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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Ankur Gupta, Head Marketing & Communications