FACTORS IMPACTING THE GLOBAL ADVANCED DRIVER ASSISTANCE SYSTEMS MARKET
The advanced driver assistance system (ADAS) is a set of systems that vehicles are using for intelligent and comfortable experience. There is a growing demand for ADAS – the ones that assist with monitoring, steering, braking and warning tasks. Lane departure warning system, adaptive cruise control, park assist, blind spot detection system and adaptive front lighting system are some of the sensors used by the global advanced driver assistance systems market. The demand for global advanced driver assistance system is expected to be fuelled by regulatory and consumer interests for safety applications to reduce accidents and increase driver safety.
Factors impacting the global advanced driver assistance systems market
Although ADAS applications are still in the nascent stage, original-equipment manufacturers (OEMs) and suppliers realize that ADAS can be a differentiating factor in the automotive industry. There are several factors that are impacting the global advanced driver assistance systems market:
Rise in safety concerns:
The recent years have seen a rising demand for ADAS due to increased growth in safety concerns. This is mainly because of the constantly growing number of road accidents, especially in developing countries. Adoption of ADAS, such as lane departure warning systems and night vision, have proved to be useful in preventing road accidents.
New safety regulations:
Government initiatives have played a pivotal role in increased adoption of the ADAS applications. Governments all over the world have adopted stringent laws so that there are less number of accidents. Also, there are policies being laid down according to which cars must have safety ratings to encourage car manufacturers to adopt improved safety measures.
Technological advancements in multifunctional systems:
The ADAS market is said to be driven by advanced multifunctional technologies like RADAR, LiDAR and ultrasonic. Consistent progress in these technologies will fuel the growth of advanced driver assistance till the year 2020, with the car manufacturing OEMs adopting these rapidly.
Technological advancements in the advanced driver assistance systems:
Cars are being equipped with different kinds of features to provide comfort to the consumers and increase sales. Technological developments in smartphones, computers, wireless systems and cloud computing are improving the safety of consumers. These dynamic technologies are enabling intelligent driving that enables autonomous parking in cars, staying in lane without driver assistance, applying brakes at a sign of danger and other such functionalities.
The advanced driver assistance system is one of the most lucrative markets in the automotive sector and is forecast to grow at a leading level till 2025. Currently, the market in North America is leading in the advanced driver assistance system, but Asia Pacific is also slated to be one of the lucrative markets in the coming years. Automobile manufacturers all across the world are investing extensively in the research and development of the ADAS innovations. Apart from North America and Asia Pacific, Europe is also slated to grow extensively as far as ADAS adoption is concerned.