ADAS Aftermarket to Reach US$ 3,040.6 Million by 2034 with 9.4% CAGR | Fact.MR Report

The global ADAS aftermarket is projected to be valued at approximately US$ 1,238.2 million in 2024, with expectations to escalate to around US$ 3,040.6 million by 2034, reflecting a compound annual growth rate (CAGR) of 9.4% during the period from 2024 to 2034.

This sector is on the brink of substantial advancement, fueled by promising growth opportunities such as the electrification of vehicles, the shift towards autonomous driving, and the incorporation of multifunctional sensors in the rapidly evolving automotive industry.

The increase in vehicle electrification serves as a significant catalyst, providing considerable avenues for growth. Key players in the industry are making substantial investments in autonomous vehicle technologies, acknowledging their critical importance in the automotive domain. A fundamental requirement for achieving vehicle automation is the effective integration of ADAS.

Organizations are diligently striving to attain a high degree of vehicle automation by integrating various ADAS sensors, including radar, LIDAR, and cameras. These multifunctional sensors, which are particularly common in electric and autonomous vehicles, offer promising opportunities, thereby enhancing the growth potential of the ADAS aftermarket.

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Key Takeaways from Market Study:

• Global ADAS aftermarket projected to grow from US$1,238.2 million in 2024 to US$3,040.6 million by 2034, at a CAGR of 9.4%.
• North America ADAS aftermarket expected to grow at a CAGR of 8.3% through 2034, with the United States holding an estimated 85.1% market share in 2024.
• East Asia ADAS aftermarket anticipated to exhibit a CAGR of 10.5% through 2034, with China commanding a significant share of 81.7% in 2024.
• Passenger cars segment projected to hold a 58.1% market share in 2024.
• OES (Original Equipment Suppliers) segment expected to dominate with a 60.3% share in 2024.
• Technological complexities, including installation, calibration, and maintenance challenges, may hinder market growth.

Leading Players Driving Innovation in the ADAS Aftermarket:

Robert Bosch GmbH; Continental AG; ZF Friedrichshafen AG; Denso Corp.; Aptiv Plc; Valeo SA; Magna International Inc.; Veoneer Inc.; Aisin Corporation

Key Growth Drivers of the Global ADAS Aftermarket:

Heightened Focus on Vehicle Safety: Both consumers and regulatory agencies are placing a greater emphasis on safety, resulting in an increased demand for Advanced Driver Assistance Systems (ADAS) such as collision avoidance and lane departure warning technologies.

Growing Acceptance of Autonomous Vehicles: The transition towards self-driving technology requires sophisticated ADAS capabilities, thereby enhancing the aftermarket as vehicles are modified to include these advanced systems.

Technological Progress: Ongoing advancements in sensors, cameras, radar technologies, and software improve the functionality and attractiveness of ADAS, encouraging consumers to upgrade their vehicles with these modern features.

Vehicle Electrification Trends: The rising trend of electrification within the automotive sector facilitates the incorporation of ADAS, as electric vehicles typically include advanced driver assistance technologies, which in turn motivates similar enhancements in traditional vehicles.

Urban Growth and Traffic Challenges: The escalation of urbanization results in more crowded roadways, leading drivers to pursue technologies such as ADAS that improve safety and convenience in high-traffic environments.

Country-wise Insights:

The ADAS (Advanced Driver Assistance Systems) aftermarket in the United States is projected to experience steady growth, driven by proliferating automobile sales and increasing integration of ADAS technologies in vehicles. In 2024, the U.S. market is valued at US$ 260.5 million, with an expected expansion at a CAGR of 8.2% from 2024 to 2034, reaching US$ 573.5 million by the end of the forecast period. The country is anticipated to hold 84.2% of the North American ADAS aftermarket by 2034, supported by the presence of leading automotive and spare parts manufacturing firms.

Additionally, improved economic conditions in the automotive sector, rising mortality rates, and the growing demand for high-end vehicles contribute significantly to market expansion. The rapid adoption of ADAS features, such as lane departure warning, adaptive cruise control, and automatic emergency braking, further accelerates the aftermarket growth in the region.

ADAS Aftermarket News:

• Robert Bosch GmbH stands as a prominent global provider of automotive components and technology, particularly recognized for its pioneering contributions to Advanced Driver Assistance Systems (ADAS), including sensors, cameras, and control units.
• In November 2022, Continental is set to launch its Advanced Driver Assistance Systems (ADAS) solutions, utilizing Ambarella's "CV3" artificial intelligence (AI) system-on-chip (SoC) family. This collaborative effort incorporates high-performance, energy-efficient, and scalable SoC technology tailored specifically for ADAS applications. This partnership enhances Continental's portfolio of assisted driving solutions, driving forward the evolution of vehicle automation capabilities.

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More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the ADAS aftermarket, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study reveals essential insights based on the vehicle type, sales channel, and region. By vehicle type, the market includes passenger cars, light commercial vehicles, and heavy commercial vehicles, with passenger cars holding a significant share due to the rising adoption of advanced safety features. In terms of sales channels, the market is divided into OES (Original Equipment Suppliers) and IAM (Independent Aftermarket), where OES dominates due to strong manufacturer support and direct integrations.

Geographically, the ADAS aftermarket spans across North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East & Africa, with North America and East Asia leading due to technological advancements and regulatory initiatives promoting vehicle safety enhancements.

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