Source: Katherine Coig, glassBYTEs.com™
“The aftermarket segment for ADAS systems in the United States currently is approximately a $976-million opportunity, growing to $1.51 billion at a 9-10-percent compound annual growth rate (CAGR) in 2021,” a recent study produced by Ducker Research for the Specialty Equipment Market Association (SEMA) states.
The SEMA Advanced Vehicle Technology Opportunity Study provides industry members with an in-depth analysis on the current and forecasted shape of the aftermarket Advanced Driver Assistance Systems (ADAS) market.
Leading the push for the adoption of these safety features, coupled with OE penetration, are several factors. These key drivers, the study says, include growing consumer demand, the availability of new products and installer capabilities to offer products for older vehicles and provide cost-effective solutions for newer ones.
According to the study, passive systems will lead the charge in growth and adoption over the next several years. Currently, the leading aftermarket ADAS features contributing to the market’s growth include passive-park assist, blind-spot warning, lane-departure warning, passive frontal collision warning and heads-up displays. Each of these represent CAGRs of 8-14-percent, with passive-park assist accounting for the majority of the market growth.
The majority of aftermarket ADAS sales are in fleet applications, but that could change by 2021. In 2016, 60-percent of aftermarket ADAS sales were fleet, with the remaining 40-percent allocated to individual end users. The study predicts that by 2021, fleet and passenger vehicle sales will be split 50/50 as consumers grow to accept the technology.