ADAS testing equipment market expected to reach $140 million by 2028
The global advanced driver-assistance systems (ADAS) testing equipment market is projected to expand rapidly in coming years, at a CAGR of 12.6% from 2018 to 2028. In 2017, the global market valuation was $38.3 million, and it is anticipated to be greater than $140 million by 2028.
According to research by Future Market Insights, presented in its new publication, “Advanced Driver Assistance System (ADAS) Testing Equipment Market: Global Industry Analysis (2013-2017) and Opportunity Assessment (2018-2028),” key companies involved in the global advanced driver-assistance systems testing equipment market are TKH Group NV, FEV Group GmbH, National Instruments Corporation, Analog Devices, Inc., Racelogic Limited, Konrad GmbH, Oxford Technical Solutions Ltd., AVL LIST GmbH, Averna Technologies Inc., Dewesoft d.o.o., AB Dynamics plc., and GeneSys Elektronik GmbH.
North America is expected to lead the global market during the forecast period. The ADAS testing equipment market in this region is projected to expand at a high rate throughout the 2018-2028 timeline. With respect to adoption rate, China spearheads the market’s growth.
Sales of advanced driver-assistance systems testing equipment by OEMs is increasing at a significant pace and is expected to reach a valuation higher than $100 million by 2028.
With respect to components, the hardware segment is expected to lead the global market with a high market share and growth rate. During the assessment period, the hardware segment is projected to expand at a CAGR of 12.9%.
The growth of the market is positively influenced by several drivers, trends, and opportunities. These include aspects such as increasing awareness of road and vehicle safety, prevalence of safety standards proliferating the demand for ADAS testing equipment, supportive government initiatives related to the automotive industry, rising demand for testing equipment from end users, increasing focus on installing advanced driver-assistance systems in vehicles, increasing electrification of vehicles, development of advanced driver-assistance systems by OEMs, and shifting focus toward autonomous driving and development of autonomous cars.
Market penetration of advanced driver-assistance systems is facing a main challenge that is impeding its growth—pricing. Vehicles fitted with driver-assistance systems are comparatively highly priced than conventional vehicles. Additionally, governments in some countries such as Thailand, India, and other ASEAN countries have posed restrictions on introduction of vehicles with ADAS, as vehicles with such advanced technology are not suited for their roads. Moreover, challenges associated with the import of vehicles incorporated with ADAS are expected to hinder the growth of the market in India. Subsequently, penetration of ADAS in these countries will negatively impact the growth of the ADAS testing equipment market. Also, legal guidelines and issues in China are expected to decelerate the development of ADAS products, making ADAS manufacturers face administrative liability.
For more information about the report, which reflects market insights on developments, trends, key players, growth drivers, and forecasts across global regions, visit https://www.futuremarketinsights.com/reports/sample/REP-GB-283.