The global driver assistance system market size was valued at USD 21.56 billion in 2017 and is expected to grow at a CAGR of 19.9% over the forecast period 2019–2026.
Driver assistance systems 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, while others alert the driver to errors or hazards, such as drowsiness, departure detection, and detection lane. The rising concern of automobile safety, governments initiative, and favorable regulatory norms regarding the installation of these systems are primarily driving the growth of the driver assistance system market.
|Market Size||USD 21.56 billion in 2017|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
According to the World Health Organization, on 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 in road accidents. Driver assistance system helps to assist drivers according to the changes and environmental situation and respond to the circumstances accordingly.
Many governments across the world impose stringent regulations on car manufacturers in order to provide optimum on-road security to the driver and mandating the installation of driver assistance systems in order to lower road accidents is propelling the growth of the market. For reducing crashes, property damage, and fatalities on a global basis governments are encouraging regulators and policymakers to collaborate with overseas counterparts to generate and enforce global technical standards.
The rising level of technological innovation machine vision, artificial intelligence (AI), radar, lasers, and various position-detecting technologies in the driver assistance system market are boosting the growth of the 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 the Driver Assistance System Market. The high cost of equipment and installation charges of driver assistance systems are the major factors restraining the growth of the driver assistance market.
On the basis of geography, the 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, the automobile industry across North America have indicated a positive growth prospect for the driver assistance system market. The consumers in this region are demanding automobiles with an 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 systems 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 a very favorable region for the Driver assistance system market.
Europe is likely to hold a 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. The mandatory application of LDWS (lane departure warning systems) on HCV (heavy commercial vehicles) by 2015 and the 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 systems in passenger cars in Europe.
Asia Pacific is expected to be the fastest-growing region in the driver assistance system market. Many automotive manufacturers are adopting driver assistance system applications in vehicles are significantly boosted the market for advanced driving assistance systems in the region. Also, major players in the 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 a considerable growth rate in the driver assistance system market during the forecast period 2019–2026.
Global driver assistance system market share is segmented into type, vehicle type, and technology.
On the basis of type, the 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 the rising use of night vision driver assistance systems to avoid fatal road accidents.
On the basis of vehicle type, the 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, the driver assistance system market is bifurcated into the ultrasonic sensor, image sensor, lidar sensor, and radar sensor. The radar sensor is projected to grow at the fastest growth rate, owing to the rising trend of autonomous and semi-autonomous vehicles in the automobile industry.