SELBYVILLE, Del., July 11, 2019 /PRNewswire/ -- The advanced driver assistance system market is poised to hike from around $32.5 billion in 2018 to over $74 billion by 2025, according to a 2019 Global Market Insights, Inc. report. Increasing road safety concerns along with favourable government regulations supporting the installation of safety equipment in vehicles are driving the market growth over the projected timeframe.
Rising prominence of active safety technologies and safety assessment agencies is positively influencing the (ADAS) advanced driver assistance system market share. Increasing disposable income is prominently contributing towards proliferating vehicle sales and road traffic, thereby enhancing the probability of accidents, property loss, and fatalities. ADAS units focuses on crash avoidance and injury prevention to address safety of vehicle occupants and pedestrians, thereby escalating industry growth.
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Technological advancements in sensors, mapping, processors, and software algorithms are significantly improving the operating efficiency of driver assistive systems. Processors are enabled with multicore architectures and higher frequencies to reduce processing complexities and power consumption requirements. Optical sensors offering higher reliability and immediate information transfer to software are gaining higher visibility in the advanced driver assistance system market.
Park assist segment will account for a significant share in the (ADAS) advanced driver assistance system market owing to rising concerns while parking and damages due to human error. Availability of parking sensors at lower cost and ease of retro fitment for vehicles will fuel the segment growth. The vehicle manufacturers are incorporating this technology for ease in parking.
Image sensor will witness substantial growth in the business owing to its usage in autonomous park assists, night vision, blind spot detection, and surround view system. The sensor manufacturers are investing in R&D to enhance the image resolution and introducing new platforms in the ADAS market.
Browse key industry insights spread across 420 pages with 516 market data tables & 15 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, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025" in detail along with the table of contents:
OEM will dominate the advanced driver assistance system market share owing to the increasing investments for improving safety of the passengers. Stringent government initiatives mandating the fitment of such systems along with the availability of warranty in-case of replacements is supporting the market demand. Auto makers are offering ADAS units as a standard fitment in their new vehicle models.
Asia Pacific advanced driver assistance system market size will grow significantly over the study timeframe owing to the rising passenger vehicle sales with the incorporation of the product as standard fitment. The requirement for improved road safety and control for emissions will further propel the industry share. Moreover, governments across the region mandating safety equipment in vehicles are providing a positive outlook for the regional share expansion. The ADAS sensor manufacturers are developing innovative solution with country's road conditions to enhance the ADAS capabilities.
Major participants to advanced driver assistance system (ADAS) market include Hitachi, Jabil, Bosch GmbH, Continental AG, Intel, Nvidia Corporation, Hyundai Mobis, TRW Automotive and Autoliv. Companies are focusing to undergo long term agreements with auto manufacturers to capture majority of market share.
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Global ADAS Market to exceed $74.5 Bn by 2025
OEM will dominate the (ADAS) advanced driver assistance system market share owing to the increasing investments for improving safety of the passengers.
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SOURCE Global Market Insights, Inc.