SELLBYVILLE, Del., June 25, 2018 /PRNewswire-iReach/
According to a latest research report by Global Market Insights, Inc. " ADAS Market size is predicted to be valued USD 65 billion by 2024." Shifting preference for sensing systems in automobiles to avoid road accidents has enhanced the Advanced Driver Assistance System (ADAS) demand. As per WHO, global road traffic deaths reached 1.25 million in 2015. Increasing consumer awareness pertaining to travel safety and security will propel the industry growth. Stringent government regulations for vehicle safety to ensure public health security will support the product demand.
Effective safety functions in steering, braking, monitoring and warning are key properties driving the industry demand. In addition, increasing adoption of ADAS to enhance economy and comfort with functions including monitoring blind spots and parking assistance will support the product demand.
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Inclination towards advanced safety systems among OEMs to differentiate their brand and gain competitive advantage will drive the ADAS market growth. Rising demand from autonomous cars owing to its significant benefits including reduced traffic, increased safety and improved transportation service will propel the industry growth.
Expensive costs associated with sensors and other components has influenced the ADAS price trend. Inter-sensor communication concerns resulting in software failure may hamper the industry growth. Moreover, lack of consumer awareness pertaining to product benefits and functionality particularly in developing countries may restrain business growth.
Global advanced driver assistance system market share is led by park assist systems due to increasing adoption particularly from aftermarket. Faster parking and reduced curb strikes are among key properties supporting the product demand. Rising demand from passenger and commercial vehicles particularly for forward collision warning functions has enhanced the industry growth.
Image sensors dominated the industry share contributing over 33% of the ADAS market revenue in 2016. Evolution of modern computer vision analysis system with effective object identification will support the product penetration. Strong outlook for image sensors in auto high beam, blind spot detection, lane departure warning systems, night vision and surround view systems will support the business growth.
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HCVs are anticipated to witness growth over 14% up to 2024. Necessity for speed constraints to ensure safety among HCVs has enhanced the product scope. Regulatory compliance promoting advanced sensor usage including lane departure warning systems and AEBs will fuel the industry demand.
OEMs dominated the global ADAS market share and are anticipated to remain dominating in forecast timeframe due to increasing adoption of safety standards. Increasing preference for safety systems among manufacturers to improve brand identity and ensure travel security will support the demand. OEMs are focused on strategic partnerships and collaborations with technology providers including sensors and other semiconductor suppliers.
Europe advanced driver assistance system market will witness CAGR over 14% up to 2024. Government regulations mandating installation of safety systems in vehicles will support the industry growth. Institutional initiatives including Euro NCAP to promote driving assistance systems will drive the product penetration. In addition, presence of key automobile manufacturers provides a positive outlook for the regional demand.
Buy this industry insights spread across 350 pages with 727 market data tables & 10 figures & charts from the report, "Advanced Driver Assistance System (ADAS) Market Size By Technology (Adaptive Cruise Control, Automatic High Beam Control, Autonomous Park Assist, Blind Spot Detection, Driver Monitoring, Forward Collision Warning, Front Lighting, AEB, Night Vision, Head Up Display, Lane Departure Warning, Park Assist, Surround View System, Traffic Sign Recognition, Tire Pressure Monitoring System), By Sensor (LiDAR, Infrared, Ultrasonic, RADAR, Image Sensor), By Vehicle (PCV, LCV, HCV), By Distribution Channel (OEM, Aftermarket), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Poland, China, Japan, India, South Korea, Australia, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024" in detail along with the table of contents:
Chapter 6. Advanced Driver Assistance System Market, By Vehicle
6.1. Global ADAS market share by vehicle, 2016 & 2024
6.2.1. Market estimates and forecasts, 2013 – 2024
6.2.2. Market estimates and forecast, by region, 2013 – 2024
6.3.1. Market estimates and forecasts, 2013 – 2024
6.3.2. Market estimates and forecast, by region, 2013 – 2024
6.4.1. Market estimates and forecasts, 2013 – 2024
6.4.2. Market estimates and forecast, by region, 2013 – 2024
Chapter 7. Advanced Driver Assistance System Market, By Distribution Channel
7.1. Global ADAS market share by distribution channel, 2016 & 2024
7.2.1. Market estimates and forecasts, 2013 – 2024
7.2.2. Market estimates and forecast, by region, 2013 – 2024
7.3.1. Market estimates and forecasts, 2013 – 2024
7.3.2. Market estimates and forecast, by region, 2013 – 2024
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/adas-market
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 Global Market Insights