The global advanced driver assistance systems market faces high competition in the market and fragmented elucidates a forthcoming Transparency Market Research (TMR) report. Major players in the market are investing their time and money to bring in innovative products in the global market. They intend to add advanced features to the vehicles at the same time maintaining cost effectiveness intact. These players are also entering into mergers and acquisitions to expand their product portfolio and gain over the competitive global advanced driver assistance systems market. A few of these major players are Panasonic Corporation, Hyundai Motor Company, Ford Motor Company, Mahindra and Mahindra Ltd, and Audi AG.
The global advanced driver assistance systems market is expected boost due to due to safety measures during driving. The global advanced driver assistance systems market is projected to grow at a CAGR of 15.9% from 2017 to 2025. The estimated revenue was US$ 11.83 bn in the year 2016; it is expected to increase to US$43.27bn by the end of the forecast period.
On the basis of geography, the global advanced driver assistance systems market is predicted to emerge as a prominent market during the forecast period. The growth is attributable to rising demand and supply of automobiles and high priority given to safety factors on the roads. The global advanced driver assistance systems market is segmented into image sensors, radar sensors, ultrasonic sensors, infrared sensors, and laser sensors in terms of technology. Among these radar sensors are expected to rule the global advanced driver assistance market due to minimized collision and emergency brake system.
Strict Regulations for Safety to Promote Market
Stringent regulation and rising safety concerns during driving on the roads is projected to drive the global advanced driver systems market. Special features such as intelligent breaking system, traffic alert, lane warnings, spot detection, night vision, parking systems and drowsiness monitor systems are expected to fuel the demand for advanced driver assistance systems market. Hence, the global advanced driver assistance market is projected to witness a staggering growth during the forecast period.
Alternatively, the rising number of road accidents is likely to create a demand for these smart vehicles. Thus, the global advanced driver assistance systems market is assumed to have impressive growth opportunities during the forecast period.
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Seamless Driving Experience to Provide Impetus to Growth
People want to experience seamless driving experience because of the comfort factor that advanced driver assistance systems provide is projected to be another driving factor for the expansion of global advanced driver systems market in the upcoming years. Rising income and availability of automotive loans from major banks are expected to propel the demand for such vehicles across the globe. Thus, the global advanced driver assistance systems market is projected to grow at a grand rate in the upcoming years.
Limited awareness of such benefits and steep price are anticipated to hinder the growth in the global advanced deriver systems market. However, despite the constraints, the global advanced driver assistance systems market is expected to grow due to better lifestyle and comfort factor provided by such systems.