Safety Concern is Propelling the Global ADAS Market at a CAGR of 19.01% Through 2026
“According to a new market research report published by Inkwood Research, “the Global Advanced Drivers Assistant Systems Market is proliferating at 19.01% of CAGR over the estimated years of 2018-2026.”
“Browse 22 market Data Tables and 91 Figures spread over 230 Pages, along with an in-depth TOC on Global Advanced Drivers Assistant Systems Market forecast 2019-2027.”
Advanced driver assistance systems (ADAS) was initiated for sustenance and supplementing drivers actions to control the vehicle autonomously. The system not only assists the drivers but provide them with value-added information with regards to the surrounding environment to avoid any ill effects. The ADAS system involves a variety of components that are either available inbuilt in a vehicle or as aftermarket solutions. The prime factor for the adoption of ADAS is it enables effortless driving experience while ensuring car safety. Initially, ADAS was only available in premium cars, but now are being introduced as optional equipment in other car segments due to regulatory amendments and high demand for safety from automobile consumers.
Automobile Safety Concern is Primarily Driving the Demand for ADAS Market.
There has been a growth in on-road accidents globally. As per World Health Organization, it is estimated that annually around 1.25 million people die due to road accidents and the source of these incidences is validated to the lack of judgment or inability of the driver to take a prompt decision. In result to these fatal situations, various government across the world are encouraged to take fundamental steps towards diminishing or eradicating such hostile circumstances by increasing safety norms in the vehicles manufactured; this, in turn, lifts the demand for ADAS market drastically.
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Passenger Cars accounted for the largest share in the global ADAS Vehicle Type market
The passenger car market is relishing tremendously because of the economic betterment in the emerging countries, which has led to urbanization and upgradation in the monetary position of the people. These factors have risen passenger cars production and sale, propelling the market in terms of revenue. The typical application of passenger cars segment is for personal purposes. Hence, the utmost priority is the safety of the driver and passengers. With the amendments in the safety legislations, every aspect of security is considered with scrutiny. Thus, the demand for passenger vehicles type and favorable safety laws are proliferating the application of ADAS in the segment.
Europe is the home of the most innovation and major automotive industry in the world. However, the 2008-2009 economic debt crisis has negative marks on the European economy and the automotive industry. Nevertheless, the economic comeback has lifted the burden of decline from the automotive industry in the region, and a massive transformation was seen post the 2010 recession. The constant updation in the technology has led to rapid penetration and mass adoption of ADAS among the European customers that leverage competition among ADAS giants and makes it one of the dominant regions in the global ADAS market.
The global ADAS market is very competitive and is expected to remain the same during the coming years due to a greater demand for better and technologically advanced ADAS. Moreover, the proliferation of low-cost manufacturers from the emerging economies are keeping the eminent players on the hook for their existing and anticipated demand base. Few of the prominent ADAS system providers such as Continental, Denso, Delphi, Aisin, Autoliv and Valeo have gained a considerable advantage over new entrants due to greater technical/product expertise and direct access to the buyer’s market.
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Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy; with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises of North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.