Factors such as growing number of households, economic prosperity, increase in people holding driving licenses and growth in employment contributes to the increasing passenger car demand.

Furthermore, motor vehicle safety regulations and government mandates such as air bags and ABS is expected to accelerate the technological adoption. The European New Car Assessment Program requires vehicles to be equipped with emergency autonomous braking to receive highest safety rating. Asian countries such as India, China and Japan are also planning to introduce such mandates. The manufacturers are required to abide by such regulations and are expected to spur the industry demand.

Furthermore, according to Insurance Institute for Highway Safety (IIHS) approximately 1 in 5 injury crashes and 1 in 3 fatal crashes could be prevented if all vehicles are equipped with systems such as adaptive headlights, blind spot monitoring, lane departure warning and forward collision warning. Moreover, they estimated that as many as 1.9 million crashes could be mitigated or prevented each year. This growing need to reduce injuries and deaths is expected to drive the demand for such systems.

The devices were debuted on high priced cars but are now becoming increasingly available on low cost cars such as Honda Accord Hybrid Touring and Mazda 6 Grand tuning. Growing awareness about passenger, driver and pedestrian safety is expected to increase the number of users opting for these cars .As these cars offer advance features with affordable prices it is expected to benefit the market over the next eight years.

On the basis of technology, market is segmented into adaptive cruise control, automated parking, forward collision warning/prevention, lane departure warning/prevention and blind spot detection/assist. These technologies alert the user by triggering warning lights, sound and sometimes physical alerts if they sense dangerous situations. Furthermore, they can even take actions such as steering back in lane and applying breaks to avoid collision.

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On the basis of sensor technology, market is segmented into radar, LiDAR, camera, infrared and ultrasonic. The assistance systems use signals from these sensors around the vehicle to support the driver and can even take over some tasks by their help.

North America is expected to witness significant growth over the forecast period owing to the presence of stringent safety regulations. For instance, it is mandatory for all passenger cars in North America and Europe to be installed with tire pressure monitoring systems. These regulations relating to pedestrian, vehicle, driver and vehicle safety compel manufacturers to include the features as default offerings.

Denso Corporation, Continental AG, Delphi Automotive PLC and Robert Bosch GmbH are the key industry players. Suppliers use product differentiation as well as strategic alliances, mergers and acquisition to gain competitive advantage.

In April 2016, Denso Corporation announced that it has formed joint venture with eSOL Co.Ltd. and NEC Communication Systems, Ltd called AUBASS CO., LTD, in Tokyo, Japan to develop basic software that can support high-quality security, high-speed data communication and high-performance microcomputers for advancing in vehicle systems used for automated driving and control actions.

In November 2014, Delphi Automotive PLC announced that it has partnered with Ottomatika, Inc. which provides advanced automated driving software to jointly develop technology to accelerate the product market.

In March 2016, Continental AG announced acquisition of Hi-Res 3D Flash LIDAR. The acquisition was aimed to enhance the company’s product portfolio for advanced driver assistance system by adding solutions to the surrounding sensors needed to achieve fully and highly automated driving

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