PUBLISHER: The Business Research Company | PRODUCT CODE: 1531974
PUBLISHER: The Business Research Company | PRODUCT CODE: 1531974
Highway driving assist is an advanced level 2 driving assistance system (ADAS) specifically designed for use on limited-access highways. This system seamlessly integrates features such as adaptive cruise control with stop-and-go functionality, technology for maintaining safe distances between vehicles, lane-centering assistance, as well as GPS data and route information sourced from the navigation system.
Key components within the highway driving assist market include cameras, radar systems, global positioning system (GPS) technology, and navigation system map databases. Cameras play a pivotal role in these systems by capturing visual data from the vehicle's surroundings. Operational techniques employed by highway driving assist systems encompass automatic emergency braking (AEB), pedestrian automatic emergency braking (PAEB), rear automatic braking, and blind spot intervention. The system offers multiple functions such as adaptive cruise control, lane-keeping assist, lane centering assist, and collision avoidance assist, catering to mid-segment and luxury vehicles. Various applications of highway driving assist systems span across automotive original equipment manufacturers (OEMs), fleet operators, transportation services, and individual consumers.
The highway driving assist market research report is one of a series of new reports from The Business Research Company that provides highway driving assist market statistics, including the highway driving assist industry global market size, regional shares, competitors with highway driving assist market share, detailed highway driving assist market segments, market trends, and opportunities, and any further data you may need to thrive in the highway driving assist industry. These highway driving assist market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The highway driving assist market size has grown exponentially in recent years. It will grow from $3.67 billion in 2023 to $4.47 billion in 2024 at a compound annual growth rate (CAGR) of 21.8%. The growth in the historic period can be attributed to several factors, including growing consumer demand for safety features, the rise of electric vehicles, increasing consumer demand for vehicles with connected features, regulatory mandates for vehicle safety, and the implementation of regulations requiring advanced driver assistance systems (ADAS).
The highway driving assist market size is expected to see exponential growth in the next few years. It will grow to $9.88 billion in 2028 at a compound annual growth rate (CAGR) of 21.9%. In the forecast period, growth can be attributed to several factors, including the increasing penetration of semi-autonomous vehicles from luxury to mid-segment, growing demand for driver safety features, heightened focus on autonomous driving technologies, increased investments in technological advancements, and rising traffic congestion. Major trends expected in this period include the adoption of AI and machine learning in automotive systems, enhanced sensor technologies for improved vehicle capabilities, increasing integration of vehicle-to-everything (V2X) communication, the rise of electric and connected vehicles, and ongoing developments in automotive technology.
The growth of the highway driving assist market is anticipated to be fueled by the rising adoption of autonomous vehicles. These vehicles, which operate without constant human intervention, rely on advanced sensor technologies, computer systems, and artificial intelligence for navigation and operation. Factors contributing to the increased demand for autonomous vehicles include advancements in artificial intelligence and sensor technology, significant investments from private and governmental entities to enhance transportation safety and efficiency, and a growing emphasis on technological innovation in the automotive industry. Highway driving assist systems play a crucial role in supporting autonomous vehicles by providing additional safety measures, improving navigation and decision-making capabilities, and enhancing overall driving efficiency. For example, projections from the National Association of Insurance Commissioners suggest that there will be 3.5 million autonomous vehicles on American roads by 2025 and 4.5 million by 2030. Additionally, the Institute of Electrical and Electronics Engineers forecasts that by 2040, 75% of all vehicles on highways worldwide will be autonomous. These trends underscore the significance of highway driving assist technologies in the automotive sector.
Leading companies in the highway driving assist market are continuously enhancing their advanced driver assist systems (ADAS) with innovative features to improve safety, comfort, and convenience for drivers. These innovations enable semi-autonomous vehicles to accurately detect and interpret their surroundings, making them safer and easier to operate. For instance, Ford introduced the next-gen Ford BlueCruise 1.2 in September 2022, an updated version of its hands-free ADAS that allows lane changes while driving hands-free. This system ensures safe lane changes by adjusting the vehicle's speed and position and automatically shifting the vehicle to provide more space when passing other vehicles.
In December 2022e, Aptiv PLC acquired Wind River for $3.5 billion, aiming to strengthen its software capabilities and expand its portfolio in autonomous driving and ADAS. Wind River, a US-based company specializing in platforms and tools for ADAS and autonomous driving technologies, adds significant value to Aptiv's offerings in this rapidly evolving market segment.
Major companies operating in the highway driving assist market are Toyota Motor Corporation, Honda Motor Co. Ltd., Robert Bosch GmbH, Hitachi Ltd., DENSO Corporation, ZF Friedrichshafen AG, Qualcomm Technologies Inc., Continental AG, Magna International Inc., Aisin Corporation, Valeo SA, Texas Instruments Incorporated, Aptiv, Analog Devices Inc., Renesas Electronics Corporation, Autoliv, ON Semiconductor Corporation, HARMAN International, HELLA GmbH & Co. KGaA, Visteon Corporation, AVL, Veoneer, Mobileye
North America was the largest region in the highway driving assist market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the highway driving assist market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the highway driving assist market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The highway driving assist market consists of revenues earned by entities by providing services such as adaptive cruise control, lane-keeping assistance, automatic emergency braking, and traffic jam assist. The market value includes the value of related goods sold by the service provider or included within the service offering. The highway driving assist market also includes sales of sensors, such as cameras, radars, and LiDAR, control units, actuators, such as steering and braking systems. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Highway Driving Assist Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on highway driving assist market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for highway driving assist ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The highway driving assist market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.