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Highway Driving Assist Market: By Vehicle Type (Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-in Electric Vehicle, Fuel Cell Electric Vehicle), By Car Type (Mid Segment and Luxury Segment), By Component (Radar, Camera, Ultrasonic Sensor, Software Module, Navigation), By Autonomous Level (Level 2, Level 3), By Function (Adaptive Cruise Control [ACC], Lane Keeping Assist [LKA], Lane Change Assist [LCA], Collision Avoidance Assist [CAA]), And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
[170+ Pages Research Report] Highway Driving Assist Market to surpass USD 25.9 billion by 2031 from USD 3 billion in 2021 at a CAGR of 11.6% throughout the forecast period 2021-31.
Highway Driving Assist is a Level 2 advanced driver assistance system (ADAS) that is suited for highways with limited access. It reduces driver stress and tiredness by combining adaptive cruise control with stop-and-go capability, a lane-centering assistance system, GPS data, leading vehicle distance maintenance technology, and route information from the navigation system. Road crashes are commonly caused by driver error and can be avoided by using a highway driving assist system, which minimises the likelihood of an accident. The increased demand for ADAS is projected to propel the highway driving assist industry forward.
Global Highway Driving Assist Market to surpass USD 25.9 billion by 2031 from USD 3 billion in 2021 at a CAGR of 24.2% in the coming years, i.e., 2021-2031. Long, monotonous driving circumstances, particularly on highways, can contribute to driver fatigue and possible traffic accidents. The driver assistance feature supports the driver in driving by handling the vehicle's steering, accelerating, and deceleration functions, decreasing highway collisions and offering a smooth driving experience. As a result, the market for highway driving assistance is growing.
Battery Operated Vehicle segment is predicted to reach greater heights in the future among others
Due to increased sales of highway driving assist in these vehicles over Plug-in Hybrid Electric Vehicles, Hybrid Electric Vehicles, and Fuel Cell Electric Vehicles, the Battery Operated Segment is predicted to have the greatest market share. Tesla Model S, for example, can navigate down the highway, change lanes, and alter speeds according on traffic conditions and Parallel Park. Cameras, radars, and ultrasonic sensors are used in all of these features.
Mid-segment is forecasted to grow with the maximum CAGR over the forecast period
Vehicles and models in the D and C segments include the Audi A4, Audi A3, A2, Q3, BMW X1, BMW 3 Series, and BMW 1 Series, among others. Due to increasing sales of automobiles in the mid-segment category, the mid-segment gained the greatest highway driving assist market share in 2018. The BMW 3 series, BMW X 3, BMW X 4, Audi A4, Audi A5, and Tesla Model 3 are among the mid-segment cars equipped with highway driving aid.
Ever increasing demand for ADAS in the modern cars along with other benefits are the key drivers
During the forecast period, a strong demand for advanced driver aid systems in vehicles is likely to raise demand for highway driving assist. The automobile industry's advancement and expansion are focused not only on engine and design, but also on the safety of a motorist, vehicle, and pedestrian. Road crashes are caused by driver mistake and can be avoided by incorporating a highway driving aid system, which significantly minimises security concerns, improves highway safety, and reduces vehicle accidents. The aforementioned advantages are also important drivers of the highway driving assist market over the forecast period.
Growing investments for technological improvements are few other major drivers
The market is predicted to develop due to increased vehicle automation, increased investment in advanced technical features, and increased demand for ADAS in automobiles. Furthermore, the market appears to be driven by an increase in road accidents caused by human error, an increase in demand for luxury automobiles, and an increase in demand for safety features in vehicles.
High cost associated with installation and maintenance is the key restraints
High installation and maintenance costs, as well as sensor failures, may stymie industry expansion. Another impediment to market expansion is the deployment of software, which results in high costs for such technologies. Furthermore, consumer adoption is constrained as a result of worries about lane centering, limiting market expansion.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
North America and Europe currently dominate the highway driving assist market, and this trend is expected to continue during the projected period. This dominance can be linked to the increasing acceptance of modern technologies, the high rate of adoption of active safety systems such as ADAS, and the expansion of the automotive sector, as well as increased R&D efforts. During the predicted period, the Asia-Pacific area is expected to experience extraordinary growth. This is due to the region's growing and expanding automobile industry.
The COVID-19 pandemic has caused a decline in the highway driving assist market. Highway driving assistance was an ever-evolving industry with constant R&D that was hampered by the lockdown. Due to the global pandemic, automobile manufacture was suspended, affecting the supply of highway driving assistance in vehicles. Also, due to social distancing norms and other restrictions, there was a shortage of labour, which hampered the development of hardware required for highway driving assistance.
Global Highway Driving Assist Market is further segmented by region into:
Highway Driving Assist Market Segments:
REPORT ATTRIBUTE |
DETAILS |
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Market size value in 2021 |
USD 3 billion |
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Revenue forecast in 2031 |
USD 25.9 billion |
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Growth Rate |
CAGR of 24.2% from 2021 to 2031 |
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Base year for estimation |
2020 |
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Quantitative units |
Revenue in USD billion and CAGR from 2021 to 2031 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Vehicle Type, Car Type, Component, Autonomous Level, Function, and Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key companies profiled
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DENSO CORPORATION, Valeo, Magna International Inc., Aptiv, AVL, Continental AG, Robert Bosch GmbH, ZF Friedrichshafen AG, SAMSUNG ELECTRO-MECHANICS, Tesla, TOYOTA MOTOR CORPORATION, Veoneer Inc., HELLA GmbH & Co. KgaA, MOBIS INDIA LIMITED., Hyundai Motor Company, Visteon Corporation, NVIDIA Corporation, Qualcomm Technologies Inc., TOSHIBA CORPORATION, and Panasonic Corporation |
Highway Driving Assist Market size was estimated at USD 3 billion in 2021 and is expected to reach USD 25.9 billion in 2031.
Highway driving assist is a semi-automated driving system which supports the driver during monotonous driving conditions on highways by allowing the car to automatically accelerate and decelerate. It is a part of advance driving assist system (ADAS) which is considered as the mainstay of self-driving and autonomous vehicles.
The Battery Electric Vehicle segment accounted for the largest share of the Highway Driving Assist Market.
Key players involved in the market are DENSO CORPORATION, Valeo, Magna International Inc., Aptiv, AVL, Continental AG, Robert Bosch GmbH, ZF Friedrichshafen AG, SAMSUNG ELECTRO-MECHANICS, Tesla, TOYOTA MOTOR CORPORATION, Veoneer Inc., HELLA GmbH & Co. KgaA, MOBIS INDIA LIMITED., Hyundai Motor Company, Visteon Corporation, NVIDIA Corporation, Qualcomm Technologies Inc., TOSHIBA CORPORATION, and Panasonic Corporation
Key drivers of the Highway Driving Assist Market include the surge in demand for ADAS and rising investments for technological improvements in the system.
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