Automotive Advanced Driver Assistance System(ADAS) Market - Analysis, Size and Forecast 2023-2027
Originally published on Technavio. The automotive Advanced Driver Assistance System (ADAS) market is poised to grow by USD 25,673.24 million at a 9.3% CAGR from 2022 to 2027, driven by factors such as declining sensor prices, increased travel time, and regulatory mandates promoting ADAS adoption. The comprehensive analysis encompasses historical data from 2017 to 2021 and explores key drivers, trends, challenges, and the customer landscape, assisting companies in refining marketing strategies and gaining a competitive edge.
One of the primary drivers behind the growth of the ADAS market is the reduction in sensor prices, which has enabled automotive OEMs to offer cost-effective ADAS technologies to customers. This trend has been facilitated by the automotive industry's growth and the widespread adoption of displays, resulting in more affordable ADAS products incorporating cameras, radars, and LiDAR sensors. As a result, vendors are developing compact solutions suitable for a broader customer base, fostering increased demand for ADAS in vehicles.
Another significant trend contributing to the ADAS market's expansion is the integration of map content into ADAS systems. Companies like TomTom International BV have developed advanced ADAS maps that provide additional data sources beyond onboard sensors, allowing ADAS to anticipate road conditions and make informed decisions. This integration enhances the functionality of ADAS technologies such as Adaptive Cruise Control (ACC) and Traffic Sign Recognition (TSR), driving further market growth.
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However, a major challenge facing the ADAS market is the high service and maintenance costs associated with these systems, particularly in emerging economies where customers are price-sensitive. The substantial repair expenses for ADAS components, such as radar sensors, deter customers from adopting this technology, particularly in regions like the US, where repair costs can exceed USD 2,000. Addressing these cost concerns is crucial for boosting customer preference and accelerating market growth.
The report also offers insights into the market's customer landscape, mapping adoption rates across different regions and highlighting key purchase criteria and drivers of price sensitivity. This information equips companies with valuable insights to evaluate and develop effective growth strategies tailored to specific market segments and regions.
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