US$ 140 Mn by 2028 Global Advanced Driver Assistance Systems Market Revealing Key Insights – MRRSE

Posted on 2018-07-02 by Mark Hub in Automotive // 0 Comments

Dated 02-July-2018: To Understand the Advanced Driver Assistance Systems (ADAS) Testing Equipment Market Industry Status worldwide, MRRSE has included the latest Forecast report titled “US$ 140 Mn by 2028 Global Advanced Driver Assistance Systems Market Revealing Key Insights”, to its vast database. This study offers data about the prime regions operating in the Advanced Driver Assistance Systems (ADAS) Testing Equipment Market, along with their production, consumption, revenue and market share details. Further, the intelligent report also anticipates that the market would grow at a constructive CAGR until 2026.

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Most of the road mishaps occur due to human errors. As per analysis of World Health Organization, more than 1.25 Mn deaths have been recorded every year owing to road accidents, especially due to driving under alcohol influence and over speeding. Governments across regions are striving to take necessary measures to guarantee road safety. One of the main objectives of World Health Organization is to aid governments by providing technical support. For instance, World Health Organization has collaborated with Bloomberg Initiative to support governments of low and middle income countries with respect to road safety with a view to decrease the percentage of road injuries and fatalities.

Prevalence of safety standards to proliferate the demand for advanced driver assistance system testing equipment

Advanced driver assistance systems are essentially automated systems that ensure driver safety by improving driving experience. Various safety features are being installed in new vehicles to prevent mishaps and collisions. For instance, new vehicles are equipped with features such as anti-lock braking system, adaptive light control, automatic parking, crosswind stabilization, parking sensors and driver monitoring system , to name a few. However, testing of these features becomes imperative during development stage to ensure effective functioning of these added features. Feature testing activities are becoming essential across many counties, such as UK, Germany, US and Asia Pacific. Increasing awareness with respect to technological advances has caused an upsurge in higher consumer demand for innovative and developed technologies, for instance ADAS (Advanced Driver Assistance System). This has spurred the need for testing of ADAS.

ADAS plays a vital role in autonomous driving

One of the most recent trends in automotive industry is the emergence of autonomous vehicles. In North America, especially in Canada, development and production of autonomous vehicles is growing at a rapid pace. These vehicles are integrated with ADAS system to enhance vehicle safety and reduce road accidents. From manufacturer’s point of view, the new trend of autonomous driving coupled with vehicle safety systems are set to spearhead the adoption rate of advanced driver assistance systems, which in turn is expected to push the demand for ADAS testing equipment across the globe.

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Developers of technology in the automotive industry and original equipment manufacturers have a vital role in the penetration and development of advanced driver assistance systems. Companies are investing heavily in research and development to enhance safety technologies. Increasing initiatives in the automotive sector to enhance car safety and develop autonomous vehicles are triggering higher investments in ADAS by OEMs. This is expected to create potential opportunities for testing equipment needed for ADAS.

According to this research report, the demand for advanced driver assistance system is expected to increase at a stellar rate in the coming years. The sales of advanced driver assistance systems testing equipment is poised to grow at a higher rate of more than 12% during the forecast period (2018-2028) and is estimated to reach a value of over US$ 140 Mn by end of the assessment year (2028).

Automotive OEMs are original manufacturers of vehicles. With growing awareness of road safety systems, rapid penetration of ADAS is being witnessed. OEMs are incorporating ADAS in their vehicles to ensure enhanced vehicle protection. This has resulted in increased use of testing equipment for ADAS by OEMs. The sale of ADAS testing equipment by OEMs is estimated to surpass US$ 100 Mn by end of the assessment period (2028).

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The growth of the global advanced driver assistance testing equipment market is positively influenced by several drivers, trends and opportunities. To name a few, aspects such as increasing awareness of road and vehicle safety, prevalence of safety standards proliferating the demand for ADAS testing equipment, supportive government initiatives related to automotive industry, rising demand for testing equipment from end users, increasing focus on installing different types of advanced driver assistance systems in vehicles, increasing electrification of vehicles, development of advanced driver assistance systems by original equipment manufacturers, shifting focus towards autonomous driving and development of autonomous cars are expected to fuel the growth of the global advanced driver assistance systems testing equipment market in the coming years.

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