BLOOMINGTON, Minnesota, November 3, 2017 /PRNewswire/ --
According to a new market intelligence report by BIS Research, titled "Global Traffic Jam Assist Systems Market, 2017-2026", the global traffic jam assist systems market was estimated at $1.08 billion in 2016 and is expected to grow over $48 billion by 2026. The development of the ADAS functions for vehicles, the need to reduce vehicle congestion and accidents on the road, and the increased support from the government are some of the key factors that are driving the growth for this market.
The traffic congestion remains a major concern on the roads of both, the developed and developing countries. The constant increase in the sales of vehicles, over the past couple of years, has increased the number of cars in almost all the major cities across the globe. This drastic increase in the number of automobiles has increased the congestion on the road along with the travel time of passengers. For instance, in the United States, the cost of wasted fuel and time due to traffic jams amounted to $1200 for an average person, in the year 2016. Furthermore, the accidents caused due to human error are on the rise. A report by the National Highway Traffic Safety Administration (NHTSA), in 2015, mentioned that 94% of all car accidents, in the United States, were caused due to the human errors.
In addition to this, increase in the disposable income and a growing demand for a safe and comfortable solution to tackle the problem of vehicle congestion are some of the factors driving the global traffic jam assist systems market.
According to Haarish Ahmad, an analyst at BIS Research, "The market for automotive radar held maximum value share in the year 2016, accounting for almost 38% of the total revenue share. Extensive usage of radars for traffic jam assist systems and their higher average selling price as compared to other components is responsible for its large market share. Cameras and LiDAR are expected to grow with the highest CAGR during the forecast period. The increasing use of automotive cameras in vehicles with various levels of automation and the technological benefits of LiDAR, in terms of performance and reliability, are the main reasons for the robust growth of these components."
Radar systems were the major contributor to the market in 2016, accounting for 37.8% share in 2016 by value.
The traffic jam assist systems market was dominated by level 2 automation systems in the year 2016. However, the rapid technological advancements are expected to increase the penetration rate of level 3 traffic jam assist systems in the market.
Geographically, Europe contributed the largest share of the market revenue of the traffic jam assist systems market in 2016. At the same time, the North American region is expected to grow at the highest CAGR during the forecast period.
This market intelligence report provides a multidimensional view of the global traffic jam assist systems market, in terms of market size and growth potential. This research report aims at analyzing the various aspects of the global traffic jam assist systems market with the help of key factors driving the market, threats that can possibly inhibit the overall market growth, and the current growth opportunities that are going to shape the future trajectory of the market expansion. Further, the report provides a detailed market analysis and forecast with respect to the various components that are used in these systems, which include cameras, radars, ultrasonic sensors, LiDARs and ECUs. Additionally, on the basis of the technology level, the traffic jam assist systems market has been segmented into level 2 and level 3 type of automation.
Furthermore, the competitive landscape chapter in the report explicates the competitive nature of the global market and enables the reader to get acquainted with the recent market activities such as product launches, regulatory clearance, certifications, partnerships, collaborations, business expansion, as well as mergers and acquisitions. The research report also provides a comprehensive analysis of the market share of the major manufacturers and supply chain analysis with respect to the market.
This report is a meticulous compilation of research on more than 100 players in the market ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of more than 50 leading companies, market participants, and vendors. The report also profiles 10companies including several key players such as Continental AG (Germany), Robert Bosch GmbH (Germany), NVIDIA Corporation (the U.S.), Delphi Automotive PLC (the U.K), Denso Corporation (Japan), Infineon Technologies AG (Germany), and Mobileye N.V. (Israel), among others.
Key questions answered in the report:
What is the market size of the global traffic jam assist systems in terms of value from 2016-2026?
Which component type is dominating the global traffic jam assist systems market in terms of value?
What will be the revenue generated by the different automation levels in the global traffic jam assist systems market from 2016-2026?
Which region in the traffic jam assist systems market is expected to grow the fastest from 2016-2026?
What are the different factors driving the market forward during the forecast period?
What are the major factors challenging the growth of the global traffic jam assist systems market?
Which types of new strategies are being adopted by the existing market players to make a mark in the industry?
What was the market share of the leading manufacturers in the year 2016?
BIS Research (Business Intelligence and Strategy Research) is a global B2B market intelligence and advisory firm which focuses on those emerging trends in technology which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials & Chemicals, Aerospace and Defence, Automotive, Healthcare, Electronics & Semiconductors, Robotics & UAV and other emerging technologies.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data and other important market parameters useful in the strategic decision making for senior management.
What distinguishes BIS Research from the rest of the players is that we don't simply provide data, but also complement it with valuable insights and actionable inputs for the success of our clients.
Contact: Bhavya Banga Email: firstname.lastname@example.org BIS Research™ 9100 West Bloomington Freeway, Suite 159, Bloomington, MN 55431