The Europe region is expected to witness a CAGR of 10.5% during (2024 - 2031). Additionally, The Asia Pacific region would capture a CAGR of 11.4% during (2024 - 2031).
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