ADAS Market to Reach $122.86 Billion by 2031 - Exclusive Report by Meticulous Research

REDDING, Calif., May 13, 2024 /PRNewswire/ -- Meticulous Research—a leading global market research company, published a research report titled, "ADAS Market by Type (Blind Spot Detection Systems, Automatic Emergency Braking Systems), Automation (Level 1, 2, and 3), Component (Vision Camera Systems, Sensors), Vehicle, End Use (Passenger, Commercial), and Geography—Global Forecast to 2031,' the ADAS market is projected to reach $122.86 billion by 2031, at a CAGR of 14.6% during the forecast period.

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The growth of the ADAS market is driven by stringent vehicle safety regulations, the rising demand for luxury cars, and the increasing integration of safety and comfort features in high-end vehicles. However, the lack of supporting infrastructure in developing countries restrains the growth of this market.

Moreover, the emergence of autonomous vehicles, increasing developments in the autonomous shared mobility space, and the rising adoption of electric vehicles are expected to generate market growth opportunities. However, environmental and data security risks and the high costs of implementing ADAS are major challenges for the players operating in this market.

The global ADAS market is segmented based on system type (adaptive cruise control systems, blind spot detection systems, automatic parking systems, pedestrian detection systems, traffic jam assistance systems, lane departure warning systems, tire pressure monitoring systems, automatic emergency braking systems, adaptive front-lighting systems, traffic sign recognition systems, forward collision warning systems, driver monitoring systems, and night vision systems), level of automation (level 1, level 2, and level 3), component (vision camera systems, sensors, ECU, software, and actuators), vehicle type (internal combustion engine, hybrid, and electric vehicles), end use (passenger vehicles and commercial vehicles), and geography. The study also evaluates industry competitors and analyses the regional and country-level markets.