As governments impose strict safety norms on the automotive sector, the advanced driver assistance market has gained priority and popularity. Countries across the globe such as the U.S., Europe, China, India, and Japan have begun to depend majorly on advanced driver assistance as the emphasis on safety grows. Mandatory only in some countries so far, the trend is soon catching up.
In addition to this, consumers’ buying trends have taken a shift, moving towards automobiles with enhanced comfort and luxury systems and technologies. This has largely supported the growth of the market. Automobile manufacturers have also been aiming to provide advanced driver assistance in low-cost cars – a practice that is expected to fuel the market.
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In contrast, environmental concerns attached to advanced driver assistance technology and cost pressure and complexity of the systems are expected to hamper the growth of the market.
Regional analysis of the advanced driver assistance industry
North America dominated the global market for advanced driver assistance in 2013 owing to strict government regulations imposed in terms of vehicular safety and environment conservation. Moreover, consumers in North America have undergone a change in purchasing patterns, becoming more inclined towards automobiles with advanced comfort and safety features and systems. Europe follows suit in terms of demand for advanced driver assistance technology and systems. Government regulations have made tyre pressure monitoring systems mandatory in passenger cars. Moreover, consumers have become more aware regarding driver safety and comfort, thereby aiding the growth of the European advanced driver assistance market.
The Asia-Pacific market for advanced driver assistance has witnessed exceptional growth in recent years and is expected to be the fastest-growing regional market during the forecast period. Growing at a CAGR of 20.5% from 2014-2020, there are many factors that have positively influenced the Asian market for advanced driver assistance. Mounting demand for automobiles, growing purchasing power, change in buying patterns, and better standard of living and lifestyle have supported the growth of the advanced driver assistance market in Asia.
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Scope of the advanced driver assistance market
In order to understand the global advanced driver assistance market, it can be segmented on the basis of certain parameters. The major types of advanced driver assistance are blind spot detection (BSD) system, adaptive cruise control (ACC), park assist, tyre pressure monitoring system (TPMS), lane departure warning (LDWS) system, and drowsiness monitor system. Other types of advanced driver assistance include heads up display, forward collision warning, night vision, and driver monitoring system.
On the basis of technology, the advanced driver assistance market can be segmented into ultrasonic sensors, image sensors, radar sensors, infrared sensors, and laser sensors. Geographically, the global advanced driver assistance market is divided into North America, Europe, Asia-Pacific, and Rest of the World.
Advanced driver assistance market: Product and technology evaluation
Accounting for 18.15% of the overall market, adaptive cruise control made up the largest segment of the global market in 2013. However, growing at a 21.1% CAGR, the tyre pressure monitoring system is expected to be the fastest-growing segment of the advanced driver assistance market during the forecast period of 2014 to 2020.
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There are many new and established companies operating in the global advanced driver assistance market. Some of the major market participants are Hyundai Motor Company, Ford Motor Company, Honda Motor Company, Bayerische Motoren Werke Aktiengesellschaft (BMW AG), Robert Bosch GmbH, Audi AG, General Motors Company (GM), and Magna International Inc.
The worldwide market for advanced driver assistance has been analyzed and evaluated by numerous market intelligence agencies. Based on figures provided by one such firm, the advanced driver assistance market was valued at US$14.80 billion in 2013 and is estimated to be valued at US$50.48 billion by 2020. Growing at a CAGR of 19.2% during the forecast period of 2013-2020, the industry is expected to witness significant and attractive growth in the coming years.