Sales of Advanced Driving Assistance System (ADAS) Testing Equipment to Grow at 12.10% as Demand for Autonomous Vehicles Continues to Rise: FMI
As per a recent market survey by ESOMAR-certified consulting firm Future Market Insights (FMI), the global ADAS testing equipment market reached US$ 222,486 Thousand in 2021.
Advanced Driver Assistance Systems Market
A recent market study published by Future Market Insights on the market offers global indu...
Development of sophisticated ADAS equipment, coupled with increasing adoption of autonomous vehicles in various countries, is identified as key growth accelerators in the report. Owing to these factors, FMI has projected the market to expand at an impressive 12.10% CAGR through 2031.
Sales of ADAS testing equipment dampened in the first half of FY'2020 due to the onset of the COVID-19 outbreak. Restrictions in movement and halted production, along with disrupted supply chains further impacted the market growth. However, recovery of the ADAS market is on card, as the market experienced year-over-year growth by 9.1% from 2020 to 2021.
In addition, stringent government regulations regarding appropriate testing of advanced and newly launched ADAS-equipped vehicles will continue driving market sales. Advancements in sensor technology and increasing incorporation of connective technology such as artificial intelligence (AI) and big data will create opportunities for expansion in the ADAS testing equipment market.
FMI’s in-depth regional analysis estimates the U.S. to lead the North American ADAS testing equipment market. Increasing cases of road fatalities have underscored the need for efficient ADAS equipment in the country, which in turn is augmenting the ADAS equipment market growth.
“Government initiatives regarding the maintenance of road safety, coupled with technological advancements in ADAS by OEMs will continue facilitating the growth of the global ADAS testing equipment market through 2031," says the FMI analyst.
- Based on product type, hardware is anticipated to record maximum sales in the ADAS testing equipment market.
- OEMs and tier-1 suppliers will emerge as prominent users of ADAS testing equipment.
- The U.S. is expected to exhibit high demand for ADAS testing equipment, with the North America market expanding at a prolific 11.30% CAGR through 2031.
- The U.K. will emerge as an attractive market, owing to stringent ADAS testing policies. FMI projects the European market to grow at a healthy 8.0% CAGR.
- Sales prospects of ADAS testing equipment are projected to be bright in China, owing to rapid adoption of high-tech ADAS testing equipment in the automotive sector.
- India will exhibit steady demand for ADAS testing equipment due to growing concerns regarding road safety and the recent influx of autonomous vehicles in the country.
- Japan and South Korea will collectively account for 14% of the total market share.
Konrad GmbH, AB Dynamics plc, National Instruments Corporation, TKH Group NV, Oxford Technical Solutions Ltd., and Racelogic Ltd. are among the leading players operating in the ADAS testing equipment market. As per FMI, top 5 players in the market are estimated to hold around 50% of the total market share.
As a part of their growth strategies, players are focusing on collaborations, mergers, and acquisitions to incorporate the latest ADAS technologies in their current product portfolios. Further, intensive research and development, coupled with private sector funding will remain among the prominent growth strategies through 2031. For instance:
- In July 2021, National Instruments Corporation and Seagate Technology Holdings, a leader in data storage solutions, announced a collaboration to launch first of its kind ADAS record offering, further enhancing their data storage and transfer services.
- In January 2021, Park Assist and ParkEyes, leading suppliers of ADAS equipment, merged with TKH Security, a part of TKH Group. The merger is aimed to strengthen TKH Group's global footprint and to expand its product line and services to cater to evolving customers' needs.
More Insights into the Advanced Driver Assistance System (ADAS) Testing Equipment Market Report
In its latest report, FMI offers an unbiased analysis of the global advanced driver assistance system (ADAS) testing equipment market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (hardware and software), end-user type (automotive OEMs, tier-1 suppliers, labs, and other institutes) and across seven regions (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa).
About the Automotive Division of FMI
The automotive division of FMI offers a novel approach and innovative perspective in the analysis of the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery across the manufacturing sector and distinctive analysis about the installed base, consumables, replacement, USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders, and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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