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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.”
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