ALBANY, New York, December 4, 2017 /PRNewswire/ --
Transparency Market Research states that the global advanced driver assistance systems (ADAS) market has high degree of competition. Players operating in the global market are emphasizing on developing innovative products with a fair level of product differentiation. Some of the leading companies in the overall market are Audi AG, Continental AG, BMW AG, Delphi Automotive PLC, Denso Corporation, General Motors Company, and Ford Motor Company. The growing focus on safety with an added need to make the vehicles affordable will one of the key strategies of the companies operating in the global ADAS market. Mergers and acquisitions along with joint ventures will be some of the commonly seen developments amongst multinational as they work toward expansion and acquiring better technological talent.
According to the research report, the global advanced driver assistance systems market is likely to be worth US$43.27 bn by the end of 2025 from US$11.83 bn in 2016. During the forecast years of 2017 and 2025, the global market is projected to rise at a CAGR of 15.9%. In terms of technology, the global market is likely to be dominated by the radar sensors segment due to its growing applications. Geographically, Asia Pacific has been leading market as automation production and sales continue to be soar.
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Demand for Consumer Safety to Drive Global Advanced Driver Assistance Systems Market
Advanced driver assistance system (ADAS) markets is mainly driven by the regulatory and consumer interest in vehicular safety. ADAS applications ensure better protection of the vehicles and drivers by reducing the risk of accidents. Creating road awareness and safety of is an important aspect of automotive companies. Several large and small auto suppliers are working on the similar type of safety features which is expected to boost the market growth. Autonomous vehicles that are poised to transform the way of business model has increased the interest in ADAS solutions across the globe. Some ADAS application are still in the process or not yet launched in the market while application which are available in the market are very expensive.
The growing number of automotive companies in various developing countries are also expected to spike the demand for ADAS solutions. The growing uptake of cars in emerging economies of China and India due to improving disposable incomes has also boosted the growth of the overall market in recent years. Analysts expect that growing awareness about safety and increasing emphasis on car care are also likely to encourage car owners to make feature-rich purchases. Furthermore, ADAS is also being used to solve issues pertaining to traffic congestion in urban areas. Supportive government policies that are promoting better road safety are also help the market witness potential growth in the near future.
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High Cost of Technology to Hinder Market Growth
On the flip side, the global market is being threatened by the lack of consumer awareness. Furthermore, lack of compulsion for safety-enabled features in vehicles in developing parts of the world are also posing a challenge to the overall market. In the coming years, the high cost of ADAS systems is also dissuading several end users.
This review is based on Transparency Market Research's report, titled "Advanced Driver Assistance System Market (Type - Adaptive Cruise Control, Adaptive Head Lamp, Automatic/Intelligent Emergency Braking, Blind Spot Detection System, Cross Traffic Alert, Drowsiness Monitor System, Lane Departure Warning System, Night Vision, Park Assist, Surround View Camera System, Time Pressure Monitoring System And Others; Technology - Ultrasonic Sensors, Image Sensors, Radar Sensors, Laser Sensors, Infrared Sensors) - Global Industry Analysis, Size, Share, Growth, Trends And Forecast, 2017 - 2025".
Market Segmentation of Global Advanced Driver Assistance Systems Market:
Advanced driver assistance system Market, by Type
- Adaptive Cruise Control
- Adaptive Head Lamp
- Automatic/Intelligent Emergency braking
- Blind Spot Detection System
- Cross Traffic Alert
- Drowsiness Monitor System
- Lane Departure Warning System
- Night Vision
- Park Assist
- Surround View Camera System
- Tire Pressure Monitoring System
Advanced driver assistance system Market, by Technology
- Ultrasonic Sensors
- Image Sensors
- Radar Sensors
- Laser Sensors
- Infrared Sensors
Advanced driver assistance system Market, by Geography
- North America
- The U.S.
- Rest of North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East and Africa (MEA)
- South Africa
- Rest of MEA
- Latin America
- Rest of Latin America
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SOURCE Transparency Market Research