– March 17, 2022 —
The Advanced driver assistance system Market is expected to have a CAGR of 10% for the foreseeable future. More people around the world agree that roads are not safe to drive on. They see (especially policymakers and government officials) advanced driver assistance systems as a way of making these roads safer to drive on.
More people are talking or texting on their phones while driving. They are also driving while distracted. This led to a rise in motor accidents in recent years. Governments have responded by passing laws that require vehicle manufacturers to include safety features in newer cars. These include airbags, collision warning systems, etc…
Industry news
General Motors and Delphi Automotive are just two of the many motor companies that are entering the advanced driver assistance systems market and developing new technologies.
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Opportunities
Many governments around the world have been attempting to make their streets safer by passing stricter driving rules. Car manufacturers have responded by adding more technologically advanced systems and features to their vehicles. Some of these include multifunctional and advanced driver assistance systems.
What’s really spurring growth in the advanced driver assistance systems market is the fact that more people around the world are interested in driving cars that are equipped with the latest in advanced and safety-equipped advanced driver assistance systems. This is especially true of luxury cars. Hence, car manufacturers are investing heavily in research and development to come up with these new technological advances.
Market segmentation
By technology
The advanced driver assistance systems market is segmented into the following categories based on technology:
- Heads-up display
- Blindspot detection
- Drowsiness motor
- Protecting pedestrians
- Smart part assistance
- Adaptive cruise control
- Others
By car type
This segment can be divided into the following categories:
- Passenger cars
- Commercial cars
By sensor type
This segment can be divided into the following categories:
- Ultrasonic sensor
- Lidar sensor
- Camera sensor
- Radar sensor
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Regional analysis
The advanced driver assistance systems market can be grouped into the following regions:
- North America
- Asia-Pacific
- The European Union
- The Rest of the World
The North American region is expected to enjoy the largest market share for the time period that this report covers. This region has a world-class infrastructure. Also, some of the largest and most technologically advanced car manufacturers are located here. Road accidents have been on the rise in this region in recent years. Hence, the public and governments have been pushing for more research in the area of smarter and safer cars. Most people in this region are willing to pay a premium for these types of cars.
The Asia-Pacific region is projected to register the highest CAGR for the time period that this report covers. Almost all of the economies in this region are growing rapidly. Hence, there is a rapidly expanding middle class that’s quickly growing wealthier. Since purchasing power is growing rapidly and more people in this region want to drive safer motor vehicles, it makes sense that demand for these types of cars with this type of technology is growing at breakneck speed.
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