DUBLIN, March 4, 2024 /PRNewswire/ — ResearchAndMarkets has added the “Global Automotive ADAS Sensor Market – Outlook & Forecast 2024-2029” report.
The market research estimates that the global automotive ADAS sensors market, valued at USD 17.50 billion in 2023, is set to expand at a compelling CAGR (Compound Annual Growth Rate) of 14.06% over the next six years. This brisk pace is largely attributed to the increasing consumer demand for safety features and the growing integration of ADAS sensors in the luxury vehicle segment.
Market Trends & Opportunities: A Safety-Driven Demand
Within the market’s ecosystem, safety is paramount, and the high demand for safety features is propelling the growth of ADAS sensors, such as radar, lidar, cameras, and ultrasonic sensors. These innovations are also critical in executing safety functions and reducing the frequency and severity of road accidents, thereby opening massive opportunities for sensor manufacturers.
High Demand Propelling Luxury Vehicle Market Expansion
The integration of ADAS technologies in luxury vehicles is revolutionizing the automotive landscape. Moreover, luxury car owners’ appetite for new and advanced features is fostering a competitive environment where automakers are keen to differentiate their offerings through state-of-the-art ADAS sensors. The allure of premium brand vehicles is now not just about aesthetics and comfort but also encompasses advanced safety features and the use of sophisticated sensors to improve the driving experience.
Industry Restraints: A Price-Sensitive Sensor Market
Despite the rapid adoption of ADAS technologies, the high cost of sensors represents a significant constraint within the global market. The intricate design, research, development, and production processes associated with advanced sensor manufacturing add to the financial burden. Moreover, this potentially slows the widespread integration of these technologies.
Segmentation Insights: Leaders and Pioneers
The segmentation analysis of the market reveals radar sensors as the dominant product segment, driven by their crucial role in vehicular safety systems. The versatility and reliability of radar sensor technology are fundamental in meeting stringent safety standards globally.
Application insights indicate that the Adaptive Cruise Control (ACC) segment will lead. ACC’s ability to offer a safer and less stressful driving experience is fueling its rising adoption rate among consumers. It is also gaining traction among vehicle manufacturers. In terms of vehicle types, passenger vehicles currently dominate the market. Moreover, the advent of connected vehicles and a booming electric vehicle sector is driving this propulsion.
Geographical Analysis: APAC’s Dominant Market Position
Geographically, the APAC region commands the largest share of the automotive ADAS sensors market, surpassing 38% in 2023. Economic advancements and increased vehicle production have marked APAC as a significant player in the automotive realm.
Competitive Landscape: Innovation and Diversity
The global automotive ADAS sensors market has a high level of fragmentation, with both local and international players involved. Leading companies in this market include Robert Bosch, Continental, Infineon Technologies, NXP Semiconductors, and DENSO Corporation. Furthermore, with ongoing technological advancements, competition remains fierce, and innovation is at the core of success in this dynamic market.
