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Global Advanced Driver Assistance System Market to Touch $50.48B by 2020
May 18, 2016 | Transparency Market ResearchEstimated reading time: 2 minutes
Transparency Market Research, a global market intelligent firm recently made an announcement regarding the publication of a new market research study made available on the company website. The research report, titled “Advanced Driver Assistance System Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2020,” offers a detailed study of the market, focusing on the major growth drivers, restraints, and challenges.According to the research report, in 2013, the global advanced driver assistance system (ADAS) market for was valued at US$14.80 bn and is anticipated to reach a value of US$50.48 bn by the end of 2020. The market is projected to display a 19.20% CAGR from 2014 to 2020.
An advance driving assistance system not only assists the driver, but ensures their safety. The increasing demand for a comfortable driving experience, increasing number of safety regulations in emerging nations, and several government initiatives to avoid road accidents are some of the major factors driving the global ADAS market. In addition, the deployment of ADAS in low-cost cars and rising number of autonomous cars are the key opportunities for the major players operating in the market. However, cost pressures and complexity are estimated to hamper the growth of the market in the coming years.
Among the major types of ADAS, in 2013, the adaptive cruise control segment dominated the market, holding an 18.15% share in the global ADAS market. On the other hand, the tire pressure monitoring system segment is anticipated to register an impressive 21.10% CAGR between 2014 and 2020. Furthermore, on the basis of technology, the global market for ADAS has been classified into radar sensors, ultrasonic sensors, image sensors, infrared sensors, and laser sensors. The market size, share, and forecast figures are further included in the research study.
Among the major geographical segments, in 2013, North America dominated the global ADAS market, owing to the stringent environmental and safety regulations and higher consumer preference to own an advanced vehicle comprising the latest technology. Moreover, consumers in North America are preferring automobiles equipped with advanced comfort systems and features that are in compliance with the safety and health protocols imposed by the government.
On the other hand, the Asia Pacific ADAS market is projected to register a progressive 20.50% CAGR between 2014 and 2020. The rapid growth of this region can be attributed to the changing buyer preferences, growing vehicle demand, and growing purchasing power. Furthermore, the favorable policies in several countries in the Middle East and Africa and Latin America are further fuelling the growth of the Rest of the World market.
The research study further provides a clear picture of the competitive landscape of the global market for advanced driver assistance, including the company profiles, contact information, financial overview, product portfolio, business policies, and recent developments. The leading players operating in the global market include Bayerische Motoren Werke Aktiengesellschaft, Robert Bosch GmbH, Magna International Inc., Valeo, Audi AG, Ford Motor Company, General Motors Company, Hyundai Motor Company, Autoliv Inc., Continental AG, Denso Corporation, and Honda Motor Company.
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