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Advanced Driver Assistance Systems Market Value to Reach $72.2 Billion by 2030, Says P&S Intelligence
Moreover, the rise in the acceptance of safety features in passenger vehicles and government support in terms of guideline implementation and financial benefits are contributing to the market growth.
The tire pressure monitoring system category has the largest revenue share, of over 18%. The snowballing incorporation of electronic systems in vehicles, escalating need for tire pressure management, rising awareness about vehicle safety, surging concentration on improving the service life of tires, and mushrooming manufacturing of vehicles are driving this category.
The category of adaptive cruise control system also had a substantial share in the past. This can be credited to the growing number of vehicles on the road, rising popularity of ADAS in developing countries, increasing occurrence of traffic jams, and shift of consumers to vehicles with advanced driving technologies.
North America held the largest revenue share, of above 34%, in recent years, and it will continue its dominance in the coming years. This can be credited to the presence of a huge number of car owners, rising demand for ADAS-equipped vehicles, and reducing cost of systems and sensors, which is motivating OEMs to add ADAS features in their models.
The APAC market will grow at the highest rate in the coming years, owing to the easy accessibility of vehicle sensors. Additionally, the productive electronics industry, increase in the number of vehicles used to transport goods, and surge in private car ownership are propelling the market.
In 2021, the Europe region accounted for a significant share, and it is expected to grow at a considerable rate in the coming years. The EU plans to eliminate road accident fatalities altogether by 2030, for which it is increasingly focusing on vehicle and passenger safety.
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Prajneesh Kumar
P&S Intelligence
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