introduction of the India ADAS Market
The India ADAS Market is growing at a rate of XXXX per annum with a projected CAGR of XXXX over the next five years. This can be attributed to the increasing need for advanced driver assistance systems in India due to the rising number of registered motor vehicles, as well as stringent regulations implemented by Indian government bodies such as the Ministry of Road Transport and Highways on automotive safety and road infrastructure.
India Advanced Driving Assistance Systems Market Overview
Advanced driving assistance systems (ADAS) are critical for passenger safety in vehicles and play a crucial role in increasing the efficiency of traffic. In India, the market for ADAS is expected to grow at a CAGR of over XXXX from 2018 to 2024.
The key factors driving the growth of the ADAS market in India include the rising demand for automated driving and enhanced safety features. Moreover, government initiatives such as the National Automotive Mission Plan 2020 and Make in India are also encouraging investments in ADAS technology. However, there are several challenges that must be overcome before the market can truly take off.
Some of the key challenges facing the ADAS market in India include a lack of awareness about the benefits of ADAS technology; insufficient road infrastructure; limited adoption of automated driving by drivers; and prohibitive cost barriers. These challenges will need to be addressed if India wishes to see significant growth in the market for advanced driving assistance systems.
Major Players in the India Advanced Driving Assistance System Market
Advanced driver assistance systems (ADAS) have been gaining popularity in India owing to their various benefits, such as improving safety and reducing traffic congestion. This market is expected to grow at a CAGR of XXXX during the forecast period 2017-2021. The key drivers for this growth include increasing demand for safe and efficient transport systems, increasing adoption of advanced technologies among Indian drivers, and rising concern about the risks associated with driving.
1.2 Players In The India Advanced Driving Assistance Systems Market
Some of the prominent players in the India advanced driving assistance systems market are Bosch, Continental AG, Denso Corporation, Fujitsu Limited, General Motors Company (GM), Isuzu Motorsports LLC., JVC Kenwood Corporation, Panasonic Corporation of North America Inc., Renault S.A., Samsung Electronics Co., Ltd., and Toyota Motor Corp.. These companies are engaged in developing and selling both hardware and software solutions for ADAS applications in passenger cars and light commercial vehicles.
Drivers of the Indian Automobile Industry
The Indian Automobile Industry is expected to reach a value of XXXX billion by 2025, according to a report by Global Market Insights, Inc. The growth in demand for automobiles in India is attributed to factors such as an increasing population, rising disposable income, and improving infrastructure. However, the market is facing several challenges, including low penetration of advanced driving assistance systems (ADAS) and limited automotive experience among consumers.
Several regional players are competing in the Indian ADAS market. These include Bosch Ltd., Continental AG, Delphi Automotive PLC, Denso Corporation, Ferrari NV SpA, General Motors Co., Ltd., Honda Motor Co., Ltd., Hyundai Motor Co., Ltd., Jaguar Land Rover Limited, Kia Motors Corp., Mahindra & Mahindra Limited, Mitsubishi Electric Corporation (MEC), Nissan Motor Co., Ltd., PSA Peugeot Citroen Group SE, Qualcomm Incorporated (QCOM), Renault SA, Samsung Electronics Co., Ltd. and Toyota Motor Corporation (TM). Players such as Bosch and Continental have established a strong presence in the market through their partnerships with Tier 1 automotive manufacturers such as Ford Motor Company and General Motors. Other players are focusing on developing autonomous driving features for premium vehicles.
The high cost of development and deployment of ADAS technologies is one of the key challenges faced by the industry. The high expenditure on research and development (R&D) is also hampering the adoption
Adoption Rate in India
The Indian adoption rate for advanced driving assistance systems (ADAS) is expected to grow at a CAGR of XXXX through 2021, according to a report by Transparency Market Research (TMR). The drivers for this growth are the increasing demand for safe and efficient transportation, as well as the government’s focus on initiatives such as the country’s Smart Cities Mission.
Read More: Click Here
The market is also benefitting from a growing number of companies offering ADAS solutions in India. There are currently over 60 players in the market, with major players including Baidu, Ford Motor Company, General Motors Company, Google Inc., and Volkswagen AG.
However, there are several challenges that the market faces. One challenge is that there is a lack of awareness among consumers about ADAS technology. Another challenge is that there are few regulations governing the use of ADAS systems in India. This has resulted in numerous cases of fraud and misuse of ADAS systems by criminals.
Future Outlook for the Indian Advanced Driving Assistance Systems Market
The market for Advanced Driving Assistance Systems (ADAS) in India is expected to grow at a CAGR of XXXX during the forecast period (2016-2021). The growth is attributed to the increasing adoption of such systems by manufacturers and Tier 1 OEMs in the country.
In 2016, the market for ADAS was worth Rs. XXXX crore and is estimated to reach Rs. XXXX crore by 2021. The major players in the Indian ADAS market are Bosch SE, Continental AG, Denso Corporation Ltd., NVIDIA Corporation, Valeo SA and ZF Friedrichshafen AG.
Some of the challenges that are hampering the growth of this market in India include a lack of awareness about these systems among drivers as well as limited demand from government agencies. Additionally, a lack of infrastructure to support these systems is also hindering their adoption.