Latest News- Automotive Adas Aftermarket Market: Passive park assists is expected to lead the Technology segment during 2025-2029

The Automotive Adas Aftermarket Market is being driven by Decline in sensor prices

The Automotive Adas Aftermarket Market is expected to grow at a CAGR of 13.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 5211.8 million. The global aftermarket for Automotive Advanced Driver-Assistance Systems (ADAS) is experiencing significant growth due to the increasing number of vehicles on the road. However, a notable challenge impeding market expansion is the scarcity of proficient automotive technicians capable of calibrating these complex technologies. Factors such as the absence of a well-defined career path, unequal compensation packages, and extended working hours contribute to the shortage of skilled technicians worldwide. Regulatory bodies in developed economies, including the US, anticipate robust demand for competent automotive technicians during the forecast period, owing to the escalating requirement for repair and maintenance services. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Technology
  • Passive park assists
  • FCWS and LDWS
  • Others
• Vehicle Type
  • Passenger vehicles
  • Commercial vehicles
• Channel
  • OEM-fitted ADAS
  • Independent aftermarket
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Decline in sensor prices
• Priority of automotive safety among customers
• Stringent regulations promoting adoption of ADAS

However, the market also witnesses some limitations, which are as follows:

• Adoption of active ADAS technologies by OEMs
• Lack of trust in ADAS leading to uncertainty in user acceptance of aftermarket ADAS
• Shortage of skilled automotive technicians

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Market Scope in Automotive Adas Aftermarket Market Research Report

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Research Analysis Overview

The Automotive ADAS (Advanced Driver-Assistance Systems) aftermarket encompasses a range of offerings, including ADAS Hardware, Components, Modules, Controllers, Processors, Algorithms, Mapping, Localization, Validation, Testing, Simulation, Training, Education, and Awareness. These solutions enhance Safety, Efficiency, Comfort, and Convenience, resulting in Cost Savings, Fuel Economy, Emissions Reduction, Accident Prevention, and Alcohol Detection. Connected and Autonomous Vehicles, from Level 0 to 5, leverage ADAS Technology. Vision is the foundation, and the ADAS Roadmap outlines continued advancements.

Market Research Overview

The global automotive components and equipment market encompasses businesses producing parts and accessories for various automobile categories, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by manufacturers of automotive components and equipment. Key growth drivers in this sector include the surge in electronic components utilization in automobiles. The escalating sales of EVs, motorcycles, and PCs have significantly boosted the demand for electronic control units (ECUs) and other electrical components in the past decade. Furthermore, the integration of Advanced Driver-Assistance Systems (ADAS), such as Lane Departure Warning, Adaptive Cruise Control, and Automatic Emergency Braking, in modern vehicles is expected to fuel market expansion. Autonomous driving technology is another significant trend, as it offers enhanced safety and convenience features for consumers.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/