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(USGovernment-News.Com, November 13, 2018 ) The ADAS Market (Advanced Driver Assistance System Market) is estimated to be USD 24.24 billion in 2018 and is projected to reach USD 91.83 billion by 2025, at a CAGR of 20.96% during the forecast period. The increasing demand for a safe, efficient, and convenient driving experience and rising demand for luxury vehicles across the globe are the key factors driving the growth of the ADAS market.
The ADAS market has been segmented by the system, vehicle type, component, EV, offering, and region. Road sign recognition (RSR) is projected to be the fastest growing segment of the Advanced Driver Assistance System Market, by the system. The growth of RSR can be attributed to increasing road infrastructure activity in developed as well as developing economies.
The ADAS market has been segmented by vehicle type into passenger cars, light commercial vehicles, buses, and trucks. The passenger car is estimated to be the fastest growing segment of the Advanced Driver Assistance System Market, by vehicle type. The number of passenger cars is growing at a significant rate in the emerging economies of the Asia Pacific region. The increasing demand for passenger cars can be attributed to the rise in GDP and population of developing countries, improved lifestyle, increased purchasing power of consumers, and the development of infrastructure. ADAS is provided as a standard feature in passenger cars in several countries to prevent fatalities due to accidents. For instance, the European government mandated the installment of LDWSs and AEBSs in trucks and buses in 2015.
The Asia Pacific region is estimated to dominate the ADAS market, in terms of value, in 2018. The rising disposable income levels increased vehicle production in developing countries such as India and China, an increase in the number of luxury vehicles in countries such as Japan are expected to fuel the growth of the Advanced Driver Assistance System Market in the Asia Pacific region.
Government regulations pertaining to vehicle safety drives the ADAS market
Safety features have become an important prerequisite for automotive consumers across the world. Most of the accidents are caused by driver distraction or lack of concentration due to drowsiness. The Third Global Status Report on Road Safety 2015 estimated the number of road traffic deaths per year to be more than 1.2 million. The OEMs and the government regulatory authorities are taking necessary steps to improve transportation by addressing major challenges such as road accidents, traffic congestion, and the cost of transportation. The governments of various countries have also made mandates for features such as LDW and AEB. Several kinds of safety features have therefore been developed to assist the driver and lower the number of accidents. For example, the Driver Monitoring System monitors the driver and alerts or warns the driver in case drowsiness and distraction are detected.
The key players in the ADAS market include Robert Bosch (US), ZF Friedrichshafen (Germany), Denso (Japan), Aptiv (UK), Intel (US), NVIDIA (Germany), Continental (Germany), Valeo (France), Hella (Germany), Magna (Canada), Samsung (South Korea), and Hyundai Mobis (South Korea). These players are increasingly undertaking mergers and acquisitions, and product launches to develop and introduce new technologies and products in the market.
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