ADAS test equipment market to top $202bn by 2033
The advanced driver assistance system (ADAS) test equipment market is expected to grow to over $202bn in the next decade, up from $56.4bn this year.
The integration of ADAS in passenger cars, driven by the growing awareness of safety and comfort and the use of artificial intelligence has fuelled market growth. Government mandates in countries like the United States, Japan, China, and Germany requiring 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. This is driving an overall growth of 13% CAGR to 2033 says the report by Future Market Insights.
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 are using AI and advanced features to support drivers, reducing distractions and alleviating their workload. 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.
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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 with a CAGR of 12.8% in the US, 13.3% in China and 10.2% in the UK.
The hardware segment is projected to secure a CAGR of 14.4% in the forthcoming years.
Advanced Driver Assistance System (ADAS) Testing Equipment Market by Future Market Insights
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