Future Market Insights Forecasts Growth In ADAS Test Equipment Market

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Future Market Insights Forecasts Growth In ADAS Test Equipment Market

Future Market Insights Forecast Growth ADAS Test Equipment Market Autonomous Driving Autonomous Vehicles

Future Market Insights, market intelligence and consulting services provider, has forecast that rapid growth in the emergence of autonomous vehicles is anticipated in the US and Canadian markets, as well as some parts of Europe. It said that this forecast will significantly influence the demand for Advanced Driver Assistance Systems (ADAS) testing equipment in the not-too-distant future. Future Market Insights forecasts that by 2025 global deployment of ADAS is likely to approach a valuation of $ 65 bn. It also believes that the global market for ADAS testing will exceed $ 100 mn mark in terms of revenues.

Automakers have been increasing their investments in ADAS test equipment, in order to ensure effective and efficient functioning of ADAS features. Looking at the rate of increasing expenditure in next-generation automotive technologies, the US, UK, Germany and a few Asian economies are likely to be the initial key investment areas, it noted. A plethora of parameters are measured during field analysis, the research firm noted. It added that such data is supported by analytical statistics of accidents and driving simulator studies to quantify the advantages of ADAS in terms of safety, economy and ease of use.

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OEMs and ADAS technology firms are investing heavily into R&D in the area of field analysis, which is likely to push the need for ADAS testing equipment. There are a number of influencers in the growth of the ADAS testing equipment. The US and EU have curated a regulatory framework that will come into effect by 2020, calling for all vehicles to be equipped with autonomous features such as forward collision warning systems and emergency braking systems. Meanwhile, vehicle owners have been showing a growing interest in exploring ADAS applications more recently, to experience the next level of driving comfort and economy.

Additionally, R&D efforts have been extended to a point where Artificial Intelligence is being introduced in ADAS, for completely new applications, the Future Market Insights study showed. This will thus supplement the demand for ADAS testing equipment in coming years. Tier 1 OEMs and ADAS suppliers are collaboratively partaking in technology exhibitions in emerging economies from across the world, wherein they are devoting a majority of their focus on testing solutions for ADAS. Another key influencer is that major electronics and semiconductor companies are expected to play a vital role in providing products, services, and solutions for ADAS testing.

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ADAS testing is expected to gather momentum in Europe, particularly Germany as the ‘traffic jam assist’ feature, the first-ever partially automated function, arrives on the market. Future Market Insights said that although applicability of ADAS still seems to be in its infancy at the moment, OEMs along with their key suppliers firmly believe that advanced driver assistance systems will soon be a major differentiating feature for brands. It added that ADAS will be among the key revenue sources for auto makers in the near future.

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