Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) — The “Thermal Management Market for ADAS: A Global and Regional Analysis, 2023-2033” report has been added to ResearchAndMarkets.com’s offering.
This report provides a detailed global and regional analysis for the period of 2023-2033. The report delves deeply into the pivotal role of thermal management in supporting the functionality and longevity of ADAS sensors within the automotive industry.
The market, valued at $151.2 million in 2022, is forecasted to expand at a robust compound annual growth rate (CAGR) of 24.06%. This impressive growth trajectory is anticipated to elevate the market’s valuation to $1,409.5 million by the end of 2033. Key factors contributing to this surge include the escalating demand for autonomous driving technologies and the integration of semi-autonomous and autonomous vehicles into public transport.
Highlights of the Thermal Management Market for ADAS:
- Passenger vehicles continue to lead the segment within the ADAS market, attributed to significant investments in autonomous driving research and development.
- The internal combustion engine vehicles segment shows considerable growth potential; however, electric vehicles are projected to dominate in the long term due to the global shift towards electric mobility and their growing inclusion of ADAS features.
- Semi-autonomous vehicles emerge as a major segment, underpinned by the automotive industry’s rapid advancement towards higher levels of vehicular autonomy.
- Camera sensors are classified as the predominant sensor segment in the market, playing a critical role in the ADAS functionality for object detection and lane monitoring.
In the latest analysis, the Asia-Pacific region is identified as the leading contributor to market growth, supported by a strong manufacturing base and rising sales of semi-autonomous vehicles. Furthermore, burgeoning markets worldwide, particularly in emerging economies, are poised to offer significant growth opportunities due to increasing demands for safe and efficient transportation.
Recent Strategic Developments:
- Product Innovations: Top industry players have introduced groundbreaking materials designed to enhance heat dissipation for electronic components inherent in ADAS, underscoring the commitment to innovation.
- Global Expansions: Market leaders have extended their presence internationally, establishing new production sites to cater to the growing demand for silicones in automotive applications.
- Regulatory Advancements: With regulations evolving to facilitate autonomous mobility, the market is poised to unlock new opportunities, further driving demand and sales of autonomous vehicles.
- Industry Collaborations: Partnerships and agreements continue to shape the competitive landscape, empowering companies to consolidate their market positions and harness technological advancements.
|No. of Pages
|2023 – 2033
|Estimated Market Value (USD) in 2023
|Forecasted Market Value (USD) by 2033
|Compound Annual Growth Rate
- Avient Corporation
- PARKER HANNIFIN CORP.
- Henkel AG & Co. KGaA
- Wacker Chemie AG
- MG Chemicals
For more information about this report visit https://www.researchandmarkets.com/r/w1jxgp
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- Global Thermal Management Market