Press release
Automotive Advance Driver Market Price Trend and Region 2024
Global Market Insights, Inc.
Innovations such as forward collision warning system face difficulty in identifying people and objects at high speed. The challenges present in processor, sensors, software algorithms and mapping are anticipated to hamper the industry growth over the forecast timeframe. Software failure & sensor dysfunctionality instances coupled with high price product will further pose a threat to the industry participants.
Automotive advance driver system market is featured with innovative components such as sensors, software algorithms, warning & monitoring system, mutual combination software, and multi-functional sensors that make the product more advanced as compared to conventional version. This has forced the OEMs to install this system in their vehicles to gain traction among their customers, fueling the demand for the product and inducing immense potential to the industry size till 2024.
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Based on product, the automotive advance driver market can be segmented into parking assistance system, adaptive cruise control, anti-lock braking system (ABS), lane departure warning system (LDWS), forward collision warning system, real time traffic & travel information system, electronic stability program (ESP), adaptive head lights, emergency call system, obstacle and collision warning system. Parking assistance system is expected to contribute largest market share followed by automated emergency braking, adaptive cruise control, and forward collision warning system. The substantial share of parking assistance system is attributed to shifting preference of manufacturers due to its prominence in advance driver systems.
By vehicle, the industry can be segmented into PCV, LCV, and HCV. Passenger cars are likely to dominate the industry till 2024. In 2016, more than 72,000 passenger vehicles were sold across the globe. 80 % of the passenger vehicles are anticipated to be equipped with advance driver assistance system by 2020. Surging demand of passenger vehicles owing to rising disposable income across the globe will contribute significantly to the industry growth.
Based on component, the industry can be categorized into camera, sensors, radar, semiconductor, wire, and display. Sensors are expected to exhibit highest revenue share over the forecast timeframe owing to its increasing usage in ADAS. Features such as capability to capture image and gesture recognition will escalate the revenue generation. Ultrasonic and infrared sensors are widely used for parking assistance systems, further strengthening the product penetration.
Semiconductor is another critical component in advance driver systems. OEMs are focusing on technological advancements in semiconductor such as surround view camera system (front camera & rear camera) and gesture detection camera. Semiconductor based cameras assist the driver to take 3600 views around vehicle to determine current situation around vehicle. These innovations are expected to support business revenue over the next eight years.
Europe is expected to exhibit substantial revenue share over the forecast timeframe owing to strong presence of major vehicle manufacturers across the region. Germany is hub of premium car manufacturers and innovations in vehicle components. These innovations will support the region’s dominance.
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Asia Pacific is estimated to grow significantly till 2024 owing to continuous rise in the passenger vehicle sales. In 2016, the region witnessed record making passenger vehicle sales. Countries including China and India are expected to showcase tremendous increase in the demand for these vehicles due to surging disposable income of middle class people, propelling the regional growth.
Major manufacturing companies include Aisin Seiki Co, Wabco Holding, Freescale Semiconductor, Delphi automotive, Gentex Corporation, Infineon Technologies, Takata Corporation, and Robert Bosch Gmbh. Other notable players include Valeo SA, Mobileye NV, Nvidia corporation, Magna, Renesas Electronics corporation, Denso Corporation, Hyundai Mobis, Auto liv, Panasonic Corporation, and Texas Instruments & Continental.
Manufacturers focus on new product launches to gain competitive edge in the industry. For instance, in September 2017, WABCO Holdings launched an ADAS, OnLane Assist, for heavy & medium duty buses and trucks. The industry participants are also making huge investments for strengthening their presence across the globe. For instance, in December 2017, WABCO Holdings invested USD 10 million in Nikola Motor Company to produce advance products for commercial vehicles.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Global Market Insights, Inc.
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