The highway driving assist from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Highway Driving Assist Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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 growing consumer demand for safety, rise of electric vehicles, growing consumer demand for vehicles with connected features, regulatory push for vehicle safety, implementation of regulations mandating 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%. The growth in the forecast period can be attributed to increasing penetration of semi-autonomous vehicles from luxury to mid-segment, increasing demand for driver safety, increasing attention to autonomous driving, growing investments for technological improvements, increasing traffic congestion. Major trends in the forecast period include adoption of AI and machine learning, enhanced sensor technologies, increasing integration of V2X communication, rising electric and connected vehicles, developments in automotive technology.
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Scope Of Highway Driving Assist Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Highway Driving Assist Market Overview
Market Drivers –
The increasing number of autonomous vehicles is expected to propel the growth of the highway driving assist market going forward. Autonomous vehicles are self-driving cars that employ advanced sensor technologies, computer systems, and artificial intelligence to operate and navigate without constant human intervention or monitoring. Autonomous vehicles have increased demand due to advancements in artificial intelligence and sensor technology, along with substantial investment and support from private companies and governments to enhance safety and efficiency in transportation. Highway driving assist helps autonomous vehicles by providing additional safety and redundancy measures, improving navigation and decision-making capabilities, and strengthening overall driving efficiency. For Instance, in December 2022, according to the National Association of Insurance Commissioners, a US-based non-profit organization, there are expected to be 3.5 million autonomous vehicles on American roads by 2025 and 4.5 million by 2030. Additionally, according to the Institute of Electrical and Electronics Engineers, by 2040, 75% of all vehicles on the planet’s highways will be autonomous. Therefore, the increasing number of autonomous vehicles is driving the highway driving assist market.
Market Trends –
Major companies operating in the highway driving assist market are adding innovative features to the advanced driver assist systems to enhance drivers’ safety, comfort, and convenience. These innovations make semi-autonomous vehicles safer and easier to use by helping vehicles accurately detect and understand their surroundings. For instance, in September 2022, Ford, a US-based automobile manufacturer, launched next-gen Ford BlueCruise 1.2, an updated version of Ford’s hands-free advanced driver assist system (ADAS). This feature allows the vehicle to change lanes while driving hands-free independently. The system will adjust the vehicle’s speed and position to enter the new lane safely. This feature automatically shifts the vehicle to the other side of the lane when passing a big rig or just someone crowding the line to provide more of a buffer. Ford has expanded the coverage of highways where BlueCruise can operate in hands-free mode. This includes over 100,000 miles of pre-mapped highways in the US and is adding more miles every month.
The highway driving assist market covered in this report is segmented –
1) By Component: Camera, Radar, Global Positioning System (GPS), Navigation System Map Database
2) By Operational Techniques: Automatic Emergency Braking (AEB), Pedestrian Automatic Emergency Braking (PAEB), Rear Automatic Braking, Blind Spot Intervention
3) By Function: Adaptive Cruise Control, Lane Keeping Assist, Lane Centering Assist, Collision Avoidance Assist
4) By Vehicle Type: Mid Segment, Luxury
5) By Application: Automotive Original Equipment Manufacturers (OEMs), Fleet Operators, Transportation Services, Individual Consumers
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Regional Insights –
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.
Key Companies –
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
Table of Contents
1. Executive Summary
2. Highway Driving Assist Market Report Structure
3. Highway Driving Assist Market Trends And Strategies
4. Highway Driving Assist Market – Macro Economic Scenario
5. Highway Driving Assist Market Size And Growth
…..
27. Highway Driving Assist Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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