Automotive ADAS Aftermarket by Technology and Geography - Forecast and Analysis 2020-2024
Global Automotive ADAS Aftermarket Market: About this market
Technavio’s automotive ADAS aftermarket market analysis considers sales from passive car assists, FCWS and LDWS, and other technologies. Our study also finds the sales of automotive ADAS aftermarket in APAC, Europe, MEA, North America, and South America. In 2019, the passive car assists segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the continuous reduction in the prices of sensors, cameras, and displays will play a significant role in the passive car assists segment to maintain its market position. Also, our global automotive ADAS aftermarket market report looks at factors such as the decline in sensor prices, the priority of automotive safety among customers, and stringent regulations promoting the adoption of ADAS. However, adoption of active ADAS technologies by OEMs, lack of trust in ADAS leading to uncertainty in user acceptance of aftermarket ADAS, and growing shortage of skilled automotive technicians may hamper the growth of the automotive ADAS aftermarket industry over the forecast period.
Global Automotive ADAS Aftermarket Market: Overview
Priority of automotive safety among customers
ADAS reduces vehicle crashes and fatalities caused due to factors such as drowsiness, loss of concentration, and fatigue among drivers. As a result, the demand for several ADAS technologies such as backup cameras, BSD, LDWS, and FCWS is increasing, particularly, as an aftermarket automotive fitment. Furthermore, the demand for customized products from consumers is also encouraging manufacturers to offer tailor-made ADAS aftermarket solutions will lead to the expansion of the global automotive ADAS aftermarket market at a CAGR of over 9% during the forecast period.
Growing online purchase of aftermarket ADAS
E-retailing has emerged as one of the critical platforms for customers to purchase automotive products conveniently. Consumers from remote regions can easily access e-commerce platforms to make online purchases of aftermarket ADAS. E-retailing in the automotive aftermarket further allows buyers to compare prices of automotive products from distinct brands and make informed purchase decisions. The availability of online platforms has also encouraged vendors to increase their product visibility by offering their aftermarket ADAS products on popular e-commerce portals. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global automotive ADAS aftermarket market during the forecast period 2020-2024, click here.
With the presence of several major players, the global automotive ADAS aftermarket market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading automotive ADAS aftermarket manufacturers, that Brandmotion LLC., Continental AG, Garmin Ltd., Gentex Corp., Intel Corp., Knorr-Bremse AG, Nortek Security & Control LLC, Valeo SA, VOXX International Corp., and WABCO Holdings Inc.
Also, the automotive ADAS aftermarket market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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