According to a new research report published by Transparency Market Research (TMR), the global advanced driver assistance system (ADAS) market is projected to reach US$50.48 billion in 2020. TMR states that the market, having a valuation of US$14.80 billion in 2013, will display an impressive 19.2% CAGR between 2014 and 2020.
The report, titled “Advanced Driver Assistance Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2020”, is available for sale on the company website.Worldwide, increasing disposable incomes are boosting demand for sophisticated automobiles, which will lead to significant growth of the automotive sector. In developed countries such as the U.S, the U.K., and Japan, increasing emphasis on safety pertaining to automobiles stands as a key factor driving the ADAS market.
In recent years, increasing importance of consumer safety and installation of ADAS in low-cost cars is also aiding the growth of this market. With the rising geriatric population worldwide and changing family structures, there is surging demand for comfort driving that employs the latest technology.
ADAS technologies assist everyday driving tasks by reducing the demands on the driver and adding comfort, which helps enhance luxury and comfort, complementing safety with these benefits.However, production complexities and cost pressures associated with environmental factors that affect the system’s performance hinder the growth of the global ADAS market, states the report.
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Adaptive cruise control registered as the largest segment of the market, accounting for 18.15% of the overall market in 2013. However, the tire pressure monitoring system segment is anticipated to witness the fastest growth, at a CAGR of 21.1% from 2014 to 2020. Additionally, drastic and rapid economic reforms and mandatory legislations all over the globe will spur the growth of the market in coming years.
In 2013, North America held the largest share of the global ADAS market. This was mainly due to strict safety and environmental regulations and favorable consumer preference to own advanced vehicles with the latest technology. Consumers in the region are inclined towards owning automobiles with advanced comfort systems and equipped with features that are compliant with health and safety regulations imposed by the government.
The ADAS market in the U.S. and Europe has a huge potential due to mandatory implementation of certain ADAS features in the automotive sector by regulatory agencies. For instance, the advanced driver assistance system characteristics like pedestrian protection and tire pressure monitoring system will be compulsory in Russia in coming years. However, Asia Pacific is expected to exhibit the fastest growth, at a CAGR of 20.5% from 2014 to 2020.
Increasing vehicle demand, growing purchasing power, and changing buyer preferences are attributed as the major factors propelling the ADAS market in Asia Pacific. In the rest of the world, favorable policies in countries in Latin America and the Middle East and Africa is contributing massively to the growth of the ADAS market. The report profiles some of the key participants in the global advanced driver assistance system market that are Autoliv Inc., Denso, BMW AG, Robert Bosch GmBH, Audi AG, and Continental AG.