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Albany, New York, May 03, 2019 (GLOBE NEWSWIRE) -- Leading players in the global advanced driver assistance system market are engaged in various organic and inorganic activities to get a firm hold in the market, observes Transparency Market Research. Players are also seen engaged in developing innovative design for product differentiation. Competition among these players is also expected to increase due to the different strategies use by them.
Apart from developing advanced products, these players are also focusing to develop products at a lower cost and add additional sophisticated features in new vehicles. Mergers and acquisition, partnership, collaboration, and expansion are the major business development strategy used by them. In the TMR’s report, analysts have considered prominent players including Ford Motor Company, Continental AG, Audi AG, Denso Corporation, BMW AG, General Motors Company, and Delphi Automotive PLC.
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Based on statistical information presented in TMR’s report, the global advanced driver assistance system market is likely to witness progress at 15.9% CAGR over the projected tenure between 2017 and 2025. In terms of revenue, the market is anticipated to touch US$43.27 bn by the end of 2025, progressing from US$11.83 bn earned in 2016.
Technology wise, radar sensors has gained huge traction in the global advanced driver assistance system market. Application of radar sensors is found in automobiles like emergency braking system, collision avoidance system, etc. moreover, demand for image sensors has also increased and are implemented in cross traffic detection, night vision, headlight control, and fatigue warning.
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With respect to regional growth, developing economies in Asia Pacific region are expected to stand at the leading position in the global advanced driver assistance system market. A significant rise in investments made in the automotive sector to introduce advanced features like steering, monitoring, warning, and braking tasks has led the demand for ADAS in Asia Pacific. Strict regulations and increased purchasing power are other few factors bolstering growth of ADAS in this region.
Rapid Economic Growth Increased Demand for ADAS Enabled Electric Vehicles
Increasing number of accidents across globe is the major reason behind the growth of advanced driver assistance systems. These systems help in minimizing human error and reduce road fatalities. Key features of advanced driver assistance systems include automatic lave catering, provide adaptive cruise control and collision avoidance, incorporate SatNav/traffic warnings, and various others. With increasing road accidents, governments across the globe are emphasizing on using advanced technologies in developing new vehicles. All these factors have fueled demand in the global advanced driver assistance system market.
Furthermore, growing preference of autonomous vehicles with inbuilt advanced driver assistance systems has given a significant push in the global advanced driver assistance system market. Rising spending ability and growing interest in electric vehicles are also contributing in the accelerating demand in the global advanced driver assistance system market.
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Lack of Adequate Infrastructure in Developing Regions to Challenge Growth in Global Advanced Driver Assistance System Market
On the contrary, to the above-mentioned driving factors, security threats, and difficulty while using these systems might pose a challenge in the growth of the global advanced driver assistance system market. Lack of adequate infrastructure in developing regions, environmental constraints, and difficulty in maintaining a balance between quality and cost are also projected to hamper growth in the global advanced driver assistance system market.
But with rise in demand for efficient, safe, and convenient driving might help in overcoming these restraints in the near future. Increased focus on consumer safety, growing need for comfort will also contribute in bolstering growth in the global advanced driver assistance system market.
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The study presented here is based on a report by Transparency Market Research (TMR) titled “Advanced Driver Assistance System Market (Type - Adaptive Cruise Control, Adaptive Head Lamp, Automatic/Intelligent Emergency Braking, Blind Spot Detection System, Cross Traffic Alert, Drowsiness Monitor System, Lane Departure Warning System, Night Vision, Park Assist, Surround View Camera System, Time Pressure Monitoring System And Others; Technology - Ultrasonic Sensors, Image Sensors, Radar Sensors, Laser Sensors, Infrared Sensors) - Global Industry Analysis, Size, Share, Growth, Trends And Forecast 2017 - 2025”.
Global advanced driver assistance system (ADAS) market is segmented based on:
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