Global Statistics Representing Driver Assistance System Market Scenario
Driver assistance system are extra electronic features in motor vehicles used to make motor vehicle travel safer by improving, automating or adapting some or all of the tasks involved in operating a vehicle. In addition, some of the systems help with the task of driving, others alert the driver to errors or hazards, such as drowsiness, departure detection and detection lane. Rising concern of automobile safety, governments initiative and favorable regulatory norms regarding installation of these systems are primarily driving the growth of driver assistance system market.
According to the World Health Organization, on an average road accident cause 1.2 million deaths and 50 million injuries around the world each year. Traffic congestion, rash driving, and lane change, these issues result into road accidents. Driver assistance system helps to assist driver according to the changes and environmental situation and respond to the circumstances accordingly.
Many governments across the world imposes stringent regulations on car manufacturers in order to provide optimum on road security to the driver and mandating installation of driver assistance system in order to lower road accidents is propelling the growth of market. For reducing crashes, property damage, and fatalities on a global basis government are encouraging regulators and policymakers to collaborate with overseas counterparts to generate and enforce global technical standards.
Rising level of technological innovation machine vision, artificial intelligence (AI), radar, lasers and various position-detecting technologies in driver assistance system market are boosting the growth of market.
However, excessive costs of these systems, growing incidence of software failure in sensors and lack of awareness among low and medium-end customers are hindering the growth of Driver Assistance System Market. High cost of equipment and installation charges of driver assistance system are the major factors restraining the growth of driver assistance market.
Global driver assistance system market was valued at USD 21.56 billion in 2017 and expected to grow at CAGR 19.9% over the forecast period 2019–2026
Global driver assistance system market is segmented into type, vehicle type, and technology.
On the basis of type, driver assistance system market is segmented into adaptive cruise control, blind spot detection, lane departure warning system, night vision, adaptive front lighting, intelligent parking assist system, and others. Night vision is anticipated to grow considerably over the forecast period, owing to rising use of night vision driver assistance system to avoid fatal road accidents.
On the basis vehicle type, driver assistance system market is classified into passenger cars, light commercial vehicles, and heavy commercial vehicles. Passenger car is likely to hold the largest market share, due to rising use to enhance driver comfort, convenience and safety
On the basis of technology, driver assistance system market is bifurcated into ultrasonic sensor, image sensor, lidar sensor, and radar sensor. Radar sensor is projected to grow at fastest growth rate, owing to rising trend of autonomous and semi-autonomous vehicles in the automobile industry.
On the basis of geography, driver assistance system market is segmented into North America, Europe, Asia Pacific, and LAMEA.
North America is a very prominent region for the driver assistance market. Post the 2009 recession, automobile industry across the North America have indicating a positive growth prospect for driver assistance system market. The consumers in this region are demanding the automobiles with advanced comfort system and features that support the health and safety regulation imposed by the government of North America. The leading car manufacturers such as General Motors, Chrysler Ford etc. are also offering other driver assistance system as an alternative in the different models of their passenger cars. Owing to rigid safety & environmental regulation and purchasing pattern of the people, North America is very favourable region for Driver assistance system market.
Europe is likely to hold the significant market share in the driver assistance system market. German vehicle manufacturers and the supply industry have created many innovative driver assistance systems to increase driving comfort and avoid road accidents. Major automobile manufacturer such as BMW, Audi, Volkswagen, Volvo, and others have launched their vehicles resourced with several types of driver assistance systems. Due to mandatory application of LDWS (lane departure warning systems) on HCV (heavy commercial vehicles) by 2015 and mandatory application of TPMS (Tyre Pressure Monitoring Systems) in Europe in passenger cars by 2014, have increases the demand for driver assistance system in Europe. Safety standards are not the sole reason for their high growth; rising personal safety concerns has also an important role to play in the demand for driver assistance system in passenger cars in Europe.
Asia Pacific is expected to be fastest growing region in the driver assistance system market. Many automotive manufacturers are adopting driver assistance system application in vehicles are significantly boosted the market for advanced driving assistance systems in the region. Also, major player in automobile industry such as Nissan, Hyundai/Kia, Toyota, Honda, etc., are implementing necessary driver assistance systems in their cars. Many countries such as China, South Korea, Japan, etc. are making few driver assistance systems mandatory in passenger cars, hence the market is anticipated to grow with a promising growth rate in upcoming years.
LAMEA is anticipated to grow at considerable growth rate in the driver assistance system market during the forecast period 2019–2026.
A few of the key players of driver assistance market are Texas Instruments, Hyundai Mobis, Infineon Technologies Ag, Nxp Semiconductor, Aptiv (Delphi Automotive Plc), Valeo S.A, Renesas Electronics Corporation, Autoliv Inc., Wabco Holdings Inc., Denso Corporation, Robert Bosch Gmbh, and Hella Kgaa Hueck & Co.
Driver Assistance System Market Segmentation
By Vehicle Type
Why buy this report?
Every year automobile companies are investing millions in funding development of cutting-edge technologies to keep drivers safe and accident-free while operating their vehicles.
Regulatory and consumer interest agencies are monitoring the safety applications that protect drivers and reduce accidents.
For instance, Both the U.S. and European Union are mandating that all vehicles to be equipped with autonomous emergency-braking systems and forward-collision warning systems by 2020.
Therefore, assistance driver system technology has the potential to transform the automotive sector. We have covered detailed competition landscape that signifies the presence of leading provider and their strategic management.