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European Mandates Improve Scope of Advanced Driver Assistance Systems Market
European nations are spearheading the effort to minimize deaths caused by road accidents. The European Union (EU) will compel all automakers to incorporate automatic emergency braking in their new launches from 2022 onwards. Such regulations directly benefit the advanced driver assistance systems market. Automatic emergency brakes play a key role in preventing fatalities that would have occurred if brakes were not applied in time. There are numerous instances of accidents occurring when drivers were distracted due to mobile usage. These distractions can be catastrophic for both passengers, occupants, as well as pedestrians.
Rising Economic Tide Lifts Boat of Global Advanced Driver Assistance Systems Market
Advanced driver assistance systems were first introduced in prestige vehicles such as Mercedes-Benz, Bentley, Audi, and Rolls-Royce. A rising standard of living, particularly in fast-growing emerging economies has boosted the demand for luxury vehicles, benefiting the advanced driver assistance systems market. Although the cost of advanced driver assistance systems is a significant roadblock, their absolute sales volume has risen recently on account of the hub-spoke architecture between urban, suburban, and rural areas. Furthermore, the easy availability of financial schemes such as ‘Buy Now, Pay Later’ by a prominent Indian carmaker are responsible for the acceleration of the advanced driver assistance systems market.
Urgent Need to Raise Awareness in Advanced Driver Assistance Systems Market
Nonetheless, there are a few challenges that must be sufficiently addressed in the advanced driver assistance systems market, a main one being a general lack of awareness in developing countries. Customers in these countries are rarely, if ever, aware of the life-saving role played by advanced driver assistance systems. These customers are typically cost-conscious, dampening demand in the advanced driver assistance systems market. In February 2020, a Volvo crashed into a lorry in Coimbatore, India, leading to a large number of casualties that could’ve been prevented by way of advanced driver assistance systems. Furthermore, advanced driver assistance systems is still a costly technology that hasn’t completely trickled down to mass-market vehicles. Lastly, aftermarket prices only continue to rise in the advanced driver assistance systems market.
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Semi-autonomous Vehicle Segment Offers Huge Potential in Advanced Driver Assistance Systems Market
Semi-autonomous vehicles rely on HD cameras, radars, and ultrasonic sensors to gather information about their surroundings. Surging demand for semi-autonomous vehicles enables original equipment manufacturers (OEM) to incorporate evermore safety systems in their products. Carmakers such as Tesla, Volkswagen, GM, and Ford, have already announced their fully autonomous line-up for the next decade.
APAC Retains Leadership in Advanced Driver Assistance Systems Market
Massive automotive plants, coupled with greater acceptance of advanced technologies, make APAC nations such as China, Japan, and Korea, play an outsize role in the global advanced driver assistance systems market. Even though COVID-19 did impact sales, government mandates such as the Tire Pressure Monitoring System (TPMS) in China since 2019 are a step in the right direction for the driver assistance systems market.
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