iCrowd Newswire – Jul 23, 2020
The Global market for Emergency driver assistant market is forecast to reach $158.64 million by 2025, growing at a CAGR of 14.91% from 2020 to 2025. The market growth is attributed to the factors such as growing demand of safety driving features, improved driving experience and others. Moreover, strict government rules and regulations regarding the vehicles for the safety of pedestrian as well as the driver in order to avoid road accidents and loss of life and property is propelling the market growth.
Sensor- Segment Analysis
Radar sensor holds the highest market share of emergency driver assistant market in 2019. The market growth is attributed to the factor such as object detection in bad weathers, sensitivity to the dirt deposits and others. However, slow reactance to the sudden changes in the roads restricted its market growth. Moreover, Lidar sensor is anticipated to witness the significant market growth during the forecast period 2020-2025 owing to its precise response to the detection of distance, velocity, angles and others.
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Application type- Segment Analysis
The tire pressure monitoring system (TPMS) holds the highest market share of emergency driver assistant in 2019. The market growth is attributed to the factor such as low cost that makes it more adoptable by the end consumers. Moreover, TPMS provides alerts regarding the tire pressure or the status of the tire while travelling. Additionally, adaptive cruise control is anticipated to witness the significant market growth during the forecast period 2020-2025. This growth is attributed to the technological advancements in the automotive vertical, growing purchasing power of the end consumers and others. Moreover, strict government rules and regulations for safety measures tend to boost the market growth.
Geography – Segment Analysis
North America holds the highest market share of the emergency driver assistant market in 2019. This is due to the technological development, improved industrial infrastructure, improved economic condition and a higher rate of adoption of new technologies in the region. Moreover Emergency driver assistant market in APAC is expected to grow at highest rate during the forecast period owing to the various factors such as high investments in Research and development activities and adoption of driver assistant system in electric vehicles are expected to mark major growth in the APAC market over the forecast period. In October 2019, Hyundai Mobis entered into a partnership with Velodyne Lidar and made an investment of $50 M for mass production of level 3 autonomous driving lidar systems. Hitachi Ltd., Robert Bosch GmbH, Continental AG, Toyota Motor Corporation are the major key players in APAC region. Rising competition among the market players across this region enhances the market growth.
Drivers – Emergency driver assistant market
Growing demand for safety features
Human error including distracted driving, driving under the influence of alcohol, non-use of helmets, over speeding and others are the major cause of road accidents. World Health Organisation has stated that approximately 1.35 million people die each year as a result of road traffic crashes. Adding to this, National Road Safety Commission has stated that about 80% of the road accidents has been caused due to human error in 2018. Safety features such as tire pressure monitoring, adaptive cruise control, parking assistance, lane change assistance, intelligent speed adaptation and others provides the drivers a comfortable and enhanced driving experience. Moreover, damage to the life and property reduces with its applications thereby driving the market growth.
Government rules and regulations
There are various regulating bodies across the region including National Highway Traffic Safety Administration (NHTSA), Automotive Industry Standards (AIS), Bharat stage emission standards (BSES), United Nations Economic Commission for Europe (ECE) and others. These regulatory bodies fixes the standards of the vehicles along with the features beneficial for the end consumers. In 2017, law regarding the installation of airbags and speed limit reminders in all cars from July 1, 2019 was made by union ministry of road transport in India to prevent the fatalities caused due to over speeding. Additionally, according to vehicle safety rules and regulations, installation of anti – lock braking system is made mandatory for four wheelers from April 2018. Thus rules and regulations for the proper installations of safety features to the vehicles boosts the market growth for emergency driver assistant market.
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Challenges – Emergency driver assistant market
Complex structure and high initial cost
Complex structure and installation cost pose a challenge to the market growth. Customer faces problem as the total cost of the vehicle goes high due to the additional expenses such as charges on telecommunication, applications, hardware and others. Moreover, servicing of the vehicles is difficult as there is lack of skilled personnel.
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Emergency driver assistant market. Emergency driver assistant driver market is expected to be dominated by major companies such as Autoliv Inc., Continental AG, DENSO Corporation, Hyundai Mobis, Magna International Inc., Robert Bosch Stiftung Gmbh, Hitachi Ltd., Valeo, NXP Semiconductors, Panasonic Corporation and among others.
In January 2020, Tom Tom entered into a partnership with Hitachi Automotive Systems and Alfa Romeo for the development of a new real-time hazard service for navigation and driver assistance. This benefits the customers by providing traffic data, real time road condition and others thereby improving the driving experience.
In January 2020, Qualcomm entered into a partnership with Sasken Technologies and launched a platform called Qualcomm Snapdragon Ride. It provides a scalable, customisable and power-efficient autonomous driving platform thereby gaining the attention of the customers and elevating the market growth.
Growing awareness among consumers regarding the security and safety features of the vehicle to avoid road accidents or any miss-happenings is enhancing the market growth for essential driver assistant.
Technological developments in electronic equipment promotes the automotive vertical for the production of more advanced safety features for vehicles which tends to drive the market growth of emergency driver assistant market.
Lidar sensor is analysed to have the highest market share in the forecast period 2020-2025 owing to its significance in vehicle automation including 360 degree view of the surrounding thereby providing a safe driving experience.
APAC region is expected to dominate the global emergency driver assistant market during the forecast period 2020-2025 due to their high investments in Research and Development activities, potential for market growth and rising adoption rates of the driver assistance system in electrical vehicles.
Advanced Driver Assistance Systems (ADAS) Market
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