How Will the Credit Crunch Affect Optional Extra Take Rates?
The current global recession is having a devastating effect on new light vehicle (car and van) sales. From 68 million sold worldwide in 2007, sales are expected to reach no more than 54 million in 2009. The outlook for the optional extras that car purchasers might make would seem to be equally grim. However, a new 2009 study available at Electronics.ca Publications, "The Worldwide Market for Advanced Driver Assistance Systems" suggest that, though new light vehicle sales may not recover to 2007 levels until 2011, some optional features may fare better than others.
In general, sales of optional features to improve safety are predicted to be less badly affected than those that merely offer a little more "comfort and convenience." According to the market analyst, Parmjit Bhangal, "Driver assistance systems undoubtedly will help to reduce accident rates, with some driver assistance systems helping to reduce over 20% of accidents; but still customers will need convincing they need the features".
The most widely fitted driver assistance feature discussed in the study, tire pressure monitoring, was estimated to be fitted on 30% of new vehicles in 2007. "Though shipments of this system will fall in the short term, they are not predicted to fall to the same extent as vehicle sales; and they are forecast to be fitted to 50% of new vehicles in 2016" Bhangal stated.
The number of new light vehicles with park/reverse assist will rise slowly but steadily, even through a tough 2009 and 2010, to nearly double shipments from 2007 to 2016.
Systems like blind-spot detection, though fitted on fewer than 200,000 vehicles in 2007, are forecast to be on 5.5 million new vehicles in 2016. A similar situation is foreseen for collision mitigation. Analysis available at Electronics.ca Publications shows that blind spot detection systems could prevent up to 8% of all road accidents.
However, many optional extras that may have seemed attractive previously, may not seem so attractive now, as money is tighter, it may now be difficult for a customer to justify spending on extras such as heated seats or a DVD player. These are options that most people can do without and probably will.
Details of the new report, table of contents and ordering information can be found on Electronics.ca Publications' web site. View the report: http://www.electronics.ca/publications/products/The-Worldwide-Market-for-Advanced-Driver-Assistance-Systems.html
Electronics.ca Publications is a world-class research network and publishing company whose focus is technology and market research for the electronics industry. Our network spans dozens of areas of electronics expertise, and taps the knowledge of researchers and analysts internationally. We deliver critical information on the semiconductor, advanced materials, nanotechnology, electronics manufacturing, wireless technology and converging markets, to name a few.
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