ADAS Market Poised for Growth
September 23, 2016 | Transparency Market ResearchEstimated reading time: 2 minutes
The global advanced driver assistance systems (ADAS) market is expected to be competitive in nature in the years to come as new entrants are likely to compete with the already existing companies. Some of the top performing companies operating in the global advanced driver assistance market are BMW AG, Autoliv Inc., Robert Bosch GmBH, Continental AG, and Denso. Automotive manufacturers are aiming at passenger/driver safety owing to stringent government rules. To assure more comfort and safety of the passengers and drivers, manufacturers are adopting various ADAS features. Transparency Market Research (TMR), in its new report, states that the global ADAS market is driven by the growing automotive industry.
The global advanced driver assistance systems market is expected to reach US$50.48 bn by 2020. By type, the tyre pressure monitoring system segment is expected to surpass the adaptive cruise control segment, to dominate the global market by 2020. "The tire pressure monitoring system segment is predicted to register a 21.10% CAGR from 2014 to 2020," states a TMR analyst. Globally, the rising disposable income is expected to propel the demand for advanced driver assistance systems.
Safety Regulations to Boost North America ADAS Market
By region, the global advanced driver assistance systems market is dominated by North America, followed by Europe. The compulsion on tyre pressure monitoring systems in passenger cars and safety regulations is expected to propel the demand for advanced driver assistance systems in both these regions. Over the forecast period, the changing buyer preferences, improving lifestyles, and the rising demand for vehicles are expected to drive the Asia Pacific advanced driver assistance systems market. In Rest of the World, the Middle East and Africa and Latin America are predicted to contribute massively owing to favorable policies.
Safety Regulations to Boost Demand for ADAS
Manufacturers of vehicles are concentrating on fulfilling the basic needs of driver/passenger safety. In many nations, governments have made it mandatory for the auto manufacturers to add advanced safety features in vehicles to assure safety. The manufacturers of luxury vehicles are taking efforts to add innovative safety measures in the vehicles. All this is expected to propel the global demand for advanced driver assistance systems.
Cost Pressure to Hamper the ADAS Market
Technological advancements have definitely assisted the growth of many industries. However, it also has increased the costs of equipment and utility services. In the global automotive industry, manufacturers are focusing on introducing highly advanced auto parts. High prices of highly advanced auto parts is a challenge for the automakers. Most of the advanced driver assistance systems are highly priced, which is one of the key factors expected to hamper the growth of the global market. Production complexities associated with various environmental factors affecting the performance of the system is also expected to restrict the growth of the global advanced driver assistance systems market.
Rising Number of Autonomous Vehicles to Create Growth Opportunities
The number of vehicles manufactured is increasing every year. Manufacturers are focusing on introducing luxury cars, semi-luxury cars, SUVs and small cars. Different driver assistance systems are being introduced by key companies as per the vehicle types. The rising deployment of advanced driver assistance systems is expected to create new growth opportunities for key companies operating in the global market for ADAS, states a TMR analyst.
This information is based on the findings of a report published by Transparency Market Research titled “Advanced Driver Assistance Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2013 - 2020.”
Suggested Items
Industrial PC Market Size to Record $1.75 Billion Growth from 2023-2027
05/03/2024 | PRNewswireThe global industrial pc market size is estimated to grow by USD 1.75 billion from 2023 to 2027, according to Technavio. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of almost 6.29% during the forecast period.
Real Time with… IPC APEX EXPO 2024: Direct Imaging Equipment and Quad-wave DLP Light Engine Technology
05/03/2024 | Real Time with...IPC APEX EXPOGuest Editor Kelly Dack and MivaTek's Brendan Hogan delve into the company's innovative technologies, including direct imaging equipment and quad-wave DLP light engine technology. They highlight the benefits of direct imaging, compensation, and DART technology.
LQDX Divests Aluminum Soldering Business - Mina™ - to Taiyo America Inc.
05/02/2024 | PRNewswireLQDX, formerly known as Averatek Corp., developer of high-performance materials for advanced semiconductor manufacturing, today announced that it has divested its aluminum soldering business – known as MinaTM – to Taiyo America Inc., a global market leader in advanced electronic materials.
IDTechEx Report on Quantum Technology: Nano-scale Physics for Massive Market Impact
04/30/2024 | PRNewswireThe quantum technology market leverages nano-scale physics to create revolutionary new devices for computing, sensing, and communications. Across the industry, quantum technology offers a paradigm shift in performance compared with incumbent solutions.
Guerrilla RF Completes Strategic Acquisition of GaN Device Portfolio from Gallium Semiconductor
04/29/2024 | BUSINESS WIREGuerrilla RF, Inc. has finalized the acquisition of Gallium Semiconductor's entire portfolio of GaN power amplifiers and front-end modules. Effective April 26th, 2024, GUER acquired all previously released components as well as new cores under development at Gallium Semiconductor.