- Demand for connected vehicles powered by artificial intelligence to enhance driving experience of users is increasing. Governments of several countries across the globe are concentrating on enhancing passenger safety in order to reduce fatalities caused in road accidents. For instance, according to the data published by WHO, approximately 1.35 million people die each year as a result of road traffic crashes.
- In order to address vehicle safety concerns, several companies operating in the vehicle industry are installing drive assist systems in vehicles. For instance, vehicles are now equipped with advanced GPS systems to assist drivers. The market penetration of drive assist systems is expected to witness rapid growth in premium and mid segment vehicles in developed and emerging economies.
Key Drivers of Global Automotive Drive Assist System Market
- Rise in road fatalities globally, owing to driver negligence, lack of prior terrain knowledge, unexpected terrain shifts, especially off roads, highways, and expressways are driving the demand for vehicles with advanced safety features. Moreover, reinforcement of safety norms and standards by regulatory bodies and governments related to road travel have led to the development of advanced drive assistance systems. These systems warn the driver in advance, thus assisting in avoiding driving mistakes. This factor is projected to boost the demand for automotive drive assist systems, thereby increasing safety of passengers and reducing possibilities of road accidents.
- Major auto manufacturers, including ZF Friedrichshafen, Peugeot, BMW, Volvo, BMW, Audi, and Mercedes are offering advanced features in vehicles, such as traction control, automatic braking, cruise control, parking assist, distance alert using sensors supported with driver assist technologies that increases drivers’ alertness, and driver fatigue monitoring systems, which comprise cameras, biomedical sensors, and driver inputs. This is likely to augment the demand for drive assist systems in the near future.
- Several manufacturers are announcing the launch of IoT connected vehicles powered by AI, which will help in reducing drivers’ errors and improve performance using driver fatigue monitoring systems and driver alertness systems. This is likely to propel the demand for safety systems. Additionally, numerous collaborations among system manufacturers and OEMs are taking place to develop sophisticated and advanced systems to reduce road traffic accidents. These factors are anticipated to boost the global automotive drive assist system market during the forecast period.
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Passenger Vehicle Type Segment to Offer Attractive Opportunities
- Number of passenger vehicles on road is more as compared to commercial vehicles. Governments of developed and developing countries are planning to mandate pre-installment of drive assist systems in vehicles to enhance safety. For instance, automatic emergency braking and damage waiver for rental vehicles are being mandated by regulating authorities in Europe. All these factors are likely to fuel the adoption of drive assist systems.
Asia Pacific Automotive Drive Assist System Market to Witness Growth
- After North America, Asia Pacific is the most lucrative market for automotive drive assist systems, owing to economic development and increase in purchasing power of people in the region. The demand for luxury vehicles and safety features is propelling the growth of the market in Asia Pacific. Safety regulations are expected to be implemented in countries, such as China, Japan, and South Korea, in order to curb road fatalities. These factors are likely to drive the Asia Pacific automotive drive assist system market.
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