Advanced driver assistance systems (ADAS) have gained immense traction on account of its role in enhancing road safety. This, in turn, has translated into a large number of vehicles with integrated ADAS and the demand is unlikely to slow down anytime soon. With unmatched capabilities in assisting drivers to avoid road mishaps, ADAS has become more of an essential investment. These insights are garnered from the latest Fact.MR study that projects a promising outlook for ADAS market in the future.
Reasonable price is another key sales influencer of ADAS, unveils the Fact.MR research study. Rising demand from motorists and drivers to bolster their safety apparatus is working in favor of ADAS developers.
“Owing to rapid advancements in engine technology and increasing demand for fuel efficiency, automakers are rolling out new vehicle models. These new vehicle models are incorporating ADAS as an integral part, creating sustained opportunities for the ADAS developers over the forecast period”, says Fact.MR report
As per a recent study published by the American Automobile Association (AAA), drivers demonstrate a heavy reliance on ADAS. This study by AAA also unveiled that notable percentage of drivers show too much dependency on blind spot monitoring, adaptive cruise control, and rear cross traffic alerts. This, in turn, validates the promising growth of ADAS market with the installation rate likely to take off significantly in the forthcoming years.
APEJ to Stay at the Forefront of Demand for Lane Departure Warning Systems
Lane departure warning systems have witnessed consistent demand, as it warns the drivers of straying from the respective lanes and helps in avoiding accidents. Demand for lane departure warning system is poised to expand at an impressive CAGR of more than 14 % over the forecast timeline, on account of increasing awareness vis-à-vis safety among drivers.
Alarming rates of on-road accidents are on a further rise, which has influenced the demand for lane departure warning system by a notable rate. As per the report, passenger cars holds a significant pie of revenue share and will retain its hegemony in terms of demand for lane departure warning systems. However, the growth demonstrated by light as well as heavy commercial vehicles will also be remarkable, owing to the skyrocketing demand for safety systems in the commercial vehicle landscape. In addition, mandates vis-à-vis lane departure warning systems’ installation in commercial vehicles sold in developed regions, such as Europe, is also creating favorable circumstances for the global market growth.
APEJ region is likely to hold a sizeable market share in the global lane departure warning landscape in 2018, and the status quo is likely to improve by the end of 2027. Burgeoning production of automobiles, backed by colossal economic growth, is likely to make APEJ a significant region for lane departure warning systems developers to take into consideration, from an investment-making standpoint. Demand spearheaded by India & China, APEJ is likely to pave lucrative avenues for the stakeholders of lane departure warning systems.
The leading companies offering lane departure warning systems are focusing on high-scale product developments and collaborations to enhance their bottom lines. Developers offering lane departure warning systems are also vying to stay cost competitive by introducing affordable solutions and are bringing new innovations into the fore to meet evolving customer expectations.
The Fact.MR report offers key insights into the latent opportunities emerging in global ADAS market over the forecast timespan of 2018 to 2027.
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