India Advanced Driving Assistance Systems Market Overview
The India advanced driving assistance systems market is expected to reach $XXXX billion by 2024. The key drivers of the market growth are rising demand for safety and security features in vehicles, increasing adoption of electric vehicles, and increasing government mandates for ADAS.
The market is fragmented with a number of vendors offering their own versions of ADAS products. However, there is growing competition among these vendors as well as between them and the leading OEMs. This has led to increased innovation across the entire ADAS ecosystem, which is expected to drive growth over the next few years.
Some of the major players in the Indian ADAS market include Baidu Inc., Continental AG, Ford Motor Company, General Motors Company, Honda Motor Co., Hyundai Motor Company Ltd., Jaguar Land Rover Limited, Nissan Motor Co., Renault SA, Samsung Electronics Co., and Toyota Motor Corporation.
India Advanced Driving Assistance Systems Market Size
The India advanced driving assistance systems market is expected to grow at a CAGR of XXXX% over the next five years. This is primarily due to the increasing number of cars in use and the resultant increase in demand for ADAS systems. The market is also benefitting from government initiatives that are aimed at increasing road safety.
Some of the key players in the India Advanced Driving Assistance Systems market include Bosch, Continental, Denso Corporation, Ford Motor Company, General Motors Company, Nissan Motor Company, and Toyota Motor Corporation. These companies are engaged in providing a range of ADAS systems such as lane departure warning system (LDWS), forward collision warning system (FCWS), adaptive cruise control (ACC), and pedestrian detection system (PDS).
Drivers & Restraints of the India Advanced Driving Assistance Systems Market
India is projected to be the world’s fastest-growing automotive market with a CAGR of XXXX% over the forecast period 2016-2021. The growth in the Indian automotive market is attributed to factors such as rising incomes, increasing population base and growing demand for luxury and performance cars.
The Advanced Driving Assistance Systems market in India is expected to grow at a CAGR of XXXX% from 2016 to 2021. The growth in the ADAS market in India is attributed to factors such as increasing consumer awareness about the benefits of using ADAS features in vehicles, favorable government policies and rising demand for advanced safety features.
The key vendors operating in the ADAS market in India include Bosch SE (Germany), Continental AG (Germany), Denso Corporation (Japan), Infinite Motor Company Ltd. (Japan), Valeo S.A. (France), and Volvo Group (Sweden).
India Advanced Driving Assistance Systems Market Segmentation
The Advanced Driving Assistance Systems (ADAS) market in India is expected to grow from USD XXXX billion in 2019 to USD XXXX billion by 2024, at a CAGR of XXXX% during the forecast period. ADAS are autonomous driving technologies that help drivers interact with the road environment and make safe decisions.
This report segments the Indian ADAS market into four major regions—North America, Europe, Asia Pacific, and RoW—on the basis of country of origin, application, and end-user. The North American region is expected to account for the largest share of the ADAS market in India during the forecast period. The European region is projected to grow at a higher rate than other regions across Asia Pacific and RoW during the forecast period owing to high adoption rates of advanced safety features in passenger cars in these regions.
Based on type, this report covers standalone systems (sensor + controller), partial systems (sensor only), and full systems (sensor + controller). Standalone systems are expected to dominate the ADAS market in India during the forecast period owing to their affordability and easy installation process. Partial systems are projected to grow at a faster pace than full systems owing to their ability to provide additional safety benefits such as lane departure warning and automatic emergency braking without affecting overall system cost or installation time.
Opportunities of the India Advanced Driving Assistance Systems Market
The India ADAS market is expected to grow at a CAGR of XXXX% from 2016 to 2024. The increasing adoption of advanced ADAS features by various vehicle manufacturers across the globe is fueling this market growth.
Key Factors Driving the Growth of the Indian ADAS Market:
1) Growing Urban Population in India
The urban population in India is projected to grow from XXXX billion in 2016 to XXXX billion by 2024, which will create a large number of driver less cars and other vehicles with advanced ADAS features. This demand for advanced ADAS systems will help drive the market growth in India.
2) Increasing Number of Automobiles on Roadways in India
The number of automobiles on Indian roads is projected to increase from XXXX million in 2016 to XXXX million by 2024, which will fuel the demand for advanced ADAS systems. This increase in the number of automobiles on Indian roads is also being driven by the government’s efforts to promote sustainable mobility and reduce vehicular accidents.
3) Rise in Government Spending on Transportation Infrastructure Projects Worldwide
Governments worldwide are investing billions of dollars into transportation infrastructure projects, such as road construction and expansion, railway construction, and airport development. This investment is fueling the growth of the global ADAS market.
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Porter’s Five Forces Analysis of the India Advanced Driving Assistance Systems Market
The Porter’s Five Forces Analysis is a framework for analyzing competition of a market. It is used to identify and analyze the competitive forces that shape the market. The five forces are:
1) Threat of new entrants: New companies will enter the market if they see an opportunity to exploit lower prices or better quality products.
2) Threat of substitutes: If one company dominates a particular product category, potential competitors may seek to offer similar products in order to attract customers away from the incumbent.
3) Bargaining power of buyers: Buyers have the ability to bargain for lower prices, which can lead to overall price reductions across the board.
4) Bargaining power of suppliers: Suppliers have the ability to withhold supplies in order to gain an advantage over their competitors. This can cause shortages and drive up prices.
5) Intensity of rivalry: The intensity of rivalry between companies within a given industry can affect pricing, procurement, innovation, and other strategic factors.
India Advanced Driving Assistance Systems Market Competitive Landscape
The ADAS market size in India is projected to grow at a CAGR of XXXX% over the next five years. The market is expected to reach USD XX million by 2021.
The major factors restraining the growth of the market are high cost of technology and lack of awareness about the benefits of advanced driving assistance systems (ADAS). However, these restraints are expected to be overcome by increasing demand for safety and efficient transportation across various segments in India.
Some of the key players in the Indian ADAS market are Bosch, Continental AG, Denso Corporation, General Motors Company, HERE Technologies GmbH, Hyundai Motor Company, Jaguar Land Rover Limited, Nissan Motor Co., Ltd., and Toyota Motor Corporation.
Conclusion of the India Advanced Driving Assistance Systems Market
The India Advanced Driving Assistance Systems (ADAS) market is projected to grow at a CAGR of XXXX% during the period 2018-2028. This growth can be attributed to factors such as increasing government initiatives for road safety, rising consumer awareness about ADAS features and improving vehicular technology. Furthermore, the growing popularity of autonomous vehicles is expected to drive the market growth in the Asia Pacific region.