LONDON--(BUSINESS WIRE)--The global automotive ADAS aftermarket is expected to post a CAGR of 9% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Growing emphasis on automotive safety among customers is one of the critical factors leading to the growth of global automotive ADAS aftermarket. ADAS reduces vehicle crashes and fatalities caused due to factors such as drowsiness, loss of concentration, and fatigue among drivers. As a result, the demand for several ADAS technologies such as backup cameras, BSD, LDWS, and FCWS is increasing, particularly, as an aftermarket automotive fitment. Furthermore, the demand for customized products from consumers is also encouraging manufacturers to offer tailor-made ADAS aftermarket solutions, which will further drive market growth during the forecast period.
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As per Technavio, the growing online purchase of aftermarket ADAS will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will affect market growth over 2020-2024.
Global Automotive ADAS Aftermarket: Growing Online Purchase of Aftermarket ADAS
E-retailing has emerged as one of the critical platforms for customers to purchase automotive products conveniently. Consumers from remote regions can easily access e-commerce platforms to make online purchases of aftermarket ADAS. E-retailing in the automotive aftermarket further allows buyers to compare prices of automotive products from different brands and make informed purchase decisions. The availability of online platforms has also encouraged vendors to increase their product visibility by offering their aftermarket ADAS products on popular e-commerce portals. Other manufacturers such as Brandmotion and Garmin have their dedicated online portals, which allow customers to purchase their products directly from the vendor.
“Stringent regulations to promote the adoption of ADAS and development of aftermarket ADAS for commercial vehicles will boost the market growth during the forecast period,” says a senior analyst at Technavio.
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Global Automotive ADAS Aftermarket: Segmentation Analysis
This market report segments the global automotive ADAS aftermarket by technology (passive car assists, FCWS and LDWS, and others) and geography (APAC, Europe, MEA, North America, and South America).
North America led the automotive ADAS aftermarket share in 2019, followed by Europe, APAC, South America, and MEA, respectively. Factors such as the strong presence of prominent vendors and high consumer awareness about ADAS in the US are driving the region to dominate the automotive ADAS aftermarket. However, APAC is expected to witness the fastest growth in the market owing to the growing popularity of automotive ADAS in countries such as China, Japan, and South Korea.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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