Global traffic jam assist systems market to reach $48.31 billion by 2026
The global traffic jam assist systems market was estimated at $1.08 billion in 2016 and is expected to grow to over $48 billion by 2026. These projections are made in the market intelligence report, "Global Traffic Jam Assist Systems Market, 2017-2026," published by BIS Research. Development of advanced driver-assistance systems (ADAS) functions for vehicles, the need to reduce vehicle congestion and accidents on the road, and increased support from government are key factors that are driving the growth for this market. The research results were announced at ITS World Congress 2017.
Traffic congestion remains a major concern on the roads of both developed and developing countries. Increasing sales of vehicles over the past two years has increased the number of cars in most major cities across the globe. This drastic increase in the number of automobiles has increased the congestion on roadways along with the travel time of passengers. For instance, in the United States, the cost of wasted fuel and time due to traffic jams amounted to $1200 for an average person in 2016. Furthermore, the accidents caused due to human error are on the rise. A report by the National Highway Traffic Safety Administration (NHTSA), in 2015, mentioned that 94% of all car accidents in the United States were caused by human error.
In addition, increase in disposable income and a growing demand for a safe and comfortable solution to vehicle congestion are some of the factors driving the global traffic jam assist systems market.
According to Haarish Ahmad, an analyst at BIS Research, "The market for automotive radar held maximum value share in the year 2016, accounting for almost 38% of the total revenue share. Extensive usage of radars for traffic jam assist systems and their higher average selling price as compared to other components is responsible for its large market share. Cameras and LiDAR are expected to grow with the highest CAGR during the forecast period. The increasing use of automotive cameras in vehicles with various levels of automation and the technological benefits of LiDAR, in terms of performance and reliability, are the main reasons for the robust growth of these components."
- Radar systems were the major contributor to the market in 2016, accounting for 37.8% share in 2016 by value.
- The traffic jam assist systems market was dominated by level 2 automation systems in the year 2016. However, rapid technological advancements are expected to increase the penetration rate of level 3 traffic jam assist systems in the market.
- Geographically, Europe contributed the largest share of the market revenue of the traffic jam assist systems market in 2016. Simultaneously, the North American region is expected to grow at the highest CAGR during the forecast period.
This market intelligence report provides a multidimensional view of the global traffic jam assist systems market, in terms of market size and growth potential. The report aims at analyzing the various aspects of the global traffic jam assist systems market with the help of key factors driving the market, threats that can possibly inhibit the overall market growth, and the current growth opportunities that will shape the future trajectory of the market expansion. Further, the report provides a detailed market analysis and forecast with respect to the various components that are used in these systems, which include cameras, radars, ultrasonic sensors, LiDARs, and ECUs. Additionally, on the basis of the technology level, the traffic jam assist systems market is segmented into level 2 and level 3 types of automation.
Furthermore, the competitive landscape chapter in the report clarifies the competitive nature of the global market and acquaints the reader with recent market activities such as product launches, regulatory clearance, certifications, partnerships, collaborations, business expansion, as well as mergers and acquisitions. The report also provides a comprehensive analysis of the market share of the major manufacturers and supply chain analysis with respect to the market.
The report compiles research on more than 100 players in the market ecosystem and draws upon insights from in-depth interviews with key opinion leaders of more than 50 leading companies, market participants, and vendors. The report also profiles 10 companies, including key players Continental AG (Germany), Robert Bosch GmbH (Germany), NVIDIA Corporation (the U.S.), Delphi Automotive PLC (the U.K), Denso Corporation (Japan), Infineon Technologies AG (Germany), and Mobileye N.V. (Israel).
For more information on the report, go to https://bisresearch.com/industry-report/global-traffic-jam-assist-systems-market-2026.html.