Driver assistance systems are one of the fastest growing fields in the automotive electronics sector. According to the report that has been published by Market Research future (MRFR), the global Driver Assistance System Market is anticipated to expand strikingly at a robust CAGR of 22.9% during the forecast period of 2016-2027.
Market Drivers and Restraints:
Increasing manufacturers’ interest towards vehicle automation coupled with incorporation of advanced technological innovations are some of the major factors driving the growth of the global driver assistance system market. Rise in demand for next-generation driving assistance systems with safe human-machine interface and incorporation of advanced technologies to minimize human errors and avoid road fatalities are fueling the growth of the global driver assistance systems market.
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Multiple services provided by advanced driver assistance systems such as electronic stability control, lane departure warning, anti-lock brake, adaptive cruise control, and others that rely on various data source such as automotive imaging, LiDAR, radar and image processing among others are inducing high demand for vehicles equipped with driver assistance systems, resulting in the expansion of the global driver assistance system market.
However, high installation and maintenance cost and growing incidences of software failures in sensors are likely to act as restraints on the growth of the global driver assistance system market.
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The global driver assistance system market has been segmented on the basis of type and technology. Based on type, the driver assistance system market is segmented into adaptive cruise control (ACC), lane departure warning (LDW) system, park assist, drowsiness monitoring system, blind spot detection (BSD) system, night vision, tire pressure monitoring system (TPMS), adaptive front lighting, GPS navigation system and others.
Based on technology, the driver assistance system market is segmented into ultrasonic sensors, image sensors, RADAR sensors and others. Among these, the RADAR sensors segment is projecting rapid growth in the global driver assistance system market owing to the rise in trend of semi-autonomous and autonomous vehicles and increased incorporation of RADAR systems in such vehicles in the global market.
Geographically, the global driver assistance system market is segmented into four major regions such as Asia Pacific, North America, Europe and the rest of the world. The Asia Pacific region is dominating the global driver assistance system market owing to the increasing vehicle production in developing economies of India and China and increasing demand for luxury vehicles due to improving lifestyle of the population in this region.
The driver assistance system market in the Europe region is anticipated to grow significantly owing to the presence of large pool of luxury cars manufacturers in this region. The North America region is projecting noteworthy expansion of the driver assistance system market due to the increasing demand for technologically advanced vehicle and stringent passenger and vehicle safety regulations in this region.
In August 2018, Hitachi Automotive Systems has announced that its advanced driver assistance system’s electronic control unit is selected for use in Mitsubishi Motors’ eK series vehicles.
The leading players in the global driver assistance system market are Delphi Automotive Plc. (the U.K.), Gentex Corporation (the U.S.), Autoliv Inc. (Sweden), Continental AG (Germany), Hitachi Ltd (Japan), Magna International (Canada), Robert Bosch Gmbh (Germany), Hella Kgaa Hueck & Co. (Germany), Texas Instruments Inc. (the U.S.), Renesas Electronics Corporation (Japan) and others.
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