Stratview Research predicts a sustainable growth of CAGR 10.2% in the global ADAS market for the next five years
- Stratview Research foresees a sustainable growth of CAGR 10.2% in the global automotive advanced driver assistance systems market over the next five years (2017 – 2022), which offers an opportunity to the automotive industry players to align themselves with the market growth.
- There are several factors bolstering the growth of ADAS market in the global automotive industry. The author of the report cited rising consumers’ preferences for safety features, advancement in technology, introduction of more stringent norms, and organic growth in the global automobile production as some of the major factors driving the demand for ADAS in the global automotive industry during the forecast period.
- As per the study, passenger car is expected to remain the largest vehicle type in the automotive ADAS market over the next five years, driven by increasing penetration of ADAS in the segment. The vehicle type is experiencing an expansion in usage of ADAS from luxury cars to mid-range cars and is also projected to witness the highest growth during the forecast period, owing to rising demand across regions.
- In terms of application type, radar is expected to remain the most dominant sensor type in the automotive ADAS market during the forecast period. It is also anticipated to be the fastest growing sensor type in the same period. Ultrasonic and image sensors are also projected to experience a healthy growth rate in the same period.
- North America is estimated to remain the leading global automotive ADAS market during the forecast period. Increasing demand for high safety features, mandate of some of the key ADAS system installations in the vehicles such as tire pressure monitoring system, and organic growth in automotive production are likely to be the major growth drivers of the region over the next five years.
- Tire monitoring system will continue to occupy a large market share in the North America and Europe regions because of mandated regulation by the US and European (countries’) governments. Adaptive cruise control system is expected to remain dominant in the North America region. Asia- Pacific is estimated to be the fastest growing region for blind spot detection, emergency brake assist, head-up display, and park assist systems, mainly because of high congestion in traffic and rising purchasing power in developing countries.
Read more: http://telematicswire.net/stratview-research-predicts-a-sustainable-growth-of-cagr-10-2-in-the-global-adas-market-for-the-next-five-years/#bcm8xBEd4GLg8UHu.99