The advanced driver assistance systems market is subject to witness a higher traction as the demand for autonomous cars is on a rising verge. The traction is significantly fueled by consumer interest in efficiency & safety and regulatory framework to lessen road accidents. For instance, in the European and United States, the government has mandated that all the vehicles to be equipped with automated braking system and collision warning systems. From the OEM perspective, the market could gain a lot of attention in the near future under different brand names even though, the market is in its nascent stages. Both OEM and high-tech players have entered the automotive sector. Semiconductor companies have also taken a leap in the automotive sector that offer ADAS products.
According to the latest report on Advanced Driver Assistance Systems Market published at Upmarketresearch, demand for luxury vehicles enabled with modern features are likely to propel the market growth in the near future. In addition, technological innovations in automobile sector and rise in government initiatives towards lessening carbon emissions and minimizing road accidents is indirectly responsible for the developments in the market. However, the industry being in nascent stages and low awareness about the benefits of autonomous cars might result in market hindrance in the near future.
Solution system segment for advanced driver assistance systems market include blind spot detection system, park assistance, adaptive cruise control, autonomous emergency braking, adaptive front lights and tire pressure monitoring system. Component system segment comprises processor, sensor, ultrasonic, radar and LiDAR systems. Interior design systems segment comprises passenger car, commercial vehicle, light and heavy commercial vehicle.
North America dominates the market growth in the forecast period due to massive growth in automobile industry along with rise in automation for driving. Inception of electric cars coupled with digital sensors to enhance autonomous driving conditions highly stimulates the growth of U.S. market.
Asia-Pacific regions are likely to gain a strong foothold in the market with China being at leading position and rise in number of automobiles in the near future. Government initiatives towards lessening pollution and efforts to enhance automobile sector with digitization is likely to strengthen the market gains for advanced driver assistance systems market.
Prominent players in the advanced driver assistance systems market include Robert Bosch, ZF Friedrichshafen, Aptiv and Continental.