CHICAGO, Oct. 2, 2019 /PRNewswire/ -- According to the new market research report "Highway Driving Assist Market by Vehicle Type (PC, BEV, HEV, PHEV, FCEV), Component (Radar, Camera, Ultrasonic Sensor, Software Module), Autonomous Level (Level 2, Level 3 & Above), Function (ACC, LKA, LCA, CAA) and Region - Global Forecast to 2027", published by MarketsandMarkets™, the Highway Driving Assist Market is projected to reach USD 10.7 billion by 2027 from an estimated USD 1.9 billion in 2019 at a CAGR of 23.9% during the forecast period.
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The growth of global Highway Driving Assist Market size is influenced by factors, such as an increase in the penetration of semi-autonomous vehicles and also provides safety and relieve from monotonous and unpleasant driving. Therefore, the highway driving assist industry is expected to witness a significant increase in the future.
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Adaptive Cruise control market is expected to grow at the highest CAGR.
Adaptive cruise control (ACC) is one of the primary function for highway driving assist as it automatically controls the vehicle speed and maintaining a predefined minimum distance to the preceding vehicle. The future of ACC would be Cooperative ACC (C-ACC), which would make use of satellites, mobile infrastructures or reflectors, and transmitters on the back of the other vehicles. The factors positively affecting the growth of adaptive cruise control are the upgrades in technology and increasing need for passenger safety.
Mid-segment is expected to grow at the highest CAGR
Mid-segment is increasing at the fastest rate, especially in Europe and North America. Favorable government regulations, OEM initiatives, and infrastructure capabilities will drive the mid-segment market of North America and Europe.
North America is projected to lead the premium cars in mid-segment in the Highway Driving Assist Market because of the increasing demand for safety and security features in vehicles. BMW Group (Germany), Tesla, Inc. (US), and Audi AG (Germany) are some of the leading OEMs in the highway driving assist industry. In Asia Pacific, mid-segment cars are sold on a larger-scale as compared to the luxury ones, where few companies like Volvo, Kia, Volkswagen, and Hyundai are providing this feature in the mid-segment.
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North America region is expected to lead the market during the forecast period.
North America is home to many major automobile companies such as Ford and GM. Increasing demand for safety and comfort features for premium mid and luxury vehicles, increase in disposable income, advancement in technologies for autonomous would drive the Highway Driving Assist Market in the North American region. North America comprises of the US, Canada, and Mexico.
The US is the largest market for highway assist system in North America. In the US, many of the OEMs are working with Tire 1 and Tier 2 companies to develop autonomous vehicles. Also, the government is investing heavily in infrastructure and funding for startups.
On the other hand, Canada is a hub for the many premium vehicles brand demand. In Canada, big OEMs such as Volkswagen, Toyota, GM, Nissan, Ford, Daimler, and Tesla offer their premium models. Proximity from the US and developed infrastructure in many areas makes Canada more inclined towards autonomous vehicle demand. In 2018, Canada had 3% penetration in mid-segment cars and 5% for luxury vehicles. It is expected that the penetration rate will increase once the technology will become cheaper and more OEMs start offering such systems.
The Mexican market for premium mid and luxury vehicles is limited; also the infrastructure availability is very limited in the country, which makes it less favorable in this market. Although big OEMs such as Volkswagen, Toyota, GM, Nissan, Ford, Daimler, and BMW offers premium vehicles in the country, they do not have this feature. It is believed that Mexico's new trade agreement with the US and Canada may involve the transfer of AV technology, although there is room for improvement in infrastructure.
The global Highway Driving Assist Market is dominated by major players such as Robert Bosch (Germany), Magna (Canada), ZF Friedrichshafen (Germany), Continental (Germany) and Valeo (France).
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