Advanced Driver Assistance Systems Market is Expected to Reach $60.14 Billion, Global, by 2020 – Allied Market Research
A new report by Allied Market Research titled, “Global Advanced Driver Assistance Systems Market Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2013 – 2020“, The Global Advanced Driver Assistance Systems (ADAS) market would garner $60.14 billion by 2020, registering a CAGR of 22.8% during 2014 – 2020. The deployment of sensors in vehicles has brought a massive transformation in the automotive industry by providing improved passenger experience and safety. The growing trend for comfort and safety while driving, along with favourable government initiatives has largely supplemented the growth of the ADAS market. An increase in electronic integration along with the multiple functions of different sensors which are used in various driving assistance applications would boost the ADAS market in the coming years. ADAS applications are majorly adopted in the European region and contribute for the largest revenue in the global market, followed by North America. Stringent government regulations and the rising income of people, account for the high growth of the Asian countries.
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The European countries exhibit the maximum adoption of ADAS applications. In Europe, the European New Car Assessment Program (NCAP), established by the government, imposes stringent regulations on car manufacturers in order to provide optimum on road security to the driver. The five-star safety rating system created by Euro NCAP program helps the customers to compare vehicles more easily and to identify safe choice for their needs. Asia-Pacific is the most dynamically emerging market with a highest CAGR of 29.54%, owing to favourable macroeconomic factors such as rise in income and purchasing power, changing lifestyle due to growing urbanization and increasing awareness about active safety systems. In the APAC region, China and Japan are the fastest growing countries in terms of automotive and technology adoption.
The ongoing trend reflects a broader adoption of ADAS applications and its manufacturing across a wide range of premium cars. The challenge for automotive manufacturers is to provide these premium features at effective costs. Following this, to minimize the effects of other challenges such as, complexity in installing different applications, environmental factors viz. snow, fog, lightening & thundering, storms etc. is a big challenge for the players.
Key findings of the study:
- The Global ADAS market would grow at a promising rate across developing countries like China, India and Japan, during the forecast period (2014 – 2020)
- The cost effectiveness and easy availability of the Ultrasonic sensors would make the segment grow at the fastest CAGR of 24.3% during 2014 – 2020
- Tire Pressure Monitoring System and Drowsiness Monitoring System segments are anticipated to show tremendous growth
- Increasing purchasing power and supportive government initiatives would foretell remarkable growth for Asia-Pacific market
- Europe would continue to dominate the market throughout the forecast period due to the stringent government regulations
Advanced driver assistance systems are intelligent concepts that improve transport safety, efficiency and comfort without additional loads on resources such as energy and raw material. The introduction of safety systems has enforced the countries to emphasize on reducing road accidents. Governments across regions, are taking active initiatives and have developed several policies to reduce fatal road accidents. The European research project, ‘interactIVe’, is one such safety program that effectively facilitates accident-free traffic. ‘interactIVe’ has introduced advanced safety systems that autonomously brake and steer, along with warning the driver in case of potentially dangerous situations. The advanced driver assistance systems providing companies are continuously innovating the sensor technologies and applications to meet the multiple demands of the customers.