A new report by Allied Market Research titled, "Global
Advanced Driver Assistance Systems Market Size, Industry Analysis,
Trends, Opportunities, Growth and Forecast, 2013 - 2020", The Global
Advanced Driver Assistance Systems (ADAS) market would garner $60.14
billion by 2020, registering a CAGR of 22.8% during 2014 - 2020. The
deployment of sensors in vehicles has brought a massive transformation in the
automotive industry by providing improved passenger experience and safety. The
growing trend for comfort and safety while driving, along with favorable
government initiatives has largely supplemented the growth of the ADAS market.
An increase in electronic integration along with the multiple functions of
different sensors which are used in various driving assistance applications
would boost the ADAS market in the coming years. ADAS applications are majorly
adopted in the European region and contribute for the largest revenue in the
global market, followed by North America. Stringent government regulations
and the rising income of people, account for the high growth of the Asian
countries.
The European countries exhibit the maximum adoption of ADAS
applications. In Europe, the European New Car Assessment Program (NCAP),
established by the government, imposes stringent regulations on car
manufacturers in order to provide optimum on road security to the driver. The
five-star safety rating system created by Euro NCAP program helps the customers
to compare vehicles more easily and to identify safe choice for their
needs. Asia-Pacific is the most dynamically emerging market with a
highest CAGR of 29.54%, owing to favorable macroeconomic factors such as rise
in income and purchasing power, changing lifestyle due to growing urbanization
and increasing awareness about active safety systems. In the APAC
region, China and Japan are the fastest growing countries
in terms of automotive and technology adoption.
The ongoing trend
reflects a broader adoption of ADAS applications and its manufacturing across a
wide range of premium cars. The challenge for automotive manufacturers is to
provide these premium features at effective costs. Following this, to
minimize the effects of other challenges such as, complexity in installing
different applications, environmental factors viz. snow, fog, lightening &
thundering, storms etc. is a big challenge for the players.
Key findings of the study:
- The Global ADAS market would grow at a promising rate across developing countries like China, India and Japan, during the forecast period (2014 - 2020)
- The cost effectiveness and easy availability of the Ultrasonic sensors would make the segment grow at the fastest CAGR of 24.3% during 2014 - 2020
- Tire Pressure Monitoring System and Drowsiness Monitoring System segments are anticipated to show tremendous growth
- Increasing purchasing power and supportive government initiatives would foretell remarkable growth for Asia-Pacific market
- Europe would continue to dominate the market throughout the forecast period due to the stringent government regulations
Related doc: http://bit.ly/1T9XkZw
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