iCrowd Newswire – Jul 29, 2020
The popularity of vehicles equipped with advanced driver assistance systems (ADASs) has increased tremendously over the last few years, mainly because of the enhanced safety features of these vehicles, and the superior driving experience offered by these cars as compared to the conventionally used automobiles. Moreover, the surging implementation of stringent government regulations in many countries regarding vehicular safety is massively boosting the sales of the vehicles equipped with these systems across the world. For example, in the U.S., The National Highway Traffic Safety Administration (NHTSA) has recently enacted the Federal Motor Vehicle Safety Standards (FMVSS).
The other major factor responsible for the soaring sales of ADASs is the growing popularity of connected cars and autonomous vehicles around the world. These vehicles are equipped with various advanced systems and technologies including the ADASs and internet of things. Moreover, the increasing disposable income in several countries is ensuring a drastic rise in the sales of these vehicles. Due to these factors, the revenue generated from the worldwide sales of ADASs is predicted to increase from $19.8 billion to $99.6 billion from 2015 to 2022.
The mushrooming volume of sales of connected cars across the world, on account of the rapid technological advancements, is another major factor fuelling the growth in the demand for ADAS. Moreover, the rising regulations by various governments, especially the ones in developed countries, aimed at increasing vehicular safety, are further pushing the demand for ADAS. Due to these factors, the global ADAS market is expected to witness a massive increase in its value, not only in developed nations, but the developing ones as well.
Across the globe, the Asia-Pacific (APAC) advanced driver assistance system market will demonstrate the fastest growth over the next few years, according to the forecast of the market research firm, P&S Intelligence. This is primarily ascribed to the increasing urbanization and growing popularity of premium and high-end vehicles in the APAC region. Furthermore, the increasing regulation of passenger car sales in many APAC nations will propel the advancement of the premium automobile sector, which will, in turn, fuel the sales of ADASs in the region in the coming years.
Hence, it can be said with surety that the requirement of advanced driver assistance systems will surge all over the world in the upcoming years, primarily on account of the growing popularity of premium vehicles including connected cars and autonomous vehicles and the rising implementation of strict vehicular safety policies by the governments of several countries around the world.
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Keywords: advanced driver assistance system market, ADAS Demand, ADAS Market Report