Demand of ADAS Aftermarket is expected to expand at CAGR of 5% to 6% during 2021 to 2031
According to latest research, Advanced Driver Assistance System (ADAS) aftermarket is set to witness significant growth during 2021-2031. In the short term, demand for ADAS in aftermarket will rebound steadily, with positive long term outlook. In near future, increased demand from automotive industry would generate lucrative growth opportunities.
Advanced driver assistance system is a combination of electronic technologies that assist drivers in driving and parking functions. Through a safe human-machine interface, ADAS increase car and road safety. ADAS use automated technology, such as sensors and cameras, to detect nearby obstacles or drivers’ errors, and respond accordingly.
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Driver drowsiness, loss of attention, and fatigue are all factors that contribute to vehicle collisions and fatalities.
As a result, demand for ADAS technologies including backup cameras, blind sport detection (BSD), lane departure warning system (LDWS), and front collision warning system (FCWS) is on the rise, particularly as an aftermarket automotive accessory. Furthermore, the demand for customized products from consumers is also encouraging manufacturers to offer tailor-made ADAS solutions will lead to the expansion of the global ADAS aftermarket.
FACTS AT A GLANCE
Companies: Brandmotion LLC.,Continental AG,Garmin Ltd.,Gentex Corp.,Intel Corp.,Knorr-Bremse AG,Nortek Security and Control LLC,Valeo SA,VOXX International Corp.,WABCO Holdings Inc.,Others.
Coverage: All major geographies and key segments
Segments: ADAS Aftermarket Market Segmented By Adaptive Cruise Control, Adaptive Front Light, Automatic Emergency Braking, Blind Spot Detection, Night Vision System and many more for Camera Unit, LiDAR, Radar Sensor, Ultrasonic Sensor, Infrared Sensor Components in Hardware and Software offering
Geographies: North America (U.S., Canada),Latin America (Mexico, Brazil, Argentina, Chile, Peru),Western Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordic, Eastern Europe),CIS and Russia,Asia-Pacific (China, India, ASEAN, South Korea),Japan,Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel)
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ABSTRACT-
E-commerce has become one of the most important venues for buyers to purchase automotive products quickly and easily. Consumers in remote areas can easily use e-commerce platforms to make purchases online. E-retailing in the automotive aftermarket also allows purchasers to compare pricing of different manufacturers and make well-informed purchases.
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Vendors have been motivated to boost their product visibility by offering their aftermarket ADAS products on prominent e-commerce portals, thanks to the availability of internet platforms. This development is projected to have a beneficial impact on market growth as a whole.
The arrival of self-driving cars is predicted to revolutionise commuting. With features like lane monitoring, emergency braking, stability controls, and others, ADAS technologies have considerably decreased the complexity of driving. To acquire data, autonomous cars use advanced technologies and systems including LiDAR, radar, ultrasonic sensors, and high-definition cameras.
An on-board smart autonomous driving system analyses this data in order to safely operate the car. As a result of the increased emphasis on autonomous driving systems, aftermarket manufacturers will be able to include more cruise control functions and enhanced safety systems for semi-autonomous vehicles.
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