Advanced Driver Assistance Systems (ADAS) Market Analysis, Trends, Forecast, 2014-2020
Autonomous vehicle technology is proactively design and developed by automotive industry to bring benefits of safety, traffic control and ultimately enhancing driving experience. Technology has become one of the main constraints of premium and luxury car buyers, especially when it comes to safety. Various advancement in safety features has been designed and developed by automotive industry players such as advanced driver assistance systems (ADAS). The main application of ADAS is obstacle detection and avoiding collision. ADAS is the set of systems comprises electronic devices, equipment, radar camera and sensors. One of the most popular feature of ADAS is cruise control
The global advanced driver assistance systems market is increasing rapidly due to various factors such as stringent government norms related to safety and consumer preferences shifting to new technology advancement and active safety features. The global advanced driver assistance systems market is expected to register 16% to 18% CAGR for the forecast period. The global advanced driver assistance systems market is geographically segmented into seven key regions which are North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan and Middle East & Africa. As of 2013, North America registered the largest share in global advanced driver assistance systems market followed by Europe and Asia Pacific region respectively. In terms of growth rate Asia Pacific segment is projected to register highest growth in global advanced driver assistance systems market with double digit CAGR, closely followed by Japan and South Korea. The growth in Asia Pacific segment of the global advanced driver assistance systems market is fueled by increasing penetration rate of active safety systems especially in region like China and India due to supporting macroeconomic factors such as rising income and purchasing power, changing lifestyle to due growing urbanization and increasing awareness about active safety systems. Additionally, countries like Japan and South Korea is also forecast to register significant growth of demand inadvanced driver assistance systems and is expected to account for double digit growth in terms of revenue in the global advanced driver assistance systems market due to stringent government legislations and safety norms.
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The global advanced driver assistance systems market is further segmented into channel which include original equipment manufacturers (OEMs) and aftermarket. OEMs accounts majority of share in terms of revenue in the global advanced driver assistance systems market, and is forecast to maintain its dominance for the forecast period in global advanced driver assistance systems market. On the basis of vehicle type the global advanced driver assistance systems market is further segmented into passenger vehicle and commercial vehicle sub-segments. As of 2013, the passenger vehicle segment dominates the overall global advanced driver assistance system, and it is expected to maintain its dominance in global advance driver assistance systems market throughout the forecast period. Currently, advance driver assistance systems are majorly available as factory installed equipment in luxury in premium cars but in future these systems are expected to witness increased penetration in low segments cars too, thereby giving rising the demand in global advance driver assistance systems market.