Advanced Driver Assistance Market – Rapid Economic Improvements to Boost Uptake
The demand within the global market for advanced driver assistance has been rising on account of grass root level changes in the automobile industry, finds Transparency Market Research (TMR). The market players that exist in the global market for advanced driver assistance have been making ardent efforts to ensure that their profit margins can be widened through the use of effective strategies.
However, most of the key vendors are projected to engage in non-price competition due to the price-sensitivity of the competitive landscape. Furthermore, the market for advanced driver assistance market is directly concerned with the automobile industry because of which the market vendors are expected to enter into agreements and contracts with automobile manufacturers.
Transparency Market Research (TMR) finds that the global market for advanced driver assistance would expand at a stellar CAGR of 19.20% over the period 2014 and 2020. The global advanced driver assistance market is expected to accumulate revenues worth US$50.48 bn by 2020-end, rising up from a value of US$14.80 bn in 2013.
Based on geography, the market in Europe has been reaping commendable revenues due to the immaculacy of the automobile sector in Germany and England. Based on the type of safety system, adaptive cruise control has been attracting tremendous demand over the past years.
Impetus on Road Safety to Drive Demand
The annual number of road accidents across the globe has been rising at an appalling rate over the past decade. This has raised several concerns amongst governments, automobile manufacturers, and the general masses; these demographics are now on the lookout for better and advanced safety systems in cars. This has given an impetus to the growth of the global market for advanced driver assistance, and has als reaped commendable revenues for the various market vendors.
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The credibility of automobile manufacturers is enhanced if their vehicles are equipped with the latest driver assistance systems. For this reason, automobile manufacturing use the installation of advanced driver assistance systems as a key selling point for their products.
The rising disposable income of the masses, inclination towards better and lavish lifestyles, and craze for automobiles are some other factors that have driven demand within the global market for advanced driver assistance in recent times.
Popularity of Automation Technologies to Expand Market
In the past few years, automaton technologies have become the backbone of several industrial processes, commercial systems, an residential systems. Along similar lines, the automobile sector has also become extremely particular towards the manufacture of self-driven cars. These cars have been projected as the next big thing on the global technology landscape; for this reason, the demand within the global market for advanced driver assistance is projected to reach new heights in the years to come.
Furthermore, the propensity of well-off consumers to buy cars with the latest aids and technologies has also become a launch pad for the growth of the global market for advanced driver assistance.