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According to a study on the National Highway Traffic Safety Administration’s website, nearly 93% of accidents are caused partially or completely due to human errors. This study is surprising for many as previously, causes of accidents were largely believed to environmental factors, which account for just 12% to 34% of total crashes. Furthermore, vehicle factors account for even less with just between 3% to 13% of total errors. This includes various problems ranging from break failures, tire problems, among others. The key reason for road accidents include improper lookout, excessive speed, and inattention. The rising awareness about road accidents, which lead to over 34,000 deaths annually in the US, and growing advancements in driver assisted systems will likely drive major growth for the market.
Delays in Purchase Will Likely Spur Demand Post Covid-19 Pandemic
According to International Energy Agency, over 9 million American consumers delayed their vehicle purchase in 2019. This has happened due to various reasons including the financial difficulties, promise of better vehicles including electrics, and ones in line with BS-6 regulatory norms. As the pandemic ends, and financial difficulties ease, the demand for vehicles will likely grow. Despite rising urbanization, and promise of card-hailing companies like Uber, and Ola, the demand for vehicle will likely remain substantial in key markets like the US. The necessity of owning a vehicle to get to work, limited public infrastructure, and rising costs of tax-hailing services will likely spur demand for private vehicles in the near future. Moreover, advancements in technology like driver-assisted systems, and growth of the fuel-less vehicles like electric vehicles will promise robust growth for the global advanced driver-assistance systems (ADAS) market in the near future.
Demand for Low-cost Third-Party Will Likely Rise as Cost Remains a Major Constraint
The development of autonomous, and electric vehicle remains a futuristic promise many wish to invest in. positive reception of brands like Tesla, and the growing buzz of electric vehicles remains a promising development for growth of the global advanced driver-assistance systems. However, despite the major promise, the growth of third-party apps to help users navigate, communicate with their loved ones, and provide basic functions like automated car parking remain highly prized among consumers. This may be due advent of touch-phone operating systems in smartphones, which have taken the amazement factor out of digital-systems laden cars. Moreover, it also shows that consumers will continue to undertake driving despite challenging risks, and limited availability of complete automation. The risk factor also remains prominent as major brands have experienced problems with sensor-based detection systems, especially during night to guide automated driving systems. On the other hand, the growth of third-party navigation, and communication devices have noted impressive growths capturing millions of users with monthly subscriptions.
Traffic Safety, and Luxury Demand in Asia Pacific Will Remain Major Opportunities
The development of completely automated systems with full-automated control remains the golden opportunity in the global advanced driver-assistance systems. The promise of Tesla among several others will likely drive growth for the market as burden of driving long-distances in countries like America, and rising efficacy promises a full-fledged solution soon. Moreover, the rising demand from China for Tesla, and growing demand for luxury automotive to appeal to traditional social structure remains a promising driver for growth in the Asia Pacific region.
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