The global advanced driver assistance systems (ADAS) sensor market had a valuation of $11.5 billion in 2019. Furthermore, the market would generate a revenue of $40.8 billion by 2030 and is predicted to progress at a CAGR of 11.7% between 2020 and 2030. The soaring usage of ADAS features and systems in automobiles and the rising implementation of government initiatives regarding the adoption of ADAS systems in vehicles are the main growth drivers of ADAS market.
The increasing deployment of semi-autonomous automobiles is an important factor fueling the expansion of the ADAS sensor industry. Due to the rising prevalence of road accidents, the governments of several countries are implementing policies that make the installation of advanced driver-assistance features mandatory in vehicles. Moreover, the ability to provide smoother flow of road traffic and improved passenger safety makes autonomous technology highly sought-after across the world. Due to this reason, several major automobile manufacturers are incorporating ADAS in automobiles.
According to the estimates of the market research company, P&S Intelligence, the market would register the fastest growth in Asia-Pacific in the future. In the APAC region, the industry will record the highest growth in China in the upcoming years. The main factors driving the progress of the market in this country are the growing automobile manufacturing capacity and the rapid implementation of several automotive innovations and advancements, especially in autonomous vehicles.
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Hence, it can be said with confidence that due to the growing deployment of autonomous cars and the rising popularity of ADAS features and systems, on account of the increasing demand for higher road safety, the market will grow explosively all over the world in the forthcoming years.
This study covers:
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
- Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
- Major players operating in the market and their service offerings
- Recent strategic developments by the major players in the market