Pune, India, Nov. 15, 2021 (GLOBE NEWSWIRE) -- The Global Highway Driving Assist Market Size was valued at USD 3.1 billion in 2021 and is projected to register a CAGR of 22.9% during the forecast period, as per a detailed market study by Quince Market Insights. Increasing measures are taken for road safety, automated driving technologies and smart advanced driving assistance system (ADAS) with lesser fuel consumption are driving the overall demand of the highway driving assist market.
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The highway driving assist market is basically an advanced assistance system that avoids the road accidents. It is one of the most prominent technologies of the advanced driver assistance system which is considered as the primary part of self driving as well as autonomous vehicles.
The increasing demand for the advanced driver assistance system in the cards is going to accelerate the highway driving assist market over the forecast period. The development and the expansion in the automotive sector are not limited to the design and engine but also focus on the safety of the driver, vehicle, and pedestrian. The accidents occur due to driving errors and can be avoided through the use of a highway driving assist system, which reduces the security concerns and rises safety on the highway.
On the other hand, the increasing cost of the system resulting from the limited number of deployment of ADAS in medium-range cards is anticipated to hamper the overall growth of the highway driving assist market over the forecast period.
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Some Significant Market Developments Considered In the Report:
- In December 2020, Hitachi Automotive Systems Ltd (Japan), has made an announcement that its stereo camera is used in the Suzuki motor corporation for its cars.
- In November 2020, Luminar Technologies (the United States) has announced that it is going to provide laser based lidar sensors especially for the self driving vehicles.
- In May 2020, Nvidia Corp (the United States) plans to join the self-driving technology to help cars with lane keeping and automated cruise control.
- In October 2019, Hyundai Motor Group (South Korea) launched a machine learning based smart cruise control technology for integrating the driver’s patterns into its self-driving behaviour.
Global Highway Driving Assist Market and Impact of COVID-19
The QMI team is closely monitoring the impact of COVID-19 on the global highway driving assist industry. The highway driving assist market is the developing sector, but the onset of pandemic has resulted into a negative impact on the market. However, high demand for advanced technologies in automotive sector, which offer driving convenience, greater safety and security is expected to drive the growth of the market.
Global Highway Driving Assist Market, by Function
Based on the function, the global highway driving assist market is segmented into lane centring assist, lane-keeping assist, adaptive cruise control and collision avoidance assist. Among these, lane keeping assist is the fastest growing segment during the forecast period. On account of the upsurge in the sale of vehicles which results in the increasing number of productions.
Global Highway Driving Assist Market, by Vehicle Type
Based on vehicle type, the market is segmented into commercial car and passenger car. The commercial car is the fastest growing segment during the forecast period. The growth of the segment is on account of the enhanced safety features and efficiency and comfort in driving.
Global Highway Driving Assist Market, by Propulsion Type
On the basis of propulsion type, the global highway driving assist market is segmented into BEV, FCEV and PHEV. PHEV is the fastest growing market during the forecast period. Owing to the stringent emission rules and the increasing demand of zero emission vehicles.
Global Highway Driving Assist Market, by Component
Based on the component, the global highway driving assist market is segmented into camera, ultrasonic sensors, radar, software module, and others. Ultrasonic sensors segment is expected to be the fastest growing segment during the forecast period. The growth of the segment is attributed to the increasing number of sensors which are deployed due to their functions of providing input to the engine module.
Global Highway Driving Assist Market, By Autonomy
Based on the autonomy, the market is segmented into Level 2, and above level 2. During the projected period, the above level 2 category is expected to have the leading market share. The segment's rise is attributed to rising customer demand for such vehicles. The market has transitioning to self-driving automobiles as a result of digitization, allowing drivers to remove their hands from the steering wheels.
Global Highway Driving Assist Market, by Car Type
Based on car type, the market is segmented into mid and luxury segment. Luxury car is the fastest growing segment during the forecast period. The growth of the segment is attributed to the high sales volume of these vehicles in the developed regions.
Global Highway Driving Assist Market, by Region
Based on the region, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa and South America. Asia Pacific is likely to experience the fastest growth during the forecast period. This region is serving as the key platform for many mid and luxury card brands. The government is also investing heavily in the start-up capital as well as infrastructural development.
Some Major Findings of the Highway Driving Assist Market Report Include:
- Profiles of major market players operating in the global highway driving assist market, which include Robert Bosch (Germany), ZF Friedrichshafen (Germany), Magna (Canada), Continental (Germany) and Valeo (France).
- Key impact factor analysis across regions includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global highway driving assist market.
- Impact of COVID-19 on the global highway driving assist market.
Browse key industry from the report, “Highway Driving Assist Market, by Function (Lane Centring Assist, Lane-Keeping Assist, Adaptive Cruise Control, Collision Avoidance Assist), Vehicle Type (Passenger Car And Commercial Car), Propulsion Type (BEV, FCEV, And PHEV), Component (Camera, Ultrasonic Sensors, Radar, Software Module, Others), Autonomy (Level 2, Level 2 and Above), Car Type (Mid, Luxury), Region (North America, Europe, Asia Pacific, Middle East & Africa, And South America) – Market Size & Forecasting To 2030” in-depth analysis along with the table of contents (ToC).
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