”, the market is driven by government legislations and the growing automobile industry during the forecast period.
Americas has a major share in the Advanced Driver Assistance Systems Market
Americas dominates the Advanced Driver Assistance Systems Market during the forecast period. It is expected to reach a revenue of $504.5 million by 2023 at a CAGR of 11.8%. This is attributed to the high volume sales in North America and increasing purchasing power of the consumers, especially in the US. This region has notable ADAS manufacturers such as Autoliv, TRW, and QNX software. Due to the presence of the end user industries and ADAS manufacturers, the American region plays an important role in advanced driver assistance systems.
Asia Pacific displays potential for a higher growth due to increased new car registrations such as China, Japan, and India.
Among all the vehicles type segments, the passenger vehicle type is dominating and it held major share of $45.62 billion in 2017 and is projected to reach $121.165 million by 2023 at a CAGR of 19.11%.
Selected Analysis done in the full Report:
The growth of the automotive industry in the ADAS Market is expected to be $1971 million at a CAGR of 16.1% by 2023. ADAS technology is mainly deployed in the automotive industry. Companies such as Continental, Bosch, Denso, and Delphi are the leading manufacturers of ADAS. The systems are offered by OEM’s such as Audi, BMW, Mercedes, and Volkswagen. The adaptive cruise control provides parking assistance to the driver by automatically detecting a space. The surround view system provides a 360 degree view of the area surrounding the car.
The traffic sign recognition system can detect the traffic signs on the road and can direct the driver depending on the situation.
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Excerpts on Market Growth Factors
Automobile manufacturers are combining wireless and smartphone technology with automotive electronics that provides solutions to the consumer needs. Manufacturers are focusing on Human Machine Interface frameworks and new interfaces. These innovations will drive the demand for collision warning system in the coming years.
The automobile industry is now witnessing the impact of in-vehicle electronics. With advanced driver assistance systems, the scope of safety and comfort has reached new levels in the automobile segment.
There is a difference between the demand generated by the regulations imposed by government bodies and the changing preferences of the consumers. E.g. European purchasers focus on vehicle safety and have greater awareness about driver awareness systems. US consumers, on the other hand, concentrate on comfort and luxury, and do not need any additional safety features.
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Key players of the Advanced Driver Assistance Systems Market
Continental and Bosch are the top two ADAS suppliers in the market. They provide advanced driver assistance systems for passenger and commercial vehicles. They have the highest number of products for each of the ADAS applications. The third position is occupied by Denso Corporation which is a Japanese manufacturer. Delphi and TRW automotive also provide applications in ADAS that ensure safety.
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