NEWARK, Del, June 15, 2023 (GLOBE NEWSWIRE) -- The advanced driver assistance system (ADAS) testing equipment market is projected to attain a valuation of US$ 56.4 billion in 2023 and is expected to accumulate over US$ 202.7 billion by 2033, trailing a CAGR of 13.6% from 2023 to 2033.
The integration of advanced driver assistance systems (ADAS) in passenger cars, driven by the growing awareness of safety and comfort, has fuelled market growth. Government mandates in countries like the United States, Japan, China, and Germany, emphasizing the implementation of ADAS for passenger safety, have further propelled market expansion.
Notably, India has set a target to incorporate autonomous emergency braking (AEB) and electronic stability control (ESC) in cars between 2022 and 2023 to mitigate the risk of accidents.
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The adoption of cars is being driven by rapid urbanization, improving living standards, and increasing per-capita income. This, in turn, is leading to the high incorporation of advanced driver assistance systems. Additionally, the demand for luxury cars in developed nations is contributing to the growth of the advanced driver assistance system market, with key players like Volkswagen, Audi AG, and Mercedes Benz playing a significant role.
The ADAS industry is fuelled by growing safety awareness and the rising incidence of accidents. There is a high demand for advanced systems like emergency braking, night vision, and road sign recognition, driven by technological advancements in vehicles. Additionally, the increasing acceptance of autonomous or self-driving vehicles is a significant driver for market growth.
Vehicle electrification is presenting significant growth prospects in the field of vehicle automation, prompting market leaders to make substantial investments in autonomous vehicle technology. The integration of advanced driver assistance systems (ADAS) is a fundamental prerequisite for vehicle automation. By incorporating various ADAS sensors such as Radar, LIDAR, and cameras, companies aim to achieve a near-precise level of vehicle automation.
Sophisticated driver assistance systems leverage artificial intelligence and advanced features to support drivers, reducing distractions and alleviating their workload. Further, the advancements in technology, including software algorithms, mapping, CPUs, cameras, and sensors, have enabled the implementation of these systems in a wide range of vehicles.
Manufacturers are increasingly incorporating driver-aid systems in vehicles to reduce fatalities and injuries from accidents. As the automotive sector continues to develop highly efficient and safe features, the demand for ADAS is expected to rise.
Key Takeaways:
- The United States advanced driver assistance system (ADAS) testing equipment industry is projected to expand with a CAGR of 12.8% during the forecast period.
- The demand for advanced driver assistance system (ADAS) testing equipment in China is anticipated to increase at a promising CAGR of 13.3% from 2023 to 2033.
- By product type, the hardware segment is projected to secure a CAGR of 14.4% in the forthcoming years.
- The United Kingdom is expected to secure an impressive CAGR of 10.2% throughout the forecast period.
Advancements in the automotive sector and the introduction of highly efficient and safe features in vehicles are expected to drive market growth during the forecast period, anticipates FMI Analyst.
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Competitive Landscape:
The market for advanced driver assistance system (ADAS) testing equipment is highly competitive, with numerous prominent industry players making substantial investments in increasing their manufacturing capabilities.
Key Companies Profiled:
- Konrad GmbH
- AB Dynamics plc
- National Instruments Corporation
- TKH Group NV
- Oxford Technical Solutions Ltd.
- Racelogic Ltd.
Recent Developments in this Market:
- Robert Bosch collaborated with Hycan Automobile Technology in 2021 to develop automated valet parking technology. This technology is expected to be integrated into the Hycan Z03 vehicle.
- In March 2021, AB Dynamics, a provider of testing systems and measurement products, completed its acquisition of Vadotech Group, which includes Vadotech and Zynit. This acquisition enables AB Dynamics to achieve strategic goals, including expanding its presence in China market and strengthening its position as a global technical service provider in the automotive industry.
- Continental AG and Beijing Horizon Robotics Technology R&D Co., Ltd. announced a Joint Venture (JV) contract in September 2021. The JV aims to offer integrated solutions for advanced driver assistance systems and autonomous driving, encompassing both software and hardware components.
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Key Segments Profiled for this Market:
By Product:
- Hardware
- Software
By End-User Type:
- Automotive OEMs
- Tier-1 Suppliers
- Labs and Other Institutes
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- The Middle East and Africa (MEA)
Table of Content (ToC):
1. Executive Summary | Advanced Driver Assistance System (ADAS) Testing Equipment Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Product, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Product, 2023 to 2033
5.3.1. Hardware
5.3.2. Software
5.4. Y-o-Y Growth Trend Analysis By Product, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Product, 2023 to 2033
View the Complete TOC of this Report: https://www.futuremarketinsights.com/toc/rep-gb-283
Explore Wide-ranging Coverage of FMI’s Automotive Landscape:
Automotive ADAS (Advanced Driver Assistance Systems) Market Share: Is expected to grow at a CAGR of 9.6% during the forecast period and is anticipated to reach a valuation of US$ 131 billion by 2032.
ADAS Sensors Market Size: Is expected to boost sales at an impressive 14.1% CAGR over the forecast period, with the market valuation reaching US$ 43.2 Billion by 2030.
Autonomous Vehicles Market Demand: Is projected to grow at a CAGR of 10.9% between 2022 and 2032, totalling around 99,451 million by 2032.
Driver Monitoring System Market Growth: Is expected to reach an average CAGR of 7.5% during the forecast period. The market is likely to hold a revenue of US$ 4.5 billion in 2023 while it is anticipated to cross a value of US$ 9.3 billion by 2033.
Tire Pressure Monitoring System Market Size: Is expected to reach US$ 7.7 Billion by 2032, growing at a CAGR of 10.3%.
Micro-mobility Charging Infrastructure Market Trends: This is likely to reach a valuation of nearly US$ 36.6 Billion by the end of 2032.
Automotive DC-DC Converter Market Share: Is expected to increase from US$ 21,996 million in 2023 to US$ 289,542 million by the end of 2033.
Ship Repair and Maintenance Services Market Demand: Is likely to expand its roots with a CAGR of 6.6% during the forecast period. The market holds a share of US$ 26.5 Billion in 2023 while expecting revenue of US$ 50.3 Billion by 2033.
Automated Guided Vehicles (AGV) Market Outlook: Is anticipated to be valued at US$ 1,126.7 million in 2023 and is predicted to rise to US$ 2,432.5 million by 2033.
Artificial Intelligence (AI) in Automotive Market Growth: Is set to record a robust CAGR of 55% during the forecast period. The market holds a share of US$ 9.3 billion in 2023 while it is anticipated to cross a value of US$ 744.39 billion by 2033.
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