New York, US, March 02, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Driver Assistance System Market Research Information By Type, By Technology and By Region - Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 73 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 11.0% during the assessment timeframe.
Driver Assistance System Market Overview:
As a result, the global market for driver assistance systems is gaining tremendous traction. Also, the market is growing as a result of the global economy's ongoing expansion, increased premium passenger car demand, and expanding driver and vehicle safety concerns. Over the anticipated term, the development of safety and environmental standards will also aid the driver assistance industry's expansion.
The market for driver assistance systems has grown significantly in recent years, and as a result, demand for the various varieties is rising. According to predictions, this tendency will persist for the next seven years. Several restrictions have been enforced by various governmental approaches to car, driver, and passenger safety, requiring automakers to provide vehicles with safety equipment fitted.
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Driver Assistance System Market Key Players:
Key players identified in the market:
- Gentex Corporation (US)
- Delphi Automotive Plc. (UK)
- Autoliv Inc. (Sweden)
- Hitachi Ltd (Japan)
- Continental AG (Germany)
- Magna International (Canada)
- Hella Kgaa Hueck & Co. (Germany)
- Robert Bosch Gmbh (Germany)
- Texas Instruments Inc. (US)
- Renesas Electronics Corporation (Japan)
The variety of benefits provided by different types of driver aid systems, rules requiring driver assistance systems, and an improvement in the world's economic situation are further reasons boosting the growth of the worldwide driver assistance system market. Driver assistance systems use technologies including the human machine interface (HMI), mobile security, telematics, and others to assist drivers with monitoring, warning, braking, and steering.
Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 73 billion |
| Growth Rate | CAGR of 11.0% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Rise in demand for next-generation driving assistance systems with a safe human-machine interface to minimize human errors and avoid road casualties |
| Key Market Drivers | Increasing Interest towards Vehicle Automation to Drive the Driver Assistance System Market |
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Over the following ten years, it is anticipated that automated and cooperative driving will become more commonplace when combined with ITS, vehicle control, and V2X, among other technologies. Driver assistance systems would afterwards play a greater part in lowering vehicle accidents by providing prompt warnings for approaching barriers and dangers like pedestrians, lane changes, and short braking distances.
The market for driver assistance systems will be driven by rising interest in automated vehicles. Driving risks are rising along with the daily increase in traffic on the roadways. People are favouring driving assistance technologies more as a result of this. DAS is becoming more and more popular, which has automotive players becoming more and more interested in automated driving. They keep making investments in cutting-edge technology advancements. Moreover, the global Driver Assistance System Market is growing due to the increased demand for vehicles with driver assistance systems.
The expansion of the driver assistance system market is also fueled by the surge in demand for next-generation driving assistance systems with a safe human-machine interface to reduce human error and prevent traffic fatalities. The two main reasons boosting market expansion are the application of cutting-edge technology in the development of DAS and the strengthening global economy. The development of numerous data sources, including image processing, LiDAR, radar, and automobile imaging, among others, promotes industry expansion.
The market for driver assistance systems still faces a lot of resistance despite the strong growth opportunities. Sales are hampered by high installation and maintenance costs for driver assistance technologies. However, increasing instances of sensor software errors are creating significant obstacles for the implementation of driving assistance systems.
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Moreover, the market's ability to expand would be constrained by factors such as increasing mental load, weariness, and reaction times, as well as safety issues related to the operator switching from the driver to the operator of hands-off support systems.
Driver Assistance System Market Segmentation:
The Driver Assistance System Market report is segmented on the basis of technology, types, and regions.
Based on type, Driver Assistance System Market has been segmented into intelligent park assist system (IPAS), adaptive cruise control (ACC), driver drowsiness system, lane departure warning system (LDWS), tire pressure monitoring system (TPMS), blind-spot detection (BSD) system, global positioning system, night vision, adaptive front lighting, and others.
The ACC sector among them has the biggest market share. The second-largest segment is the driver drowsiness system category, and it is anticipated to expand at a CAGR of 27.69% over the course of the forecast period. Nonetheless, the IPAS segment, which had revenue of USD 1828 million in 2018, is anticipated to grow at a remarkable CAGR during the assessment period.
By Technology, the market is segmented into Ultrasonic Sensor, Image Sensor, Radar Sensor, and Others [Sensors (Lidar Sensors and IR Sensors).
By Region, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW).
Due in large part to the rapidly expanding market for luxury vehicles and rising levels of vehicle manufacturing, the Asia Pacific region dominates the world market for driver assistance systems. Also, raising consumer knowledge of the benefits of driver and vehicle safety systems helps the industry expand. Throughout the forecast period, it is anticipated that the APAC luxury car market will expand quickly.
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The highest market share is held by emerging nations with developing economies, including Japan, China, South Korea, and India. This is because there is an increasing demand for luxury vehicles in these countries as well as an improvement in the standard of living. Also, the established automobile sector in this area offers significant prospects for market participants. Moreover, rising auto maintenance costs and safety issues have an impact on regional market expansion.
Europe is anticipated to drastically drive the global Driver Assistance System Market during the projected period due to the obligatory rules in the region for adopting specific driver assistance systems. The abundance of luxury car producers in this area also contributes to the market's expansion.
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