The demand within the global market for advanced driver assistance has been rising on account of grass root level changes in the automobile industry, finds Transparency Market Research (TMR). The market players that exist in the global market for advanced driver assistance have been making ardent efforts to ensure that their profit margins can be widened through the use of effective strategies. However, most of the key vendors are projected to engage in non-price competition due to the price-sensitivity of the competitive landscape. Furthermore, the market for advanced driver assistance market is directly concerned with the automobile industry because of which the market vendors are expected to enter into agreements and contracts with automobile manufacturers.
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The emerging players in the global market for advanced driver assistance have been tracing an escalating graph of growth through the use of advanced technologies and quality products. This has posed a threat to the growth prospects of the old and established market vendors who are projected to counter the entry of new players into the market. Forming strategic alliances, entering into partnership agreements, and acquiring smaller players are amongst the key strategies of the established market vendors in the global advanced driver assistance market.
Transparency Market Research (TMR) finds that the global market for advanced driver assistance would expand at a stellar CAGR of 19.20% over the period 2014 and 2020. The global advanced driver assistance market is expected to accumulate revenues worth US$50.48 bn by 2020-end, rising up from a value of US$14.80 bn in 2013. Based on geography, the market in Europe has been reaping commendable revenues due to the immaculacy of the automobile sector in Germany and England. Based on the type of safety system, adaptive cruise control has been attracting tremendous demand over the past years.