Press release
Driver Assistance System Market 2018 Global Key Players: Texas Instruments Inc, Delphi Automotive Plc, Gentex Corporation, Continental AG by Forecast to 2027
Driver assistance systems have become more sophisticated and are poised to witness growth over the forecast period of 2016 to 2027 primarily due to increased demand from government and consumers for sophisticated safety mechanisms in automotive vehicles. Market Research Future has observed that the global driver assistance system market is well positioned to grow at an exuberant CAGR of 22.90% during the assessment period. Advancements in technology among other factors are expected to result in an estimated market value of USD 112.69 Bn by the end of 2027.
The automotive industry has witnessed considerable growth recently due to increasing urbanization and a rise in disposable incomes. Consequently, the rise in disposable incomes has also increased the demand for vehicles with advanced safety features such as driver assistance systems. Moreover, there has been a growing demand for advanced driver assistance systems such as automatic emergency braking systems, forward collision warning systems, and parking assist. These technologies are also highly useful in the development of autonomous vehicles and are expected to be integrated into a majority of vehicles in the coming years. Government support and upcoming regulations are expected to be the most significant driver for the global driver assistance market. Across the globe, governments are increasingly mandating the installation of driver assistance systems in an effort to reduce road accidents and increase pedestrian & driver safety. For instance, the U.S and E.U have made it mandatory for all vehicles to be equipped with emergency braking assistance and collision warning systems by 2020. The Indian government has also revealed plans to make advanced driver assistance systems a mandatory feature in new vehicles by 2022.
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Technical challenges regarding malfunction of these advanced driver assistance systems are a cause for concern and represent market restraint. However, the market is highly competitive, and research and development of these systems combined with their role in the development of fully autonomous vehicles are expected provide the market with ample opportunity for growth in the foreseeable future.
Market Segmentation
MRFR's analysis of the global driver assistance system market as a whole and its parts requires segmentation, which has been performed on the basis of types, technologies, and region. By types, the market is segmented into GPS navigation system, blind spot detection (BSD) system, park assist, night vision, adaptive cruise control (ACC), drowsiness monitoring system, tire pressure monitoring system (TPMS), adaptive front lighting, lane departure warning (LDW) system, and others. Adaptive cruise control (ACC) accounts for a market share of 18.34%. ACC is one of the most widely used driver assistance systems.
By technologies, the market is segmented into image sensors, RADAR sensors, ultrasonic sensors, and other sensors. Ultrasonic sensors are expected to grow at a CAGR of 23.62%. This technology has a wide number of benefits which can be applied in driver assistance systems. Ultrasonic sensors are cost efficient, can be used effectively in dark environments and is not affected by transparent or colored objects, making it highly useful in a myriad of detection applications.
The regional division of the global Driver Assistance System Market includes North America, Europe, Asia Pacific and the Rest of the World.
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Increasing Purchasing Power to Lead to 22.35% CAGR for APAC
Europe is a significant regional market which accounts for a significant market share of the global driver assistance system market. Valued at USD 3.39 Bn, the European driver assistance system market is poised to reach an approximate value of USD 45.16 Bn by the end of 2027. The region is highly advanced in terms of regulatory mandates for the safety of citizens. The E.U has recently mandated that all new vehicles by 2020 must have certain driver assistance systems in place, primarily collision warning systems and autonomous braking systems. Additionally, there is a concentration of leading market players in the region who are driving growth.
The Asia Pacific is another significant market in the global driver assistance system market which it was valued at USD 2.51 Bn in 2015 and is expected to reach over USD 23 Bn by the end of 2027. The APAC region is rapidly urbanizing, and consumers in the region are witnessing an increase in purchasing power which has resulted in the high demand for automotive vehicles. The region is highly populous with vastly different traffic conditions as compared to those in developed countries of the western hemisphere. As a result, there is an increased need for certain kinds of driver assistance in the region. Moreover, there is a strong presence of several leading market players as well as a well-established manufacturing hub for automotive in the APAC. Rapid growth at a CAGR of 22.35% during the forecast period is anticipated in the APAC, and the figure represents the presence of ample opportunity.
Key Players
Notable market players leading the growth of the global driver assistance system market include Continental AG, Renesas Electronics Corporation, Robert Bosch Gmbh, Hella Kgaa Hueck & Co., Texas Instruments Inc., Autoliv Inc., Hitachi Ltd, Delphi Automotive Plc., Magna International, and Gentex Corporation among others.
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Latest Industry News
Fujitsu has developed 1000:1 image compression technology which is a spin-off from its 4k and 8k video development and has applications in advanced driving assistance systems, where it can be used to collect 3D images for the creation of 3D maps for real-time surveillance and disaster response operations.
Bendix has launched Intellipark, which is its new electronic parking brake system which is a "smart" park brake system for electric vehicles.
Table of Content:
1 Market Introduction
1.1 Introduction
1.2 Scope of Study
1.2.1 Research Objective
1.2.2 Assumptions
1.2.3 Limitations
1.3 Market Structure
Continued..
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