Rising Prevalence of Road Accidents Fueling Global Sales of ADAS
The rising incidence of road accidents all over the world is pushing up the global demand for advanced vehicular safety systems such as advanced driver assistance systems (ADAS). Moreover, the governments and regulatory authorities in several countries are enacting strict policies aimed at promoting vehicle safety. In many developed nations, the installation of ADASs is mandatory in automobiles. The European Commission (EC) aims to reduce the prevalence of road accidents by as much as 50% in the future years.
In the U.S., the National Highway Traffic Safety Administration (NHTSA) has recently enacted the Federal Motor Vehicle Safety Standards (FMVSS). Under this policy, automobile and equipment manufacturing companies are required to conform and certify compliance regarding vehicle safety. These policies are fueling the demand for ADASs, which is, turn, driving the advancement of the global advanced driver assistance systems (ADAS) market. Besides these policies, the mushrooming sales of connected cars are also propelling the demand for ADAS across the world.
Hence, with the growing adoption of ADAS in automobiles, the valuation of the ADAS market is rising rapidly. Between the sensors and systems, which are the two main components used in ADASs, the demand for systems was found to be higher in the past years.
Geographically, the sales of ADAS would boom in the Asia-Pacific (APAC) region in the future years, as per the estimates of P&S Intelligence, a market research company based in India. This would be a result of the increasing urbanization and the ballooning popularity of high-end vehicles in the regional countries. As these high-end automobiles are equipped with advanced systems and features such as the ADAS, their mushrooming sales are fueling the demand for ADAS in the region.
Hence, it is quite clear from the above paragraphs that the demand for ADAS would explode all over the world in the forthcoming years, primarily because of the rising incidence of road accidents, the increasing implementation of mandatory government regulations regarding vehicle safety in several countries, and the ballooning sales of connected cars around the world.
Content Publisher: P&S Intelligence