Sellbyville, Delaware, March 27, 2018 (GLOBE NEWSWIRE) —
Advanced Driver Assistance System Market is set to cross USD 65 billion by 2024; according to a new research report by Global Market Insights, Inc. Rising concerns for traffic safety along with stringent regulatory norms regarding deployment of these systems will primarily drive the growth of ADAS market over the forecast timeframe. Various developed regions across the globe including Europe and North America have mandated their installation in vehicles for ensuring overall safety, escalating the revenue generation. For instance, in July 2010, EU, the installation of ADAS is mandatory as per the Directive 2010/40/EU.
Park assist is likely to dominate the ADAS market, exhibiting over 16% volume share till 2024. These systems have witnessed strong prevalence in the industry since past few years. Moreover, their low prices as compared to the counterparts has resulted in their high implementation by the customers, supporting the revenue generation. Cost effectiveness also leads to their aftermarket adoption by small and medium car owners. Forward collision warning will grow rapidly owing to their rising installation in commercial and passenger vehicles. High installation is credited to rising number of accidents and fatalities across the globe.
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Several countries including Japan and China are witnessing high demand for these systems, especially from compact cars, impacting the ADAS market positively. They are also increasingly being installed in premium and luxury vehicles, resulting in rising product adoption. Manufacturers are continuously shifting their focus towards usage of image sensors owing to their benefits such as high pixel quality. These benefits are likely to further strengthen the demand from several applications including surround view systems, autonomous park assist, and blind spot detection. However, excessive costs coupled with rising software failure incidences may hamper the ADAS market growth over the forecast timeframe.
The industry is witnessing regular technological advancements, resulting in rising inclination of the customers towards these enhanced systems. CMOS image sensor is an innovation that has gained prominence among the ADAS market players. These sensors comprise of digitized, noise correction circuits and amplifiers, resulting in accurate rear-view images. High efficiency under extreme temperatures is another benefit that results in high preference towards these sensors. These advancements are anticipated to induce immense potential to the industry size till 2024.
ADAS market from image sensors is expected to showcase dominance, accounting for over 33% revenue share over the next eight years. These sensors are installed in majority of the technologies including surround view, night vision, lane departure warning, blind spot detection, etc., primarily contributing to the revenue generation. These applications are rapidly growing across the globe, resulting in increased demand for image sensors. Cost effectiveness as compared to the counterparts is another factor supporting the industry dominance. Radar sensors will witness highest growth owing to their extensive usage in AEB and adaptive cruise control systems.
Browse key industry insights spread across 350 pages with 727 market data tables & 10 figures & charts from this 2018 report Advanced Driver Assistance System (ADAS) Market in detail along with the table of contents:
PCV will dominate the ADAS market, accounting for over 65% volume share by the end of 2024. Rising road safety concerns has led to their increased installation in these vehicles. Rising demand for ADAS installation in vehicles owing to increasing concerns regarding driver safety will significantly contribute towards the revenue generation. Moreover, substantial rise in the sales of premium vehicles across the globe will further strengthen the product penetration. HCVs are likely to grow substantially owing to stringent regulations regarding ADAS installation in these vehicles in developed regions such as Europe.
ADAS market from OEMs will dominate the industry share over the forecast timeframe owing to their installation during the production process. The OEMs ensure proper maintenance of the product safety standards. This results in their high preference as compared to the counterpart, supporting the industry dominance. Aftermarket will grow significantly owing to cost-effective nature of the products through this channel. Rising accident rate across the globe will further increase the replacement demand for these products, propelling the industry growth over the coming years.
North America ADAS market is expected to acquire maximum volume share of more than 34% over the next eight years. Rising number of testing procedures for these technologies along with established automobile industry in the region will primarily contribute to the high revenue generation. Higher penetration of ADAS and stringent regulatory norms regarding their mandatory installation will further support the regional dominance. Asia Pacific will grow rapidly, exhibiting over 14.5% CAGR from 2017 to 2024. Rising traffic safety concerns and increasing demand from countries including Japan, China, and South Korea will further strengthen the industry penetration in the region.
Denso, Delphi Automotive, Continental, Autoliv, Bosch, Harman International, Mobileye N.V., TRW Automotive, Nvidia Corporation, and Hyundai Mobis are among the noticeable players in the ADAS market. Partnerships and mergers & acquisitions are few strategies majorly adopted by the industry participants. For instance, in June 2017, Autoliv announced its partnership with Volvo to form a joint venture, Zenuity for development of autonomous cars. This partnership further strengthened company’s position in the industry.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Source: Nasdaq Automotive News