The ADAS calibration equipment market has been significantly impacted by the ongoing coronavirus pandemic in 2020. Restrictions on operations and supply chains of the global automotive industry in addition to shortages of manpower and components owing to supply chain disruptions has limited short term growth of the industry.
According to analysts from Future Market Insights (FMI), the ADAS calibration equipment industry is expected to display a very impressive 11.4% CAGR for the assessment period between 2020 and 2030. As per the latest report the market is likely to gain ground with investments in the automotive industry towards technology needed for autonomous driving functions.
The ADAS calibration equipment sector will largely display an upward trajectory for the duration of the projection period, driven by frequent innovations in ADAS camera and sensor technology and product development investments by calibration equipment manufacturers. On the other hand, the high costs of ADAS systems, lack of consumer awareness, and applications restricted primarily to premium vehicles limit demand for ADAS calibration equipment.
Request a report sample to gain comprehensive market insights @ https://www.futuremarketinsights.com/reports/sample/rep-gb-10513
- The advanced driver assistance system calibration equipment market size was valued at over 226 million in 2019, with demand slipping significantly during the covid-19 pandemic, owing to strict lockdown regulations restricting automotive production operations.
- Passenger vehicle applications of ADAS calibration equipment are major contributors to revenue, aided by favorable safety regulations imposed by the EU government, and higher global demand for premium vehicles.
- Automotive OEMs hold a larger market share than that of service stations and tier 1 suppliers, on the back of spending capabilities for large-scale use of cutting-edge tech in the ADAS sector. However, services stations are also projected to reflect a sharp rise through 2030.
- Europe will remain a leading regional market for ADAS calibration equipment through 2030, with lucrative opportunities arising from the presence of international automotive manufacturers and favorable regulations assisting market growth for the long term.
“Rising demand for advanced features in passenger vehicles is a key factor boosting the demand for ADAS calibration equipment. East Asia is projected to display rapid growth in the coming decade, with rising adoption of ADAS in mid-range vehicle offerings,” says a lead analyst at FMI.
Covid-19 Impact on Advanced System Driver Assistance Calibration Equipment Market
The covid-19 pandemic has had a negative impact on the ADAS calibration equipment market. Restrictions on the automotive industry have resulted in delays in terms of automotive production, which has resulted in a significant slump in short term demand.
In addition, ADAS calibration equipment manufacturers are also facing challenges in terms of cash flow, reduced access to manpower and a shortage of component supplies, which are hindering operations in the industry.
However, the market is likely to display strong recovery towards 2021, with relaxation on lockdown restrictions, pending automotive production orders, and the transition towards electric vehicles, which are expected to generate lucrative opportunities for manufacturers in the years to come.
For Information On The Research Approach Used In The Report, Ask Analyst @ https://www.futuremarketinsights.com/ask-question/rep-gb-10513
Who is Winning?
Future Market Insights has provided a comprehensive analysis of the strategies being employed by players in the largely consolidated ADAS calibration equipment market. Manufacturers are primarily investing in product development strategies, with the integration of cutting-edge automotive technologies to consolidate market position over competitors with a wider-ranging portfolio.
The Burke Porter Group, Robert Bosch GmbH, Hofmann Megaplan GmbH, Mahle GmbH, Cojali S.L., HELLA GmbH & Co. KGaA, Launch Tech Co. Ltd., TEXA S.p.A., and Autel Intelligent Technology Corp. Ltd. are some of the more prominent participants in the ADAS calibration equipment market.
About Testing Equipment Division at Future Market Insights
The Testing Equipment division of FMI is a specialized department catering to unique requirements in the industry. Exclusive coverage of the testing equipment market includes valuable information on regular, compliance, destructive, and non-destructive testing services and associated equipment. The team also executes several complex projects pertaining to the area of manufacturing and process industries, research and academia, testing and certification institutions, government agencies dealing into scientific and environmental research, and defense organizations. Our research studies are trusted and widely referred by stakeholders for gaining insights and developing cutting edge strategies.