Driver Assistance Systems Market Growing despite COVID-19 Pandemic
The global driver assistance systems market is expected to exhibit a robust 22.9% CAGR over the forecast period from 2017 to 2027, according to the latest research report from Market Research Future (MRFR). The global driver assistance systems market was valued at USD 11.66 billion in 2016 and is expected to grow to a valuation of USD 112.69 billion by 2027. The report from MRFR profiles the global driver assistance systems market in detail and provides a comprehensive overview of all relevant factors affecting the global driver assistance systems market. The major drivers and restraints affecting the global driver assistance systems market are analyzed in detail in the report. Major players operating in the global driver assistance systems market are also profiled in the report, giving readers a clear overview of the competitive landscape of the market. The impact of the COVID-19 pandemic on the global driver assistance systems market is also assessed in the report.
Driver assistance systems are automated systems that perform various tasks in automobiles and make it easier for drivers to drive and manage the vehicle. Driver assistance systems also include systems designed to protect drivers from accidents. The increasing demand from consumers for premium automobiles that include such driver assistance systems is likely to be a major driver for the global driver assistance systems market over the forecast period. Due to their high technological sophistication, advanced driver assistance systems are usually only available on top-of-the-line models of automobiles. Thus, the growing demand for premium automobiles is likely to be a major driver for the global driver assistance systems market. The growing prestige factor in owning a premium automobile is likely to drive the demand for premium vehicles over the forecast period. This is likely to remain a major driver for the global driver assistance systems market over the forecast period.
Many governments around the world have also mandated the use of several driver assistance systems in cars in order to ensure a higher standard of safety on the roads. Safety systems used in cars include drowsiness monitoring systems, lane departure warning systems, and tire pressure monitoring systems. The mandatory inclusion of such as other driver assistance systems in automobiles is likely to be a major driver for the global driver assistance systems market over the forecast period.
Leading players in the global driver assistance systems market include Renesas Electronics Corporation, Texas Instruments Inc., Hella KGAA Hueck & Co., Robert Bosch GmbH, Magna International, Hitachi Ltd., Continental AG, Autoliv Inc., Gentex Corporation, and Delphi Automotive plc.
In September 2015, Aisin and Toyota made an agreement regarding the consolidation of the development and production of a manual
In March 2013, Continental collaborated with BMW (Germany) to develop an electronic co-pilot system capable of supporting highly automated driving. The main motive behind this partnership was to develop highly automated driving functions ready for implementation by 2020 and later.
In October 2012, Autoliv Inc. added a technical center for active safety and vehicle restraint development in Shanghai, China.
In January 2012, Delphi Automotive PLC demonstrated the integration of user interface, infotainment, safety, and connectivity technology in its MyFi Connecting with Safety system. This technology will help in making vehicles and drivers more aware of the situation around them.
The global driver assistance system market is segmented on the basis of type, technology, and region.
By type, the global driver assistance system market is segmented into adaptive cruise control, lane departure warning system, park assist, drowsiness monitoring system, blind spot detection system, night vision, tire pressure monitoring system, adaptive front lighting, and others.
By technology, the global driver assistance system market is segmented into ultrasonic sensors, image sensor, radar sensor, and other sensors.
Europe dominates the global driver assistance system market and is likely to remain dominant over the forecast period due to the strong presence of several leading automotive firms in the region.