Asia Pacific Advanced Driving Assistance Systems Market Overview
The Asia Pacific advanced driving assistance systems market is forecast to grow at a CAGR of XXXX% during the period 2022-2028. The main factors driving the growth of the ADAS market in the Asia Pacific region are the increasing vehicle safety concerns, stringent government regulations regarding vehicle safety, and the rising disposable incomes of consumers.
In terms of technology, the Asia Pacific ADAS market is segmented into adaptive cruise control (ACC), blind spot detection (BSD), lane departure warning system (LDWS), night vision system (NVS), and others. The ACC segment is estimated to be the largest and fastest-growing technology segment in the Asia Pacific ADAS market. This is attributed to growing consumer awareness about ACC features, which improve fuel efficiency and help avoid traffic congestion.
On the basis of vehicle type, the Asia Pacific ADAS market is classified into passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs). The passenger car segment held a dominant share of XXXX% of the overall Asia Pacific ADAS market in 2020 due to rising vehicle safety concerns among consumers and stringent government regulations regarding vehicle safety standards.
The key players operating in this market include Robert Bosch GmbH, Continental AG, Delphi Automotive PLC, Autoliv Inc., Mobileye NV, Denso Corporation, Valeo SA, Hella KGaA Hueck & Co., Magneti Marelli SPA , and Foryou Corporation.
Asia Pacific Advanced Driving Assistance Systems Market drivers
The Asia Pacific advanced driving assistance systems market is driven by the increasing demand for safety features in vehicles, the need for enhanced driver comfort, and the stringent government regulations regarding vehicle safety. The market is also driven by the increasing adoption of advanced driver assistance systems byOriginal Equipment Manufacturers (OEMs) and the growing aftermarket for these systems.
The main drivers of the Asia Pacific advanced driving assistance systems market are:
- Increasing demand for safety features in vehicles: Advanced driver assistance systems offer a range of safety features that can help reduce accidents and improve road safety. These features are becoming increasingly important to consumers, especially in regions where road accidents are common.
- Need for enhanced driver comfort: Advanced driver assistance systems can also improve driver comfort by providing features such as adaptive cruise control, lane keeping assist, and automatic braking. These features can help reduce fatigue and stress levels while driving, making it a more enjoyable experience.
- Stringent government regulations regarding vehicle safety: Government regulations mandating the installation of certain safety features in vehicles are another key driver of the Asia Pacific advanced driving assistance systems market. In many countries, such as Japan and South Korea, the installation of certain ADAS features is already mandatory.
- Increasing adoption of advanced driver assistance systems by OEMs: Many OEMs are now offering advanced driver assistance systems as standard or optional equipment on new vehicles. This is helping to increase awareness and acceptance of these technologies among consumers.
Restraints and opportunities of the Asia Pacific Advanced Driving Assistance Systems Market
- Restraints
High cost of advanced driver assistance systems (ADAS) is one of the key factors restraining the growth of the Asia Pacific ADAS market. The cost of LiDAR, radar, and camera-based ADAS features is currently very high, which limits their adoption in mass-market vehicles. This is expected to remain a key restraint on the market over the forecast period.
In addition, concerns over data privacy and security are another major restraint on the growth of the Asia Pacific ADAS market. Stringent government regulations regarding data privacy and security are hindering the adoption of ADAS features that require extensive data collection and analysis. For instance, autonomous driving features such as self-parking and highway pilot rely on detailed mapping data, which is difficult to collect and secure. This is expected to remain a key restraint on the market over the forecast period.
- Opportunities
The rising demand for safety features in vehicles is a major opportunity for the Asia Pacific ADAS industry. The region has seen a number of high-profile accidents in recent years, which has led to an increased focus on vehicle safety among consumers and policymakers alike. This has created significant opportunities for manufacturers of ADAS features such as automatic emergency braking (AEB) and lane departure warning (LDW).
In addition, the growing trend of vehicle electrification is another major opportunity for the Asia Pacific ADAS market. Electric vehicles (EVs) are typically equipped with advanced sensors and control systems, which offer significant opportunities for the adoption of new ADAS features. This is expected to remain a key opportunity for market growth over the forecast period.
Asia Pacific Advanced Driving Assistance Systems Market Porter’s five forces analysis
Porter’s five forces analysis is a tool for analysts to use when trying to understand the profitability of an industry. It is a framework that helps analysts identify and assess the relative strength of five important forces that shape competition within an industry. The five forces are:
Threat of new entrants: This force measures the threat of new firms entering the market and competing against existing firms. A low threat of new entrants indicates that it is easy for new firms to enter the market and compete against existing firms. A high threat of new entrants indicates that it is difficult for new firms to enter the market and compete against existing firms.
Bargaining power of buyers: This force measures the ability of buyers (i.e., customers) to negotiate prices with suppliers (i.e., producers). A low bargaining power of buyers indicates that customers have little negotiating power and can only accept the prices set by suppliers. A high bargaining power of buyers indicates that customers have strong negotiating power and can bargain for lower prices from suppliers.
Threat of substitute products or services: This force measures the threat of substitute products or services being offered in the market. A low threat of substitutes indicates that there are few alternative products or services available in the market. A high threat of substitutes indicates that there are many alternative products or services available in the market.
Rivalry among existing competitors: This force measures the intensity of competition within the industry. A low level of rivalry indicates that there is little competition and companies can charge high prices. A high level of rivalry indicates that there is intense competition and companies must compete on price, quality, etc.
Asia Pacific Advanced Driving Assistance Systems Market Forecast
The Asia Pacific advanced driving assistance systems industry is expected to grow at a CAGR of over XXXX% during the forecast period. The market is majorly driven by the increasing demand for safety features in vehicles and the growing awareness about the benefits of these systems.
With the growing number of road accidents and fatalities, there is a need for safer vehicles. Advanced driving assistance systems help in reducing accidents by providing features such as lane departure warning, blind spot detection, and adaptive cruise control. These systems use sensors and cameras to monitor the surroundings of the vehicle and provide alerts to the driver in case of any potential danger.
The government regulations mandating the installation of these systems in vehicles is another major driver for the Asia Pacific advanced driving assistance systems market. In Japan, it is mandatory to install lane departure warning systems in all new vehicles from October 2020. Similarly, China has mandated the installation of blind spot detection and rear-view cameras in all new vehicles from May 2021. Such regulations are expected to boost the demand for advanced driving assistance systems in the region.
Asia Pacific Advanced Driving Assistance Systems Market Company profiles
The Asia Pacific advanced driving assistance systems market is expected to grow at a CAGR of XXXX% during the forecast period (2020-2025).
Some of the key players operating in the Asia Pacific advanced driving assistance systems market are Robert Bosch GmbH, Continental AG, Autoliv Inc., Magna International Inc., and Delphi Technologies PLC.
Bosch is one of the leading suppliers of automotive technology and services. The company offers a range of products and services, including powertrain components and systems, vehicle safety systems, driver assistance systems, and connected mobility services. Bosch has a strong presence in China, Japan, India, South Korea, and Australia.
Continental AG is a German automotive manufacturing company specializing in tires, brake systems, interior electronics, automotive safety, powertrain components as well as other parts for the automotive and transportation industries. The company has a strong presence in China, Japan, India, South Korea, and Australia.
Autoliv Inc. is a Swedish company that develops and manufactures automotive safety systems. The company offers products such as airbags, seatbelts, steering wheels controls systems and pedestrian protection products.
Magna International Inc. is a Canadian multinational automotive vendor that is based in the Aurora Ontario Canada. It supplies parts to all three major North American automakers, as well as some European and Asian automakers. Magna has a strong presence in China, Japan, India , South Korea , Taiwan , Thailand , Malaysia , Indonesia and Australia .
Delphi Technologies PLC is a British automotive parts manufacturing company headquartered in Gillingham, Kent, United Kingdom. The company manufactures fuel injection systems, electronic controls, and powertrain products. Delphi technologies has a strong presence in China, Japan, India , South Korea and Australia.