Key Insights on Expansion of Global Advanced Driver Assistance System Testing Equipment Market

Advanced Driver Assistance Systems (ADAS) Testing Equipment Market

Future Market Insights has developed a new report on growth of global advanced driver assistance system testing equipment market. A reporter from FMI has been asked several questions on the growth of the global market.

What is your take on the expansion of global advanced driver assistance system testing equipment market?

Well, the report projects that the global market is estimated to witness expansion at staggering double-digit CAGR during 208-2028. The market is poised to reach valuation of over US$ 140 Mn by the end of 2028, up from US$ 38.3 Mn in the year 2017.

What are the factors influencing growth of the global ADAS market?

Typically, rising awareness of vehicle and road safety, occurrence of safety rules thriving the demand for ADAS testing equipment, advancement in driver assistance system by OEM are several key factors positively influencing the growth of the global market. Additionally, government support to automotive industry, rising focus on installing various types of improved driver assistance systems in vehicles, rising electrification of vehicles, development of autonomous cars as well as shift towards autonomous driving are further fueling growth of the global market.

How will you describe growth of the market at regional level?

The market in North America is anticipated to remain at the leading position in the global market during the assessment period. The ADAS testing equipment market is anticipated to grow at high CAGR during 2018-2028. In terms of adoption rate, China forefronts the growth of the market.

How will be the growth of OEM segment?

Advanced driver assistance systems testing equipment will be sold largely by OEM. Thereby, OEM are growing at considerable growth rate in this market. OEMs are anticipated to reach valuation of approximately US$100 Mn by the end of 2028.

Do you know market segmentation on the basis of components, which will lead the market?

On the basis of components, the hardware segment is anticipated to remain at the leading position in the global market as it is likely to procure high market share during the assessment period. The hardware segment is estimated to witness expansion at 12.9% CAGR throughout the assessment period.

What according to you are restraining growth of the global ADAS market?

Well, pricing is the key concern that is impending growth of the global market. Automobiles which are available with already installed driver assistance systems are relatively expensive that conventional vehicles. In addition, some government in countries such as India, Thailand as well as in other ASEAN countries have posed restriction on launch of vehicles with preinstalled ADAS system as such vehicle with this technology are not suitable for road conditions in these countries. Further, legal guidelines as well as issues in China are projected to limit growth of ADAS products.

What are the prominent players operating in the global ADAS market?

TKH Group NV, Averna Technologies Inc., FEV Group GmbH, Analog Devices, Inc., Oxford Technical Solutions Ltd., Racelogic Limited, Konrad GmbH, AVL LIST GmbH, and National Instruments Corporation are discerned as prominent players operating in the global market.

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By Nikhil Kaitwade

With over 8 years of experience in market research and consulting industry, Nikhil has worked on more than 250 research assignments pertaining to chemicals, materials and energy sector. He has worked directly with about 35 reputed companies as lead consultant for plant expansion, product positioning, capacity factor analysis, new market/segment exploration, export market opportunity evaluation and sourcing strategies.

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