Global Advanced Driver Assistance Systems Market to Expand at 21.1% till 2023

 
NEW YORK - June 25, 2019 - PRLog -- According to a new report released by Research On Global Markets, the global advanced driver assistance systems (ADAS) market is projected to expand rapidly at a compound annual growth rate (CAGR) of 21.1%, reaching a market value of USD 31.9 Bn in 2023. The growth of the market is influenced by rising concerns surrounding consumer safety, consumer preference towards advanced auto features, government initiatives and technological innovations.

According to the report, the global market for advanced driver assistance is segmented into vehicles, sensors, components and regions.

The vehicle segment held a market share of 79% in 2017. The demand for ADAS is higher in private vehicles as features such as lane assistance, blind spot detection and active cruise control are geared towards personal use. One of the crucial factors that have led to the accelerated growth of this segment are the recent regulations that mandate the use of ADAS feature in commercial vehicles, leading to an expected CAGR of 24% during the 2018-2023 period.

Based on the component segment the ACC segment held the largest market share of 21.1% in 2017, being the most preferred feature to control speed. Parking assistance held second position. In urban areas, there is an increased use of parking assistance, since it helps in efficient parking, reduces traffic congestion by up to 30%. AEB is expected to witness the highest growth ie. 32% during the forecasted period.

Based on sensor technologies, the image sensors segment dominated the market with 3.6% share in 2017 and generated a revenue of 3.2 Bn. The radar sensors segment got a market share of 29.8% due to its use in multiple ADAS features such as ACC, BSD and automatic emergency braking (AEB).

Based on region, North America is the leader in the ADAS market with a market share of 34%. Factors such as the presence of leading players in the region such as Delphi technologies and Ford, innovations in technology and strict regulations regarding road safety has fuelled the growth of the market in this region. Asia pacific is anticipated to expand at a CAGR of 28.6%. The global advanced driver assistance systems (ADAS) market is projected to expand rapidly at a compound annual growth rate (CAGR) of 21.1%, reaching a market value of USD 31.9 Bn in 2023.The forecast period and is seen as a fast growing automotive market.

Key segments of the market:

1. Global market overview - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), geography-wise market revenue (USD Bn), and market attractiveness analysis
2. Trends in the global advanced driver assistance systems market
3. Qualitative analysis of the global drivers and challenges affecting the market and its segments
4. Porter's five forces analysis
5. Value chain analysis
6. Market segmentation based on vehicles (private vehicles and commercial vehicles) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
7. Market segmentation based on sensors (image sensor, radar sensor, lidar sensor, and others [ultrasonic, infrared and laser sensors]) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
8. Market segmentation based on components (adaptive cruise control [ACC], parking assistance [PA], lane departure warning [LDW], tire pressure monitoring [TPM], blind spot detection [BSD], autonomous emergency braking [AEB], and others [adaptive front lighting, drowsiness monitor, forward collision warning, head-up display, and driver monitoring systems]) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
9. Competitive landscape

For more information, download Global Advanced Driver Assistance Systems Market: https://www.researchonglobalmarkets.com/global-advanced-d...

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Industry:Automotive
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