The automotive and automotive components
market of Latin America has grown more actively in the recent trend with the
significant development in the technology of advanced driver assistance system.
Whereas, the advanced driver assistance system refers to those systems which
actively support and help the drivers to avoid accidents and collisions.
Meanwhile, the advanced driver assistance systems (ADAS) are systems that
substitute or complement the driver of a vehicle. As they made the usage of
radar and cameras to assist the drivers by facilitating the real-time
information related to the environment. Hence, this is leading the way to
autonomous vehicles. Furthermore, the key players of this market in Latin
America are adopting effective market strategies and policies for dominating
the rising demand for these systems as growing demand leads the fastest market
growth in the forecasted period and proved to be beneficial for leading the
highest market share in Latin America.
According to the report analysis, ‘Latin
America Advanced Driver Assistance Systems (ADAS) Market (2018-2023)’
states that some of the major key players are presently functioning in this
market for leading the highest market share by dominating the growing demand
for these systems from the automotive sector includes Autoliv Inc., Delphi
Technologies, Denso Corporation, Bosch, BMW AG, Aisin Seiko Co., Denso
Corporation, Magna International, Ford Motor Company and several others.
Moreover, the growing implementation of these systems in the small cars or any
other vehicle is projected to boom the market requirement. Furthermore, the
Latin America ADAS market is expected to reach USD 3.17 Billion by 2023 with a
CAGR of 23.3% during 2018-2023. Meanwhile, the report also cover several
relevant other points to remember related to the other aspects of the region
includes market scope, market overview, drivers, challenges, trends, value
chain, market revenue , country-wise market overview and several others. The
key players of this market in Latin America are playing an important role by
working actively for removing the restraints and challenges as they hinder the
market growth and become a hurdle for leading the handsome amount of share in
the region.
Additionally, rising need for a harmless
driving environment has controlled to the petition for comfort driving among
people. The market suggest high prospective in the automotive industry due to
low car ownerships. Comparatively high disposable incomes in the region is
fueling the demand for ADAS in the region. Meanwhile, in the hurriedly growing
vehicle automation and market of ADAS, the big challenge is to expand system
accuracy and presentation without hiking the price. For instance, the quickly
expanding automotive industry in developing economies such as Brazil has
created significant demand for vehicles equipped with adaptive cruise control.
The rising number of road accidents and safety awareness are driving the
market. Therefore, in the near future, it is expected that the market of
advanced driver assistance systems in Latin America will grow more
significantly over the recent few years with the more developments in the
specifications.
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Research
Ankur
Gupta, Head Marketing & Communications
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