Global Commercial Vehicle ADAS Market to Post a CAGR of Over 16% Through 2022 | Technavio
LONDON--(BUSINESS WIRE)--May 17, 2018-- market research analysts forecast the to grow at a CAGR of more than 16% during the forecast period. The emergence of new business opportunities is a key trend which is expected to have a significant impact on the growth of the market.
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Technavio has published a new market research report on the global commercial vehicle ADAS market from 2018-2022. (Graphic: Business Wire)
Technavio believes that the increasing penetration of ADAS in commercial vehicles will pave the way for adjacent market opportunities. Real-time diagnostic data will help tackle several quality issues during the production phase. Real-time diagnostic data from initial sales of the first batch of produced cars can help to rectify technical faults early and implement corrective actions at the production phase. This paves the way for more proactive corrections than those undertaken at a later stage, which often results in heavy callbacks, higher warranty claims and costs, and a loss of brand reputation.
In this report, Technavio researchers identify the introduction of sensor technology as a key factor contributing to the growth of the global commercial vehicle ADAS market:
Introduction of sensor technology
A sensor detects stimulus changes in its immediate environment. Sensors are engineered to detect chemical, physical, and process changes. Concerns about driver safety and convenience have expanded the use of sensors in the automotive industry. There are many types of automotive sensors, such as pressure sensors, wheel speed sensors, temperature sensors, fluid level sensors, and emission sensors. Technological advancements have increased the number of electronic components, systems, and sub-systems inside a vehicle. Currently, every vehicle has an average of 60-100 sensors. This number may grow to 200 per vehicle as the automotive industry gains technical and technological advances.
According to a senior analyst at Technavio for research , “The rapidly growing trend of autonomous vehicles may expand the domain of automotive sensors to applications, such as anti-theft, parking, and location-based traffic updates. Government regulations on vehicle emissions, fuel efficiency, and safety will continue to contribute to the growing number of sensors per vehicle. This, in turn, will drive the global commercial vehicle ADAS market during the forecast period, as sensors are used in almost all safety systems.”
Growing vehicle population in APAC is also helping to expand the automotive sensor market. OEMs’ interest in investing in technology-intensive products, changing demographics, a tech-savvy and financially able population are factors that are encouraging the market for better vehicles.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
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This market research report segments the by technology (TPMS, PAS, FCW, and others), by application (light commercial vehicle and heavy commercial vehicle) and by key regions (the Americas, APAC, and EMEA).
The HCV segment of the commercial vehicle ADAS market will exhibit an increased growth rate during the forecast period. Government regulations in Europe mandate all vehicles weighing more than 8 tons to be installed with AEBS before November 2018. This regulation is expected to drive the penetration of ADAS in HCVs during the forecast period.
Based on geography, the Americas dominated the market accounting for more than 48% of the market share in 2017. The Americas was followed by EMEA and APAC. APAC is expected to witness the fastest growth increasing its market share by more than 2% over the forecast period.
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