Latin America Advanced Driver Assistance System (Adas) Market Forecast 2020-2028
The Latin America advanced driver assistance system (ADAS) market is predicted to garner a CAGR of 13.30% during the forecast period. One of the most important drivers of market growth is decreased production costs. The Latin America market is evaluated to record a flat growth rate as a result of political and economic stability and slow growth of the automotive industry. But, the region is actively participating in testing and demonstration of ADAS and autonomous vehicles.
The Latin America ADAS market encompasses countries like Mexico, Brazil, Argentina, and the rest of Latin America. In Argentina, the rising preference and demands for luxury cars and SUVs have led to increased demands for advanced safety systems. Government regulations have also contributed to the increased demands in the country. The automotive sector of the country is one of its important sectors, accounting for its GDP and total industrial production. But, the increasing imports of vehicles from Brazil has made imports more expensive in Argentina, since the vehicle prices have increased in Brazil. Several major players are establishing manufacturing plants in the country. General Motors have invested a considerable amount for its new plant in Rosario, Argentina, for boosting its production. Argentine cut off taxes on new cars in 2015, with an aim to boost car sales in the country. The tax exemption is set to result in a developing market for luxury cars, and subsequently, the ADAS market in the country.
The Latin America market faces market restraint factors like lack of presence of local component manufacturers and lower demand for sensors by the autonomous vehicle manufacturers.
Some of the leading companies in the market are Hyundai Mobis Co Ltd, Panasonic Corporation, Hella GmbH & Co KGaA, Denso Corporation, Continental AG, etc.
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