DUBLIN--(BUSINESS WIRE)--The "Highway Driving Assist Market by Vehicle Type (PC, BEV, HEV, PHEV, FCEV), Component (Radar, Camera, Ultrasonic Sensor, Software Module), Autonomous Level (Level 2, Level 3 & Above), Function (ACC, LKA, LCA, CAA) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The highway driving assist market is projected to reach USD 10,740 million by 2027 from USD 1,932 million in 2019.
- The study segments the highway driving assist market and forecasts the market size based on passenger car (mid & luxury segment), EV type (BEV, HEV, PHEV, and FCEV), autonomous level (level 2 and level 3 & above), functions (adaptive cruise control, lane-keeping assist, lane change assist, and collision avoidance assist), components (camera, radar, ultrasonic sensor, software module and navigation), and region (North America, Europe, Asia Pacific, and RoW).
- The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
The highway driving assist market is dominated by globally established players such as Robert Bosch (Germany), ZF Friedrichshafen (Germany), Continental (Germany), Magna (Canada), and Valeo (France).
Increase in penetration of semi-autonomous vehicles is the significant factor for the growth of the highway driving assist market globally
All the premium car makers like Tesla, BMW, Audi, Volvo, Nissan, and Maserati have highway driving assist features in their higher-end cars.
The luxury segment is sold mostly in the US, UK, and Germany, where these OEMs are providing this feature in many of its higher-end models. However, lack of information technology, communication infrastructure in developing countries will restrict the market growth in the coming years.
Increasing demand for ease in driving and safety & security is expected to drive the highway driving assist market in Level 3 & above vehicles during the forecast period
Level 3 & above segment is expected to be the fastest-growing market. Level 3 & above is expected to be introduced in the market by 2021 as tier-1 companies such as Bosch, ZF and Continental are developing level 3 featured highway assist system and committed to launching by 2021. Once the system introduces level 3 & above segment is expected to grow at the highest CAGR by value during the forecast period.
Software Module segment is expected to grow at the highest CAGR rate within the highway driving assist market
The automotive software market is growing rapidly, and with the gained traction of connected & autonomous vehicle technologies, the automotive embedded software has become a key area for innovation. The software module in automotive has been evolving owing to factors such as an increase in demand for advanced driving assistance features, and government mandates, which are more focused toward the safety and emission norms for vehicles. The major focused area for a software application is automated technologies.
The software module establishes the input and output relation between functions such as adaptive cruise control, blind-spot detection, lane-keeping assist, lane change assist, automatic emergency braking, and collision avoidance system. The various companies which provide a software platform to the highway driving assist manufacturers are Nvidia, Aptiv, Mobileye, Veoneer, and Intel, among others.
The North America market is expected to register the fastest growth during the forecast period
The North America highway driving assist market is estimated to be the largest and fastest-growing market. In North America, the US, Canada, and Mexico. Among these, the US and Canada are economically strong and have a high standard of living, and disposable income which leads to the demand for high-end features such as highway driving assist. Infrastructure availability in US and Canada attract the global OEMs and Tier 1 to test and develop such autonomous vehicle also supportive government policies help them to test vehicle on the road.
As people have high standards of living and disposable income in these countries, they would like to spend more on safety and comfort features like highway driving assist systems. Global OEMs like Audi, BMW, Tesla, Volvo, Acura, Nissan, Cadillac, and Porsche provide these features in these countries in their premium mid and luxury cars.
Key Benefits of Buying the Report
- The report will help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall highway driving assist market and the sub-segments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them with information on key market
- Increase in Road Safety
- Advancements in ADAS and Automated Driving Technologies
- Reduction in Fuel Consumption
- Cybersecurity and Data Security Concerns
- Lack of Information Technology and Communication Infrastructure in Developing Nations
- Advancements in LiDAR Technology
- Self-Driving Cars
- High Cost of System
- Legal and Regulatory Framework Issues
- Hyundai Mobis
- Hyundai Motor Company
- Robert Bosch
- Samsung Electro Mechanics
- Toyota Motor Corporation
- ZF Friedrichshafen
For more information about this report visit https://www.researchandmarkets.com/r/51bk9o