Latin America advanced driver assistance systems (ADAS) market
ADAS are systems that support, complement or substitute the driver of a vehicle. These systems help drivers to avoid collisions and accidents. It is a set of systems used in vehicles to provide an intelligent and comfortable driving experience. They use radar and cameras to assist the drivers by providing real-time information about the surroundings. ADAS is leading the way to autonomous vehicles. These systems are the foundation of next-generation automotive electronic safety systems and autonomous cars. A vehicle’s ADAS can detect objects and alert the driver of hazardous conditions or impending danger. The Latin America ADAS market is expected to reach USD 3.17 Bn by 2023 with a CAGR of 23.3% during 2018-2023.
Presently, a shift from basic cars to more advanced sophisticated vehicles is a trend that is occurring throughout Latin America. In 2014, Brazil already implemented safety regulations to reduce the number of road accidents. These regulations enforce car makers to provide anti-lock braking system (ABS) and airbags as standard features in cars.
The market is divided into three primary segments based on vehicle, sensor and component. Based on vehicle, the market is segmented into passenger and commercial vehicles.
Based on sensors, the market is divided into image, radar, lidar and other sensors (ultrasonic, infrared and laser sensors).
Based on components, the market is classified into adaptive cruise control (ACC), parking assistance (PA), lane departure warning (LDW), tire pressure monitoring (TPM), blind spot detection (BSD), autonomous emergency braking (AEB) and others (adaptive front lighting, drowsiness monitor, forward collision warning, head-up display and driver monitoring systems).
On the basis of countries, the market is segmented into Brazil, Argentina and Rest of Latin America (LATAM).
Key growth factors
The increasing adoption of these systems in small cars is anticipated to boost the market demand. Rising levels of technological innovation as well as growing initiatives towards vehicle automation and self-drive cars have raised the demand for the safety of the driver and assistance systems. Growing need for a safe driving environment has led to the demand for comfort driving among people. The market offers high potential in the automotive industry due to low car ownerships. Relatively high disposable incomes in the region is fueling the demand for ADAS in the region. Argentina is another major country in Latin America. This country has the largest market for exports from Brazil. The rapidly expanding automotive industry in emerging economies like Brazil has generated significant demand for vehicles equipped with adaptive cruise control. The rising number of road accidents and safety awareness are driving the market.
Threats and key players
The growth of the ADAS market is currently hindered by the growing incidence of software failures in sensors, coupled with the high cost of these systems that have acted as major restraining factors for the wide acceptability of these systems. In the rapidly growing vehicle automation and ADAS market, the big challenge is to improve system accuracy and performance without hiking the price.
The key competitors in the Latin America ADAS market are Autoliv Inc., Delphi Technologies, Denso Corporation, Bosch, Magna International and others.
What’s covered in the report?
1. Overview of the Latin America ADAS learning market.
2. Market drivers and challenges of the Latin America ADAS market.
3. Market trends in the Latin America ADAS market.
4. Historical, current and forecasted market size data for the segment based on vehicles.
5. Historical, current and forecasted market size data for the segment based on sensors.
6. Historical, current and forecasted market size data for the segment based on components.
7. Historical, current and forecasted country-wise (Brazil, Argentina and Rest of LATAM) market size data for the ADAS market.
8. Historical, current and forecasted market size data for country-wise segments.
9. Analysis of company profiles of major competitors operating in the market.
o Understand the demand for ADAS to determine the viability of the market
o Identify the challenge areas and address them
o Develop strategies based on the drivers, trends and highlights
o Evaluate the value chain to determine the workflow and to get an idea of the current position where you are placed
o Recognize the key competitors of this market and respond accordingly
o Knowledge of the initiatives and growth strategies taken by the major companies and decide the direction of further growth
o Define the competitive positioning by comparing the products and services compared with the key players in the market