ADAS Calibration Equipment Market is Poised to Expand at 11.4% CAGR Through 2029 – Future Market Insights
Innovations are boosting the adoption of ADAS calibration equipment globally
According to FMI, ADAS calibration equipment market is going to witness steady growth through 2020-2029. Manufacturers are focussing on growth strategies and incorporating advanced features to consolidate their position.
“Adoption of ADAS in mid-range vehicles especially in East Asia is contributing to an excellent growth trajectory,” opines FMI.
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ADAS Calibrations Market– Key Highlights
- ADAS calibrations market size will surpass US$ 628 million by 2029.
- Due to a stringent safety rules, passenger vehicles require ADAS calibrations equipment, which is fuelling adoption.
- Automotive OEM holds a considerable share backed by improving spending capabilities on cutting edge technologies in ADAS sector.
- Europe will continue to remain a leading region and create substantial opportunities for market players.
ADAS Calibrations Market – Driving Factors
- Increased adoption for manufacturing steering, braking and monitoring systems has led to a steady market growth of ADAS calibrations market.
- Automotive legislations and safety regulations by the government are likely to bolster the growth aspects of the market.
- Use of ADAS expands when installed in vehicles as it widens parameter range and improves performance quality.
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ADAS Calibrations Market – Key Restraints
- Limited functionality and high cost remain key impediments
- Low awareness regarding ADAS systems has created bottlenecks for its adoption.
Impact on Market by Coronavirus Outbreak
Due to restrictions on automobile industry, this market has faced a negative impact due to COVID. Manufacturers faced loss in terms of work flow as well profit generation. Shortage of raw materials posed a significant threat to the market too. Vehicle sales declined to 20% in USA while 16% in Europe in 2020. Shutting down of plants and reduced demand has affected the market negatively.
Companies are following unique strategies to expand their supply chains by collaborating with major industries. Leading players are working on cost-efficient solutions and investments.
Manufacturers are focussing on R&D investment to present new technique with better performance quality. Key players include The Burke Porter Group, Robert Bosch GmbH, Hofmann Megaplan GmbH, Mahle GmbH, Cojali S.L., HELLA GmbH & Co. KGaA, Launch Tech Co. Ltd., TEXA S.p.A., and Autel Intelligent Technology Corp etc.
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