ALBANY, N.Y., Oct. 30, 2014 (GLOBE NEWSWIRE) -- In a recent report published by Transparency Market Research, the firm states that the global advance driver assistance system market was worth US$14.80 billion in 2013 and is expected to be worth US$50.48 billion by 2020. The report - Advanced Driver Assistance Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2020 also exhibits that the market will register a CAGR of 19.2% in the forecast period, 2014 - 2020.
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The automotive industry has constantly evolved at every stage with time and is considered as one of the most attractive sectors currently. The various developments in the automotive sector are not only limited to the advancements in car engines and overall designs but are also extended to the vehicle performance and most importantly, the passenger, as well as the pedestrian safety. Such factors have collectively highlighted the need for advanced driver assistance systems (ADAS) market.
Advanced driver assistance systems (ADAS) are leading us on the road to semi or fully-autonomous self-driving vehicles. Despite the increasing rate of installations into premium cars, the penetration of ADAS technology into passenger cars is relatively low. However, ADAS market will still create a favorable environment for a gradual acceptance of semi or fully-autonomous vehicles over the forecast period, 2013 - 2020.
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The advanced driver assistance systems market is expected to grow significantly in the near future. ADAS technologies support and serve the basic everyday needs of driving by reducing critical demands on the driver and improving comfort that is very useful for safety purpose. One of the major factors for the increasing market growth in the advance driver assistance system market is the rising adoption of safety measures and emphasis on user safety. Also, another vital factor contributing to the growth of the advanced driver assistance systems market is the increasing demand for comfort driving by using compatible and efficient latest technology.
The ADAS technology can override a driver action and is highly capably in taking the right action independently and just in time. Different technologies including Adaptive Front Lights, Rear-View Cameras, and Park Assistance applications once dominated the advanced driver assistance market. However growth in the overall automotive ADAS market will be propelled by positive impact of government regulations toward convergence of consumer demand and safety, the reduction of advanced driver assistance systems end-user application prices and a cohesive drive towards semi-autonomous and fully-autonomous vehicles.
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All such factors will enable major shift in the ADAS technology supply in various regions of the world, particularly in Japan and Europe. In 2013, North America held the largest market share for advanced driver assistance systems across the globe. This growth was attributed to the buying pattern of the consumers in North America. Consumers in this region are more concerned toward the safety and health regulations associated with automobiles and thus, are more inclined toward advanced comfort systems. This region also witnesses maximum growth due to the stringent safety and other environmental regulations imposed by the government of North America.
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On the other hand, Asia-Pacific is expected to be the next fastest growing region after North America. The advanced driver assistance market growth is expected to grow at a CAGR of 20.5% from 2014 to 2020 in this region. Changing buyer's preferences in automobiles, improving lifestyle, and increasing rate of vehicle demand are some of the major factors driving the advanced driver assistance market in Asia-Pacific.
Some other features such as pedestrian protection and tyre pressure monitoring system will become mandatory in Russia too. Additionally, advanced driver assistance market in the U.S. and Europe are also implementing mandatory regulation for adopting a few significant ADAS features into their automotive industries.
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