Global Automotive ADAS and Autonomous Driving Components Market 2019-2023
About this market
Most of the prominent ADAS technologies have gained adoption across a wide segment of vehicles and modern vehicles have many electronic systems that require various types of sensors, such as radar image, ultrasonic, infrared, or lidar. The number of systems is continuously increasing as a result of regulations, and OEMs push to differentiate themselves. Additionally, advanced safety systems operate independently in modern vehicles that seldom exchange information among themselves. As a result, sensor fusion technique is developed which combines the information coming from different types of sensors. Technavio’s analysts have predicted that the automotive ADAS and autonomous driving components market will register a CAGR of almost 9% by 2023.
Prioritization of automotive safety in automotive industry
These safety systems help in preventing vehicle accidents during critical situations and protect passengers, pedestrians, and animals from injuries. Hence, the growing adoption of the advanced safety systems in modern vehicles will drive the consumption of components as they are essential part of the advanced safety systems.
High cost associated with ADAS and autonomous driving
NVS is more vulnerable to affordability issues because of the limited governmental backing for the system. Thus, the high cost of these technologies and systems has been the crucial challenge for the growth of the global automotive ADAS and autonomous driving components market.
For the detailed list of factors that will drive and challenge the growth of the automotive ADAS and autonomous driving components market during the 2019-2023, view our report.
The automotive ADAS and autonomous driving components market is reasonably concentrated with the existence of a few international and regional automotive ADAS and autonomous driving component companies. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Automotive ADAS and Autonomous Driving Components Market 2019-2023
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the reduced development time is also crucial enabler for this mechanism as ADAS and autonomous driving technologies are expected to evolve at faster rate during our forecast period.”
According to the report, one of the major drivers for this market is the growing popularity of camera technology in ADAS and autonomous driving systems.
Further, the report states that one of the major factors hindering the growth of this market is the high cost of these technologies and systems has been the crucial challenge for the growth of the market.
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