The advanced driver assistance system constitutes numerous advanced safety technologies, which have proven their worth in vehicles through their assistance to the vehicle’s driver. Moreover, studies conducted on ADAS performance have fueled its adoption. Globally, governments and automotive regulatory bodies in developed countries, such as the U.S., Germany, the U.K., Japan, and France, are legalizing and implementing policy framework to mandate the integration of the advanced driver assistance system in vehicles.
Rise in production of vehicles integrated with increased safety standards across the globe is likely to propel the advanced driver assistance market. Rise in adoption of artificial intelligence and Internet of things (IoT) in vehicles is also prompting vehicle manufacturers to develop advanced driver assist systems. Enactment of stringent rules and regulations regarding safety standards in the vehicle is estimated to boost the advanced driver assistance systems market across the globe. Growing mergers & acquisitions between vehicle manufacturers across the globe for the development of autonomous driving is projected to fuel the advanced driver assistance systems market systems across the globe.
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Rapid Economic Growth Increased Demand for ADAS Enabled Electric Vehicles
Increasing number of accidents across globe is the major reason behind the growth of advanced driver assistance systems. These systems help in minimizing human error and reduce road fatalities. Key features of advanced driver assistance systems include automatic lave catering, provide adaptive cruise control and collision avoidance, incorporate SatNav/traffic warnings, and various others. With increasing road accidents, governments across the globe are emphasizing on using advanced technologies in developing new vehicles. All these factors have fueled demand in the global advanced driver assistance system market.
Apart from developing advanced products, these players are also focusing to develop products at a lower cost and add additional sophisticated features in new vehicles. Mergers and acquisition, partnership, collaboration, and expansion are the major business development strategy used by them. In the TMR’s report, analysts have considered prominent players including Ford Motor Company, Continental AG, Audi AG, Denso Corporation, BMW AG, General Motors Company, and Delphi Automotive PLC.