July 20, 2022 09:49 ET | Source: STRATEGIC MARKET RESEARCH LLP STRATEGIC MARKET RESEARCH LLP
New York, United States, July 20, 2022 (GLOBE NEWSWIRE) -- The ascent in people's disposable income levels and strict enforcement by transportation authority’s globally have led to the rapid rise in the advanced driver assistance systems (ADAS) market.
Insights into the market for Advanced Driver Assistance Systems:
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Important factors accounting for the stellar growth of the Advanced Driver Assistance Systems Market:
Rising Disposable Income of People.
Disposable income for people has increased over the years, meaning they can afford products in the specialty category of the product segment. As per a US Bureau of Economic Analysis study, the amount stood at USD 55,671 per individual. In Europe, the amount stood at Euro 15,055. China’s disposable income increased by 8.1% to approximately 35,000 yuan in 2021. Certain components of Advanced Driver Assistance Systems involve precision machining and coding and hence, can be considered a premium feature in vehicles. However, with the income of people rising as time passes, more Advanced Driver Assistance Systems can be adopted by consumers without considering it a premium feature.
Strict enforcement of safety norms as laid down by transport authorities.
The main purpose of Advanced Driver Assistance Systems is to prevent vehicular accidents, thereby preventing loss of life. The US Department of Transportation’s Fatality Analysis Reporting System (FARS)stated that over 35,000 fatal vehicle crashes occurred in 2020, with more than 38,000 deaths registered. According to European Commission statistics, over 18,000 deaths occurred in road accidents in 2020. In 2021, over 67,000 fatalities occurred in China due to road vehicle accidents. With statistics showing the increasing number of vehicle accidents and fatalities, transport authorities have begun introducing national legislation to make cars safer by adopting systems such as ADAS. The updated General Safety Regulation (GSR), which requires the deployment of cutting-edge vehicle safety measures, was implemented by the European Commission in 2019. The legislation was introduced in the US Congress in 2020 to mandate the use of lane-assist technology and automatic emergency braking in commercial trucks within two years of the act passing. Thus, with national and global transport authorities introducing laws regarding the use of Advanced Driver Assistance Systems, the market will grow tremendously in the future.
Analysis of the Segmentation of the Advanced Driver Assistance Systems Market:
Middle East, Latin America, and Africa (MELAA / LAMEA)
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Radar sensors dominated the component segment due to their extensive use in adaptive cruise control systems and emergency brake assists. Reports suggest that most of the 2020 and post-2020 models have adaptive cruise control in at least one car variant. Similarly, almost all cars in the US market have emergency brake assist systems in place. Thus, with the increasing use of systems that use radar in their safety process, the radar component will continue to dominate the segment in the market.
The passenger car segment will continue to dominate the Advanced Driver Assistance Systems market in the future due to the rising sales of passenger car vehicles across regions. North America had passenger vehicle sales of nearly 16 million units in 2021, with 90% of them equipped with at least one form of Advanced Driver Assistance Systems. In the APAC region, over 32 million cars were sold in 2021. In Europe, over 11 million cars were sold in the segment. Thus, with increasing sales in the vehicles segment, we would see a phenomenal rise in the requirement for Advanced Driver Assistance Systems.
By offering, both hardware and software are necessary for the efficient working of the systems. However, hardware dominated the segment due to the sheer volume of sales of hardware components, whereas software was expected to grow at a tremendous CAGR of 19% in the scheduled period. Hence, with the increasing awareness among the public for the use of Advanced Driver Assistance Systems, the need for both hardware and software parts will grow rapidly.
Going by the type of electric vehicle, plug-in hybrid electric vehicles dominate the segment currently, and in the future, the battery electric vehicle will dominate the market. As reinstated by the US Department of Energy, more than 600,00 PHEVs were sold in 2021, and the growth of the battery electric vehicles between 2020 and 2021 was 3%. Thus, with increased demand from consumers for electric vehicles, the market will see a period of sustained growth shortly.
The adaptive cruise control (ACC) system type dominated the market because it is a reliable and easily implementable technology that has been in use for the last three decades. The ACC system maintains the vehicle's speed and acceleration, reducing any impact of going beyond permissible speed limits.
North America’s market share was well over one-third of the market and stood at 37%. The reason for the region's dominance was the presence of multiple companies with well-developed R&D departments and the overall infrastructure of the road network in the region, which necessitated the requirement of advanced Advanced Driver Assistance Systems. US automobile manufacturers invested over USD 15 billion in R&D in 2021. Thus, the market would witness sustained growth with continued investments and higher requirements for ADAS.
Important Companies which are involved in the Advanced Driver Assistance Systems Market:
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