According to a new market research report published by Acute Market Research “Global Advanced Driver Assistance System (ADAS) Testing Equipment Market (Component (Hardware, and Software); End-Use (Automotive OEMs, Tier-1 Suppliers, Labs and Other)) – Growth, Future Prospects and Competitive Analysis,2019 - 2027”, the overall advanced driver assistance system (ADAS) testing equipment market worldwide was valued at US$ 25.50 Bn in 2018 and is set to grow with a CAGR of 14.5% during the forecast period.
Browse the full report at http://www.acutemarketreports.com/report/adas-testing-equipment-market
Market Insights
The growing urbanization and technological advancement are the major factors which are driving the ADAS systems market, as there has been a high demand for these systems from the consumer end for their cars. This increasing demand for the ADAS systems is directly affecting the ADAS test equipment market as this allows the OEMs or the service center to check the functionality of the components making the passenger and the drivers ride safe. There are various types of components which are used for detecting the distance between the cars, stability of the car, functionality, and performance of the vehicle and others which ensures the safety of the rider.
Based on end-use, the advanced driver assistance system (ADAS) testing equipment market has been segmented as automotive OEMs, Tier-1 suppliers, labs and others. The automotive OEMs segment accounts the largest segment accounting more than 1/4th of the market share due to adoption of ADAS systems by the automotive segment is huge. Moreover, the increasing demand for these systems from the consumer side is also propelling the growth of the market which increases the dominance of the OEMs segment in the market.
Asia-Pacific is considered to be the fastest-growing region due to increasing disposable income among the individuals in the region. Moreover, increasing population in the region is leading to an increase in the demand for vehicles with the ADAS systems which is a major factor for driving the market in the region. Similarly, the presence of various local and international automobile companies in the region is also fuelling the growth of the market. Based on countries the market has been bifurcated as China, Japan, India, South Korea, and others. China accounts for the largest market share in the region due to increasing production of passenger and electric vehicle in the country which increases the requirement of ADAS testing equipment.
Some of the prominent players operating in the market are AVL LIST GmbH, FEV Group, Oxford Technical Solutions Ltd., TKH Group NV, Racelogic Ltd., Anthony Best Dynamics Limited, GeneSys Elektronik GmbH, Analog Devices, Inc., Averna, Konrad GmbH, Dewesoft d.o.o., and National Instruments and others.
