Advanced driver assistance systems sales to increase in 2031: FMI study

AdobeStock 284497307According to a survey conducted by FMI, the global advanced driver assistance systems market is anticipated to surpass a valuation of US$222mn in 2021

Through the course of the forecast period, starting from 2021 to 2031, the market is expected to register a robust CAGR of 12.1%. Due to the growing awareness about the importance of advanced systems such as night vision, road sign recognition, and drowsiness monitoring among vehicle owners, sales in the market is likely to surge at 3.2x through 2031.

Rising cases of road accidents have made it imperative to incorporate ADAS in vehicles across all segments, commercial and passenger alike. As per a study conducted by the World Health Organization (WHO) in 2021, nearly 1.3 million people die every year due to road accidents and around 20 to 50 million people across the globe incur non-fatal injuries because of the collisions. Thus, the demand to curb incidents of road adversaries will create significant sales opportunities for the ADAS market.

Governments across various countries are focusing on mandating the use of ADAS as a compulsory safety measure. For instance, the union minister for Road and Highway Transport in India announced at the SIAM conference in November 2020 that all cars should use ADAS by the end of 2022. Such initiatives are expected to help the demand for ADAS to skyrocket over the coming years. 

FMI, in its new report, offers an analysis of the global advanced driver assistance systems market, analysing forecast statistics through 2021 and beyond. The survey reveals growth projections on in the advanced driver assistance systems market. The report offers insight into advanced driver assistance systems demand outlook for 2021-2031. It also highlights projected sales growth for the advanced driver assistance systems market between 2021 and 2031

Advanced driver assistance systems market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.

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