Demand for NexGen safety features to push up ADAS calibration equipment market – ET Auto
The global market for Advanced driver assistance systems (ADAS) calibration equipment is anticipated to produce a value of USD 911.2 million in 2033, with sales increasing at a fantastic compound yearly growth rate (CAGR) of 12.6% from 2023 to 2033, according to a recently published study by Future Market Insights.
The target market, estimated at USD 277.8 million in 2023, is influenced by rising consumer demand for cutting-edge safety features in automobiles.
ADAS integration has made ADAS calibration equipment more prominent. Due to its capacity to improve safety, lower the risk of accidents, and provide improved comfort while driving, ADAS are more popular in the newest generation of automobiles. These elements are crucial to the market expansion for ADAS calibration equipment.
From 2018 to 2022, the ADAS calibration equipment market saw a consistent CAGR of 6.3 percent, growing to reach USD 249.2 million by that year. The ADAS calibration equipment market is growing due to the automotive industry’s quick development and the rising use of sophisticated driving technologies.
The usage of ADAS technology is anticipated to increase, which should increase demand for ADAS calibration equipment globally. The market for ADAS calibration equipment will also grow in the next few years due to rising rates of traffic accidents and the adoption of stricter rules for the enhancement of passenger safety.
Also, in recent years, equipment for calibrating sophisticated driver aid systems has been developed. It is predicted that this factor would present opportunities for market makers.
Improved market possibilities are another benefit of integrating IoT and artificial intelligence (AI) into ADAS calibration equipment. Sales are anticipated to increase in the upcoming years due to the rapid deployment of ADAS calibration equipment by automobile OEMs and service centres.
Implementing stringent safety requirements is a significant trend that will boost sales. Nevertheless, issues including a lack of knowledge about the technology and its unavailability in some regions of the world are anticipated to impede the expansion of the market for ADAS calibration equipment globally.
Leading industry companies are concentrating on producing improved ADAS calibration equipment. These businesses also use a range of merger and acquisition techniques to improve their market position. For instance, Autel unveiled IA900WA, a revolutionary wheel alignment and ADAS calibration frame, in April 2022.