According to a report by Research and Markets driver assistance systems market was valued at USD 22.69 billion in 2015 and is projected to reach USD 78.19 billion by 2020, at a CAGR of over 28% during the forecast period from 2017 to 2022. The demand for fuel-efficient vehicles along with an accelerating need for road safety systems will help to boost the global demand for ADAS significantly.
Over the last few years, growing concern about automotive safety among consumers has resulted in high demand for advanced safety features, especially for inexpensive and mid-price segment vehicles. The dynamics of the global automotive industry are also changing rapidly. Automobile manufacturers expect that the demand for mid-price segment cars is expected to increase by 20% by 2020.
The European automotive industry is one of the major and most innovative automotive markets in the world. With a massive transformation in the industry post the recession period of 2010, there has been rapid market penetration and mass adoption of ADAS amongst customers. There are regular upgrades in the ADAS technology that facilitate competitiveness in the market, making it one of the largest markets in the global ADAS industry.
The growth of the ADAS market is currently hindered by the growing incidence of software failures in sensors, coupled with the expensive pricing of these systems that has acted as a major friction factor for the wide acceptability of these systems. However, the rapidly expanding hybrid and electric vehicle market, along with the growth of the autonomous vehicles, will help augment the ADAS in these vehicles, thereby driving the growth of the market significantly during the given forecast period.
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