Global Advanced Driver Assistance System (ADAS) Testing Equipment Market Size To Worth USD 191.2 Billion By 2033 | CAGR of 13.33%
Category: Automotive & TransportationGlobal Advanced Driver Assistance System (ADAS) Testing Equipment Market Size To Worth USD 191.2 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Advanced Driver Assistance System (ADAS) Testing Equipment Market Size is to Grow from USD 54.7 Billion in 2023 to USD 191.2 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 13.33% during the projected period.
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Browse key industry insights spread across 236 pages with 109 Market data tables and figures & charts from the report on the "Global Advanced Driver Assistance System (ADAS) Testing Equipment Market Size, Share, and COVID-19 Impact Analysis, By Product (Hardware and Software), By End-User (Automotive OEMs, Tier-1 Suppliers, Labs, and Other Institutes), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/advanced-driver-assistance-system-testing-equipment-market
Advanced driver assistance systems (ADAS) are a class of electronic devices that use cameras, sensors, and algorithms to increase driving safety and comfort. Sophisticated systems that perceive their environment and assist drivers in their comfort or safety are known as advanced driver assistance systems or ADAS devices. The growing need for advanced driver assistance systems (ADAS) in small passenger cars is anticipated to be the main driver of the market's growth. Government regulations mandating ADAS to be fitted in automobiles are also anticipated to increase demand. Rising disposable income, economic stability, and a growing desire for materialistic lifestyles are driving luxury car sales worldwide. However, the bulk of ADAS-enabled vehicles are high-end, "luxury," models, which suggests their higher prices compared to standard passenger cars can restrict market growth.
The hardware sector is anticipated to have the biggest market share.
Based on the product, the global advanced driver assistance system (ADAS) testing equipment market is categorized into hardware and software. Among these, the hardware sector is anticipated to have the biggest market share. These systems are crucial components of ADAS and must be evaluated under challenging circumstances in order to yield accurate results that improve driving. Furthermore, hardware components can be modified to meet the needs of end users, which is driving the market for ADAS testing apparatus. Automakers are utilizing and validating new ADAS testing instruments such as lidar, radar, sensors, and cameras as ADAS technology advances.
The automotive OEMs segment is anticipated to have the largest market share.
Based on the end-user, the global advanced driver assistance system (ADAS) testing equipment market is categorized into automotive OEMs, tier-1 suppliers, labs, and other institutes. Among these, the automotive OEMs segment is anticipated to have the largest market share. The market's expansion is supported by 3M automotive OEM and Tier solutions. Sales of ADAS testing equipment are expected to increase as a result of new product launches and an increase in the number of cars with ADAS. Additionally, it is anticipated that the growing demand for sophisticated and secure ADAS testing equipment in developing countries will fuel global market expansion.
North America is projected to hold the biggest share of the global advanced driver assistance system (ADAS) testing equipment market over the forecast period.
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The primary forces behind this region's growth are the advancement of technology in the automobile industry and the presence of major regional companies. The economic climate in the area has also improved, and the rate at which new technologies are being adopted has accelerated. The rising number of deaths and the increase in sales of luxury cars in countries like the US and Canada are driving the market's expansion. The demand for ADAS testing equipment may continue to be impacted by the US auto industry's rapid adoption of cutting-edge technological developments.
Asia-Pacific is predicted to grow fastest pace throughout the forecast period. The Asia Pacific region's growth can be attributed to the increased usage of advanced technology and the high level of automobile manufacturing in countries like China, South Korea, and Japan. The installation of emergency brake and adaptive cruise control systems is one of the government's initiatives to attract OEMs to the market.
Major vendors in the global advanced driver assistance system (ADAS) testing equipment market include TKH Group NV, FEV Group GmbH, National Instruments Corporation, Analog Devices, Inc, Racelogic Limited, Konrad GmbH, Oxford Technical Solutions Ltd, AVL LIST GmbH, Averna Technologies Inc, Dewesoft d.o.o, AB Dynamics plc, GeneSys Elektronik GmbH., and other key vendors.
Recent Developments
- In September 2023, the BMW Group plans to employ AWS to develop its next-generation advanced driving assistance system (ADAS) in order to develop new features for its next generation of automobiles, the "Neue Klasse," which is expected to go on sale in 2025.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global advanced driver assistance system (ADAS) testing equipment market based on the below-mentioned segments:
Global Advanced Driver Assistance System (ADAS) Testing Equipment Market, By Product
- Hardware
- Software
Global Advanced Driver Assistance System (ADAS) Testing Equipment Market, By End-User
- Automotive OEMs
- Tier-1 Suppliers
- Labs
- Other Institutes
Global Advanced Driver Assistance System (ADAS) Testing Equipment Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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