China and India are forecasted to be the lucrative markets for advanced driver assistance systems. Tire pressure monitoring system would be the fastest growing market with an expected CAGR of about 38.8% during the forecast period (2015-2020). As per the present market scenario, adaptive front lighting system exhibits maximum market share in the overall ADAS market. The radar sensors are majorly used for designing different advanced driver assistance systems. The potential of extending the functionality to other applications would also foster the growth of radar sensors.
According to a new report by Allied Market Research titled, “Asia-Pacific Advanced Driver Assistance System Market – Opportunity Analysis and Industry Forecast, 2014 – 2020″, the Asia-Pacific advanced driver assistance system market would garner revenue of $15.5 billion by 2020, registering a CAGR of 31.3% during the forecast period 2015 – 2020. The integration of automotive safety and driver assistance features in the form of advanced driver assistance systems in vehicles provide an intelligent and safe driving experience. The availability and sophistication of enhanced automotive safety features, collectively termed as advanced driver assistance system, consists of extensive technologies including adaptive cruise control, lane departure warning systems, adaptive front lighting systems and drowsiness monitoring systems. Fusion of data from different sensors incorporated in vehicles is needed to detect and relay information. Commonly used sensors include Ultrasonic sensors, Image sensors, and RADAR sensors. Stringent government regulations regarding vehicle and passenger safety and a significant rise in the income of people, are driving the high adoption of ADAS systems.
Growth in the Asia-Pacific advanced driver assistance systems market is fostered by the increasing penetration of active safety systems, especially, in regions like China, Japan and India. The rise in purchasing power of the consumers, increasing focus on safety, rising demand for comfort driving and the stringent safety regulations imposed by different governments, are key factors that fuel the growth of the market. A prominent rise in the adoption of ADAS applications among automotive manufacturers has significantly boosted the market for advanced driving assistance systems in the region.
However, the high cost associated with installing applications in vehicles may act as a restraint for the ADAS market. Moreover, testing and validating systems are the most challenging functions within the ADAS development, especially for vision systems.
Key Findings of Asia-Pacific Advanced Driver Assistance System Market:
- The Asia-Pacific ADAS market would grow at a promising rate across the countries like China, India and Japan, during the forecast period (2015-2020)
- The cost effectiveness of the sensor and adoption in multiple applications would drive the growth for Ultrasonic sensors at a fastest CAGR during 2015-2020
- Tire Pressure Monitoring would grow at the fastest CAGR of 38.8% during the forecast period (2015 – 2020) owing to cost effectiveness of the application and its feature of being replaceable
- Increasing purchasing power and supportive government initiatives would foretell remarkable growth for Asia-Pacific market
The report also outlines the competitive environment of the Asia-Pacific advanced driver assistance systems market, providing a comprehensive study of the key organic and inorganic strategies adopted by market leaders. The top market players in the Asia-Pacific market are adopting different strategies such as product launch and technological advancements, in an effort to gain the competitive edge over the rest. The key players in the industry such as Continental AG, Robert Bosch GmbH, Hitachi Ltd. are conceptualizing products equipped with various ADAS applications. Major companies profiled in the report are Denso Corporation, Valeo, Robert Bosch GmbH, Continental AG, Hitachi Ltd., BMW AG, AUDI AG, Toyota Motor Corporation, Ford Motors Co. and General Motors.