Advanced Driver Assistance System (ADAS) Testing Equipment Market to Grow at a CAGR of 12.6% through 2028
A new research publication titled “Advanced Driver Assistance System (ADAS) Testing Equipment Market: Global Industry Analysis (2013-2017) and Opportunity Assessment (2018-2028)” by Future Market Insights reflects various market insights on developments, trends, key players, growth drivers and forecasts across important regions. A detailed market segmentation is carried out which explores every angle of the market for advanced driver assistance systems testing equipment.
Global Advanced Driver Assistance System (ADAS) Testing Equipment Market: Forecast Analysis by Future Market Insights
The global advanced driver assistance systems testing equipment market is projected to expand at a meteoric pace in the coming years. As per research, the global market is expected to rise at a value CAGR of 12.6% during the period of forecast, 2018-2028. In 2017, the global market valuation was US$ 38.3 Mn and it is anticipated to reach an estimation higher than US$ 140 Mn by end of the year of assessment
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Global Advanced Driver Assistance System (ADAS) Testing Equipment Market: Competition Analysis
The key companies involved in the global advanced driver assistance systems testing equipment market are TKH Group NV, FEV Group GmbH, National Instruments Corporation, Analog Devices, Inc., Racelogic Limited, Konrad GmbH, Oxford Technical Solutions Ltd., AVL LIST GmbH, Averna Technologies Inc., Dewesoft d.o.o., AB Dynamics plc., and GeneSys Elektronik GmbH.
Global Advanced Driver Assistance System (ADAS) Testing Equipment Market: Key Highlights
- North America is expected to lead the global market during the forecast period. The ADAS testing equipment market in this region is projected to expand at a high rate throughout the 2018-2028 timeline. With respect to adoption rate, China spearheads the market’s growth
- Sales of advanced driver assistance systems testing equipment by OEMs is increasing at a significant pace and is expected to reach a valuation higher than US$ 100 Mn by end of the year of assessment (2028)
- With respect to components, the hardware segment is expected to lead the global market with a high market share and growth rate. During the assessment period, the hardware segment is projected to expand at a value CAGR of 12.9%
Global Advanced Driver Assistance System (ADAS) Testing Equipment Market: Growth Influencing Aspects
The growth of the global advanced driver assistance testing equipment market is positively influenced by several drivers, trends and opportunities. To name a few, aspects such as increasing awareness of road and vehicle safety, prevalence of safety standards proliferating the demand for ADAS testing equipment, supportive government initiatives related to automotive industry, rising demand for testing equipment from end users, increasing focus on installing different types of advanced driver assistance systems in vehicles, increasing electrification of vehicles, development of advanced driver assistance systems by original equipment manufacturers, shifting focus towards autonomous driving and development of autonomous cars are expected to fuel the growth of the global advanced driver assistance systems testing equipment market in the coming years.
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Key Challenges Restraining Global Market Growth
Market penetration of advanced driver assistance systems is facing a main challenge that is impeding its growth – pricing. Vehicles fitted with driver assistance systems are comparatively highly priced than conventional vehicles. Additionally, governments in some countries such as Thailand, India and other ASEAN countries have posed restrictions on introduction of vehicles with ADAS as these vehicles with such advanced technology are not suited for their roads. Moreover, challenges associated with the import of vehicles incorporated with ADAS are expected to hinder the growth of the market in India. Subsequently, penetration of ADAS in these countries will negatively impact the growth of the ADAS testing equipment. Also, legal guidelines and issues in China are expected to decelerate the development of ADAS products, making ADAS manufacturers face administrative liability.
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ADAS plays a vital role in autonomous driving
One of the most recent trends in automotive industry is the emergence of autonomous vehicles. In North America, especially in Canada, development and production of autonomous vehicles is growing at a rapid pace. These vehicles are integrated with ADAS system to enhance vehicle safety and reduce road accidents. From manufacturer’s point of view, the new trend of autonomous driving coupled with vehicle safety systems are set to spearhead the adoption rate of advanced driver assistance systems, which in turn is expected to push the demand for ADAS testing equipment across the globe.
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