Automobiles have experienced rapid advances in vehicle performance, safety, communication and driving comfort in recent years. This growth in the automotive industry is mainly due to changing consumer preference, increasing focus on driver safety, environmental concerns and strict government regulations focusing on crashing instead of crash survival. Enhancements in cars have led to an increase in the amount of on-road vehicles, thereby increasing the need for safer movement.
Currently, the automobile industry is at the crest of technology progress, which focuses on increasing road safety and achieving the objective of preventing crashes. These objectives for car manufacturers are strongly supported by several federal authorities, which in turn will improve vehicle safety on public roads and the early integration of the ADAS in cars. Taking ADAS as its foundations for automakers, semi-autonomous cars and ultimately fully autonomous vehicles are expected to be developed.
Adaptive Cruise Control to Emerge as Popular ADAS Segment
The demand for drivers ‘ safety and assistance systems in the past decade has grown with increasing technological innovation as well as worsening initiatives for automation and self-driving cars. One example is that, for all heavy commercial vehicles weighing over 7,000 kg (14,432 lb), the European Union ordered the car manufacturers to fitt ADAS systems like lane departure alerts (LDWS) and automatic emergency braking systems (AEBS).
Over the forecast period, ADAS technologies such as night vision, drowsiness monitoring and road sign recognition systems will grow significantly. Tire pressure monitoring systems are also expected to penetrate the market as a whole because of their low prices and easy availability on the aftermarket. In addition, adaptive cruise control improves driver safety considerably and helps prevent fatal traffic accidents.
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Surge in Research to Offer Lucrative Opportunity
In and out of the automotive industry, there will be numerous business opportunities, although there will be two key common denominators: data and use. This phenomenon is the core element of success in this market, and any supply in this sector is aligned with this one factor.
Many technology companies that did not participate traditionally in the automotive industry have attracted a rise in ADAS and increased R&D spend on autonomous driving. These companies offer an opportunity, through partnership and/or acquisition, to expand ADAS capabilities for companies that have historically been involved in the automotive industry.
Leading vendors operating in the global autonomous vehicles and ADAS market are Autoliv Inc., Mobileye, Hyundai Mobis, Continental AG, and Magna International.