Luxury Cars – Driver Assistance System Market to Attain 22.90% CAGR to Hit USD 112.69 Billion by 2027
Pune, Feb. 08, 2021 (GLOBE NEWSWIRE) — Market Analysis
Market Research Future (MRFR) presumes the global driver assistance system market to reach USD 112.69 billion at a 22.90% CAGR from 2016 to 2027 (forecast period).
The driver assistance system (DAS) market is at an embryonic stage and is developing at a substantial pace. The DAS market relies on the demand trends of the automobile industry in terms of safety regulations, buyer preferences, and lifestyle. The driver assistance system plays a key role in reducing the rate of road accidents or injuries while taking care of pedestrian safety.
As a result, driver assistance systems are experiencing colossal momentum around the globe. Moreover, growing economic growth across the world, along with increasing demand for premium passenger cars and rising safety concerns for automobiles and drivers, is driving the market growth. The introduction of safety and environmental regulations will also allow the driver assistance system industry to expand over the forecasted period.
Driver assistance systems have gained considerable market prominence in recent years, and, as a result, demand for their various types is growing. This trend is predicted to continue for the next seven years. Numerous governmental approaches towards automobile, driver, and passenger safety have imposed a number of regulations requiring automakers to deliver vehicles with safety features added.
Other factors that help the growth of the global driver assistance system market are the number of advantages provided by driver assistance system types, regulations mandating driver assistance systems, and the improvement of global economic status. Driver assistance systems enable drivers to monitor, warn, braking & steering, and others using technologies like human-machine interface (HMI), mobile security, telematics, and others.
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Automated driving and collaborative driving combined with Intelligent Transport Systems (ITS), vehicle control, and vehicle to everything communications (V2X), among others, are expected to rise in popularity over the next decade. As a result, driver assistance systems will have an increasing role to play in reducing vehicle accidents, offering quick warnings for obstacles and hazards like pedestrians, lane changes, and short braking distances.
As roads get busier nearly every day, the risks of driving are also rising. This increases the preference amongst people for driver assistance systems. As a result of the growing popularity of DAS, automotive players are increasingly involved in vehicle automation. They continue to invest in advanced technological advances. Furthermore, the high demand for vehicles fitted with driver assistance systems is fuelling the growth of the global driver assistance system industry.
In addition, the increase in demand for next-generation driving assistance systems with a stable human-machine interface to reduce human error and avoid road casualties is propelling the growth of the DAS industry. The integration of advanced technologies in the development of DAS and the improvement of the global economy are key factors driving the market growth. Advances in various data sources like automotive imaging, LiDAR, radar, and image processing, among others, promote market development.
COVID-19 Impact on the Global Driver Assistance System Market
COVID 19 affected the overall automotive industry, prompting automakers to reduce their output at their production plants. The disruption caused by the pandemic at main suppliers prompted various passenger car brands to cut back production in some areas. They worked very intensively on counter-measures and alternatives to minimize the effect.
Luxury vehicle manufacturers and dealers have, however, diverted their attention from the offline lead generation model to online sales. This effort to engage prospective buyers across digital channels proves to be a game-changer in the growth of the market.
The global driver assistance system industry has been segmented based on types and technology.
Based on type, the global driver assistance system market has been segmented into adaptive cruise control (ACC), blind-spot detection (BSD) system, intelligent park assist system (IPAS), lane departure warning system (LDWS), driver drowsiness system, tire pressure monitoring system (TPMS), night vision, global positioning system, adaptive front lighting, and others. Among these, the ACC segment has the largest market share. The driver drowsiness system segment represents the second-largest segment, which is expected to continue to rise at a CAGR of 27.69% during the forecast period. On the flip side, the IPAS segment accounted for USD 1828 million in 2018 and is expected to report an impressive CAGR during the assessment period.
Based on technology, the global driver assistance system market has been segmented into ultrasonic sensor, image sensor, radar sensor, and others. [Sensors (Lidar Sensors and IR Sensors)].
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The global driver assistance system (DAS) market, by region, has been segmented into North America, Europe, Asia Pacific, the rest of the world.
APAC to dominate the global market
The Asia Pacific region dominates the global driver assistance system market, primarily due to the fast-growing luxury vehicle market and rising vehicle production. Moreover, growing awareness of the benefits of vehicle and driver safety systems has a positive impact on market development. The APAC luxury vehicle market is expected to develop rapidly during the forecast period.
Developing economies, like Japan, China, South Korea, and India, account for the largest market share due to the proliferating demand for luxury vehicles and improving lifestyle of the population in the region. In addition, the well-established automobile industry in this region generates significant opportunities for market players. In addition, rising vehicle maintenance costs and safety issues have an impact on regional market development.
With the mandatory regulations for the use of such driver assistance systems in the region, it is expected that Europe will drive the global driver assistance system market exponentially during the forecast period. In addition, the strong presence of luxury car manufacturers in this region is boosting the growth of the industry.
Moreover, the growing demand for technologically advanced vehicles and the strict regulations on passenger and vehicle safety in this region are generating considerable demand. The market for driver assistance systems in the European region is expected to expand significantly during the assessment period.
The driver assistance system market appears fragmented with the involvement of a variety of influential industry players. Such players initiate strategic moves, such as mergers and acquisitions, collaboration, innovation, and brand reinforcement, in order to achieve a more significant competitive share.
Notable players in the global market are:
- Gentex Corporation (US)
- Hella Kgaa Hueck & Co. (Germany)
- Delphi Automotive Plc. (UK)
- Magna International (Canada)
- Autoliv Inc. (Sweden)
- Hitachi Ltd (Japan)
- Continental AG (Germany)
- Texas Instruments Inc. (US)
- Robert Bosch Gmbh (Germany)
- Renesas Electronics Corporation (Japan)
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Dec. 18, 2020—-Hitachi Automotive Systems, Ltd. (Japan) stated that its stereo camera, with lane keep assist and night-time pedestrian detection features, has been embraced by Suzuki Motor Corporation for its mini passenger vehicle with advanced safety features – XBEE, launched in October 2020.
In Japan, the Ministry of Land, Infrastructure, Transport, and Tourism (MLIT) and the Ministry of Economy, Trade, and Industry (METI) are encouraging widespread use of DAS domestically and are preparing to make mandatory regulations for all new passenger vehicles to have collision-avoidance brakes as of 2021.
Dec. 17, 2020—-LeddarTech, a global pioneer in advanced driver assistance (ADAS) and automated driving (AD) sensing technology at Level 1-5, announced an enhanced collaboration with Renesas by joining the R-Car Consortium. With the coordination, partners would drive the development and promotion of an automotive ADAS reference platform.
The new platform integrates LeddarTech’s industry-leading raw data sensor fusion stack and LiDAR technology with Renesas’ newly introduced R-Car V3U, the best-in-class ASIL D on-chip (SoC) system for ADAS and AD systems.
Nov. 21, 2020—-Luminar Technologies, the self-driving sensor startup, stated that it would supply laser-based lidar sensors for a test fleet of self-driving vehicles introduced by Intel Corp’s subsidiary, Mobileye, one of the world’s leading suppliers of camera-based sensors used in ADAS. Mobileye is also developing high-definition automated vehicle maps.
Dec. 09, 2020——-GMC Sierra announced that the latest version of feature Super Cruise hands-free driver assistance technology would be available on the GMC Sierra 1500 Denali at the end of the 2022 model year. Super Cruise1 driver assistance technology, such as the introduction of the ability to trailer while driving hands-free, is the industry’s first true hands-free driver assistance system.
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Luxury Cars – Driver Assistance System Market to Attain 22.90% CAGR to Hit USD 112.69 Billion by 2027