Study: Global ADAS Market Project to Reach $57 Billion by 2030
Advanced driver-assist systems (ADAS) will be a strong market sector for the remainder of the decade, with a forecasted CAGR of 18% annually through 2030.
A recent study published by Straits Research forecasts a huge upsurge in demand for advanced driver-assist systems (ADAS) through the remainder of the decade. Currently valued at $12.7 billion, the global ADAS market is expected to surpass $57 billion by 2030, with a compound annual growth rate (CAGR) of more than 18%, as originally reported by Aftermarket News. Increases in consumer demand combined with more disposable income, greater adoption by OE manufacturers and more stringent government mandates were all cited as contributing factors.
Among the three major regions cited in the study—North America, Europe and Asia-Pacific—North America has the biggest global market share, with 37.1% in 2021, though the Asia-Pacific region is expected to grow at a more rapid rate over the course of the decade. This is due in part to the fact that the region is home to a number of Tier-1 suppliers of ADAS components for OE manufacturers with assembly facilities in the region, most notably GM and Volkswagen Group.
Other factors cited as contributing to the expansion of the ADAS market included increased levels of urbanization and increases in traffic accidents. More than 1.3 million people are killed in vehicle accidents each year, and ADAS can help reduce the frequency and severity of road accidents and increase safety levels for motorists and pedestrians alike.
Exhibitors: Take Advantage of Free Product Entry at SEMA Show New Products Showcase
The New Products Showcase is an essential stop for Show attendees looking for the latest developments in specialty-equipment trends and technology.
Exhibiting at the SEMA Show and entering at least one product in the New Products Showcase puts your latest products in front of thousands of qualified buyers from every segment of the specialty-equipment industry. The best part: the first product you enter is free.
- The first product entered in one category in the New Products Showcase is FREE!
- Additional $75 per product category before October 7.
- After October 7, the cost is $150 per entry.
- No refunds provided after October 7.
- Entries submitted on-site will be accepted on a space availability basis.
The New Products Showcase is considered by many media and buyers to be the No. 1 destination to discover what’s new at the SEMA Show. Even if a product does not qualify as “new,” exhibitors are able to enter it as a featured product and still attract eyeballs to the item. All submissions are also professionally photographed in a mock studio on a white seamless background. The photos are shared and used by media in SEMA Show coverage and are also available to exhibitors to use for marketing purposes. For more information on New Products Showcase display guidelines, visit www.SEMAShow.com/esm.
Truck Hero Rebrands, Now to be Known as RealTruck
Now rebranded as RealTruck, the Truck Hero organization employs more than 5,000 people in more than 35 locations across North America.
RealTruck, the online retailer of aftermarket truck parts and accessories, will become the new name of the Truck Hero organization, effective immediately.
RealTruck.com has operated as Truck Hero’s e-commerce arm and consumer brand since 2015. As truck owners’ preferences and purchase patterns evolve, the name change reinforces the company’s commitment to grow consumer awareness and interest in the truck accessories category and to continue to deliver exceptional value and experiences to consumers. This, in turn, will benefit the company’s dealer and installer partners.
“When we started the company nearly 20 years ago, we were a small manufacturer of truck-bed covers with approximately 180 employees,” said Bill Reminder, founder and CEO. “Over the years, we grew Truck Hero into one of the most respected names in the aftermarket industry with more than 5,000 employees and 35 locations across North America. Our journey and success continue today as RealTruck. This important and exciting milestone supports our long-term growth strategy, ongoing commitment to product innovation, and alignment with the way consumers now learn about and purchase their truck, Jeep and off-road accessories.”
Free Parking Available to SEMA Show Attendees at Select Las Vegas Hotels
SEMA Show attendees can take advantage of free parking at select hotels by booking through the SEMA Show Block.
Driving to the SEMA Show this year? Show exhibitors and attendees preparing for the 2022 SEMA Show can lock in the guaranteed lowest hotel rate now by booking in the SEMA Show block and can take advantage of free parking at a number of participating hotel casinos. This can result in a considerable cost savings since parking is scarce (and expensive) during Show Week.
The following hotels all offer free parking for attendees who book through the SEMA Show Block.
- Cosmopolitan of Las Vegas ($269/night)
- Downtown Grand Las Vegas ($125.50/night)
- Encore ($265/night)
- Golden Nugget Las Vegas Hotel & Casino ($138/night)
- Hilton Grand Vacations Club Flamingo ($282/night)
- Hilton Grand Vacations Club Paradise ($281/night)
- OYO Hotel and Casino Las Vegas ($130/night)
- Palace Station ($115/night)
- Sahara ($225/night)
- The Stratosphere ($139/night)
- Tropicana ($105/night)
- Westin ($223/night)
- Wynn ($265/night)
The SEMA Show also provides shuttle service to and from the Show for the hotels listed that are not within walking distance to the Las Vegas Convention Center.
There are more than 45 hotels available in the block. For more information on the hotels listed, visit www.SEMAShow.com.