Global Advanced Driver Assistance Systems (ADAS) Market is Estimated to Reach $63 Billion by 2024, Says Accurize Market Research
Global advanced driver assistance systems market report published by Accurize Market Research forecast that the global market is expected to reach $63 billion by 2024; growing at a CAGR of 10.7% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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Consumer preferences shifting towards active safety feature &advanced technology across the globe to drive the growth of the market
Stringent government guidelines related to safety and consumer preferences shifting towards active safety feature &advanced technologyfuel the demand for the globaladvanced driver assistance systems market. Moreover, augmented electronic content & electronic integration also boost the growth of the market.
Market Segmentation
The globaladvanced driver assistance systemsmarket has been bifurcated on the basis oftype, technology, and geography. By type, the classification comprises adaptive cruise control, blind spot detection system, park assist, drowsiness monitor, tyre pressure monitoring system, lane departure warning system, and other types. On the basis of technology, the classification includes infrared sensor, laser sensor, radar sensor, image sensor, and ultrasonic sensor.
By geography the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico, whereas Europe segment consists of UK, Germany, Italy, France, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
“Other types segment accounted for the largest market share in the type segment", says Accurize
By type, other type segment held for the largest market share followed by adaptive cruise control in 2017. In terms of growth, tire pressure monitoring system is expected to grow with fastest CAGR during the forecast period 2017 – 2025, as this system has been mandated for all passenger cars in North America and Europe, whereas Asian countries such as China, Japan, and India are in the process of examining the benefits of tyre pressure monitoring technology.
“Ultrasonic sensor accounted for the largest market share in the technology segment", says Accurize
By technology segment, ultrasonic sensor dominated the technology segment with major share in 2017. The growth is credited to its various applications such as parking sensors, presence detection, vehicle detection for car wash and automotive assembly, and many more.
“North America dominated the global market with the highest market share over the forecast period", says Accurize
In 2017, North America generated the largest revenue accounting for 35% of the total market share, driven by the stringent safety regulations in the region. Besides, upcoming governmental regulations relating to vehicle, driver, passenger, and pedestrian safety have compelled automobile manufacturers to include the mandated features as a default offering.
Top players in the market
The key market players include Robert Bosch GmbH, General Motors Company, Delphi Automotive PLC, Renault Group, Denso Corporation, Continental AG, Audi AG, Autoliv Inc., Magna International Inc., and Ford Motor Company among others.
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