The highway driving assist market is projected to reach USD 10.7 billion by 2027 from an estimated USD 1.9 billion in 2019 at a CAGR of 23.9% during the forecast period. The base year for the report is 2018, and the forecast period is from 2019 to 2027.
The market is expected to witness rapid growth due to an increase in demand for road safety along with advancement in ADAS, and automated technologies are driving the growth for highway driving assist technologies. Additionally, increase in penetration of semi-autonomous vehicles from luxury to mid-segment as it provides safety and relieves from monotonous and unpleasant driving to the drive on long highways and motorways which is expected to boost the demand of highway driving assist market during the forecast period.
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The highway driving assist market is dominated by globally established players such as Robert Bosch (Germany), Magna (Canada), ZF Friedrichshafen (Germany), Continental (Germany) and Valeo (France) among others. These companies developed new products, adopted expansion strategies, and undertook collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth highway driving assist market.
Robert Bosch is one of the leading global players in the highway driving assist market. The company offers Highway Assist, which combines the radar-based longitudinal guidance of adaptive cruise control (ACC) with the video-based lateral guidance of lane-keeping support in one system. It is already installed on the Maserati 2018 range. The company also offers Traffic Jam Assist in which the vehicle takes over driving off, acceleration, braking, and steering within the same lane. The company has done various developments on a component level such as demonstrated a fifth-generation radar unit for applications such as cross-traffic assistance and high-speed adaptive cruise control for duties up to highly automated driving along with introduced a predictive road condition service that can help make sure self-driving vehicles remain safe even on wet and icy roads. The company’s partnership with OEM Mercedes and Tier-2 supplier Nvidia is the major step towards bringing technology for autonomous driving.
ZF is another leading player in this market, followed by Magna, Continental, and Valeo. For instance, in June 2019, ZF developed a dual-cam two-lens camera specifically designed for commercial trucks and can be simultaneously used with other ZF ADAS technologies. Also, the announcement regarding the acquisition of WABCO, which will be completed by 2020 is the big step from the company’s side to position itself in commercial vehicle autonomous driving strongly. Also, in 2017, the company formed a strategic partnership with Nvidia and HELLA to deliver AI technology with the New Car Assessment Program (NCAP) safety certification for the mass deployment of self-driving vehicles.
Highway Driving Assist Market by Vehicle Type (PC, BEV, HEV, PHEV, FCEV), Component (Radar, Camera, Ultrasonic Sensor, Software Module), Autonomous Level (Level 2, Level 3 & Above), Function (ACC, LKA, LCA, CAA) and Region - Global Forecast to 2027
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