Advanced Driver Assistance Systems Market Overview
The advanced driver assistance systems (ADAS) market is valued at USD 36.80 billion in 2021 and it is expected to reach USD 92.09 billion by 2027 registering a CAGR of over 16.70% during the forecast period 2022-2027. The growing production of vehicles with integrated ADAS features in the wake of rising awareness toward comfort and safety of passengers and government regulations mandating safety features are expected to drive demand in the market. Moreover, the rising acceptance of self-driving or automated vehicles further contributes to the enhanced growth of the market. The recent technological advancements in the fields of artificial intelligence, machine learning, and other sensors like RADAR, LIDAR, GPS, and computer vision, have enabled manufacturers to increase self-driving capabilities in cars.
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Advanced Driver Assistance Systems Market – Geographical Overview
China is one of the largest automotive markets across the world, and more than 20.17 million passenger cars were sold in the country in 2020 and recorded a 5.89% of yearly decline in sales compared to 2019. The Chinese government is focusing on several advanced vehicles technology, like ADAS features, along with electric mobility. With that, major automakers in the region are updating their portfolio with the introduction of the new level 2 and level 3 ADAS features. For instance, In May 2021, the HAVAL brand of Great Wall Motor Co. Ltd launched the new Chitu compact SUV, and it is equipped with a 1.5L turbocharged engine (maximum power output of 135kW, peak torque of 275Nm) in combination with a 7-speed wet dual-clutch transmission. In addition, the vehicle includes a Level 2 ADAS system, with varying functions depending on the version.
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Mordor Intelligence has segmented the global advanced driver assistance systems market based on type, technology, vehicle type, and geography:
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