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.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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
The highway driving assist market report table of contents includes:
1. Executive Summary
- Highway Driving Assist Market Characteristics
- Highway Driving Assist Market Trends And Strategies
- Highway Driving Assist Market – Macro Economic Scenario
- Global Highway Driving Assist Market Size and Growth
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32. Global Highway Driving Assist Market Competitive Benchmarking
- Global Highway Driving Assist Market Competitive Dashboard
- Key Mergers And Acquisitions In The Highway Driving Assist Market
- Highway Driving Assist Market Future Outlook and Potential Analysis
- Appendix
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