According to a report published by Grand View Research, Inc.; the advanced driver assistance systems (ADAS) market is expected to reach a valuation of around USD 67.43 billion by 2025.
Increasing use of these systems in small or compact cars is the major factor that can drive the market during the forecast period (2014 to 2025). In addition, rising government efforts to encourage the adoption of ADAS to reduce the number of road accidents is likely to support the market growth.
Technological innovation and rising focus towards the vehicle automation and autonomous cars has increased the demand for assistance system to ensure drivers safety. Several advanced systems or features including road sign recognition system, night vision, tire pressure monitoring system, and drowsiness monitoring can have positive impact on the market. Additionally, demand for traditional systems such as autonomous emergency braking system and adaptive cruise control are also likely to increase due to increasing government strategies to improve road safety and cut the rate of road accidents.
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However, low level of awareness among the car owners can hinder the market growth. Also, high cost of these system will increase the price of a vehicle.
Worldwide advanced driver assistance systems (ADAS) market can be segmented on the basis of solution type, component type, interior design, and region.
Based on solution type, the market can be bifurcated into adaptive cruise control, park assistance, lane departure warning system, blind spot detection system, tire pressure monitoring system (TPMS), adaptive front lights, autonomous emergency braking, and others.
TPMS segment dominated the market in 2016, due to its high aftermarket installation in small and medium car segments due to its low price. The adaptive cruise control segment is projected to grow at CAGR of 19.0% during the forecast period due to increasing government regulation in the U.S. and Europe. The autonomous emergency breaking system segment is anticipated to expand at CAGR of 22.0% during the projected period.
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As per component type, the market can be classified into processor, sensors, software, and others. On the basis of interior design, the market can be split into passenger car and commercial vehicle.
ADAS is majorly implemented in high-end luxury cars due to high price of these system. In commercial vehicles sector, the light commercial vehicles estimated for the major market share in 2016. However, the heavy commercial vehicles are likely to increase demand for these systems through 2020 due to increasing government regulations.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
In 2016, North America estimated for the major market share of over 34% share. Factors such as frequent technological innovations and high adoption rate of new technologies, greater infrastructure facilities for manufacturing, strong economic condition, and existence of major companies are driving the market growth in this region.
Asia Pacific market is expected to grow swiftly due to rapid developments across the emerging countries such as India and China. This region is expected to grow with CAGR of 20.5% during 2017 to 2025. Rising sales of high-end vehicles with advanced driver safety features, especially in India due to rising concerns regarding road accidents can support the market growth in this region.
Europe is expected to show reasonable growth due to early adoption of these systems and saturation with existing ADAS functionalities in European markets. However, European Union has passed a bill to mandate the use of cruise control systems in heavy commercial vehicles through 2020. This is expected to boost the demand for these systems in the coming years.
Prominent players operating in the market include Magna International, Inc.; Autoliv Inc.; Continental AG; Magna international; and Wabco Holdings Inc.
The participants in the market are adopting strategies such as mergers and acquisition to maintain the variation in product portfolio and to gain higher share in the market. Technological innovation and low prices are the crucial competitive parameters in the market.
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