the global advance driver assistance system market was valued at USD 14.80 billion in 2013, growing at a CAGR of 19.2% from 2014 to 2020 to account for USD 50.48 billion in 2020.
Albany, NY -- (SBWIRE) -- 02/25/2019 -- Rising initiatives for automation and self-driving cars for safe driving with assistance systems is augmenting adoption of the advanced driver assistance. This is boosting the growth of the global advanced driver assistance market. Additionally, advanced driver assistance offers numerous advantages such as night vision, road sign recognition systems, and drowsiness monitoring system are bolstering adoption of the technology. Furthermore, high demand for tire pressure monitoring systems owing to their low prices is augmenting adoption of advanced driver assistance. The aforementioned factors are bolstering growth of the global advanced driver assistance market.
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However, complexity and cost pressure are the major factors limiting growth of the advanced driver assistance market. In addition, environmental factors affecting adoption of advanced driver assistance is likely to hamper growth of the market. Nevertheless, the rise in the number of autonomous cars and increased deployment of advanced driver assistance in low-cost cars are offering lucrative opportunities for growth over the forecast period.
The global advanced driver assistance market registered revenue of US$14.80 bn in 2013 and is expected to expand with a CAGR of 19.2% over the forecast period from 2014 to 2020 to attain the value of US$50.48 bn by the end of 2020.
On the basis of type, the advanced driver assistance system market segmented into Adaptive cruise control (ACC), blind spot detection (BSD) system, park assist, drowsiness monitor system, lane departure warning (LDWS) system, tire pressure monitoring system (TPMS), and others. Of these, adaptive cruise control (ACC) accounted for the larger share in 2013 of about 18.15% of the global market. However, the tire pressure monitoring system segment is expected to witness the fastest growth with CAGR of 21.1% from 2014 to 2020. Additionally, drastic and rapid economic improvements and mandatory regulations globally are expected to spur growth of the market in upcoming years.
On the basis of technology, an advanced driver assistance system market is segmented into ultrasonic sensors, image sensors, radar sensors, laser sensors, and infrared sensors.
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Developing Countries in Asia Pacific to Offer Growth Opportunities
On the basis of region, the global advanced driver assistance market is segmented into North America, Europe, Asia Pacific, and Rest of the World. Of these, market in North America and Europe has potential to account for the larger share by imposing regulations. However, the market in Asia Pacific is expected to expand with CAGR of 20.5% over the forecast period from 2014 to 2020. This growth is attributable to growing disposable income which is leading to improve purchase power of mid-earning people. Favorable policies from the Latin America and Middle East and Africa are fuelling growth of the market in the regions.