The Global Driver Assistance System Market has been evaluated as growing market and expected that the market will touch high growth figures. In last decade business analytics developers have found various types of automotive services for assisting driver while driving. This has shifted the momentum of the driver assistance system market there by boosting the revenues with the growth rate of over 22.90% from 2016 to 2027 from USD 11.66 billion in 2016.
Driver Assistance System Market:
Driver assistance system helps in minimizing road accidents or casualties as well as can take care of pedestrian safety. It also provides assistance in parking management, navigation or drowsiness monitoring among others.
The technologies such as ultrasonic, radar, image and IR sensors have been included in the vehicle to provide various services such as Adaptive Cruise Control (ACC), Lane Departure Warning (LDW) system, Park Assist Drowsiness Monitoring System, Blind Spot Detection (BSD) System, Night Vision, Tire Pressure Monitoring System (TPMS), and Adaptive Front among others.
Major Participants of Driver Assistance System Market:
- Delphi Automotive Plc.
- Gentex Corporation
- Autoliv Inc.
- Continental AG
- Hitachi Ltd
- Magna International
- Robert Bosch Gmbh
- Hella Kgaa Hueck & Co.
- Texas Instruments Inc.
- Renesas Electronics Corporation
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Market Research Analysis:
Increasing government regulations such as mandating usage of driver assistance systems in the vehicle and emerging high-end vehicles market in developing countries has an important quotient in the growth of driver assistance system market. In the coming years, it is expected that the driver assistance system market will advance with higher growth rate as compared to previous years. The current challenges for the market are training the professionals on the software due to its complex and expensive features. Therefore, steadily changing process of manual workflow to digital workflow, will result in long-term benefit when the advance features of driver assistance system services are implemented and would be used on regular basis by various industries.
According to the report, In APAC region increasing purchasing power of buyers is raising driver assistance system market in the region. Further, the report states that the complex & expensive features and requirement of maintenance of components is a challenge to the market growth.
– The global driver assistance system market is expected to reach $112.69 billion by 2027.
– Adaptive cruise control (ACC) has accounted for the largest market share registering 18.34% of market share in 2015.
– Regionally, Europe holds the largest market share 23.67% of global driver assistance system market and is expected to reach $45.16 billion by 2027 from $3.39 billion in 2015.
– Asia Pacific market is expected to be the fastest growing market, and expected to grow at a CAGR of 22.35% from 2016 to 2027
– On the basis of technologies, Ultrasonic Sensors is growing with a CAGR of 23.62% from 2016 to 2027.
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The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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