|By PR Newswire||
|September 4, 2012 02:34 AM EDT||
~ Revenues seen reaching US$509.6 million by 2018; Shipments to grow at CAGR of 50%
SEOUL, South Korea, September 4, 2012 /PRNewswire/ -- The advanced driver assistance systems (ADAS) revenues in South Korea is expected to reach US$509.6 million by 2018 from US$27.6 million in 2011, predicts Frost & Sullivan.
Ms. Samjeen Yun, Industry Analyst, Automotive & Transportation Practice, Asia Pacific at Frost & Sullivan said that the penetration rate of ADAS in South Korea is expected to increase to 75.7 per cent in 2018 as compared to a mere 4.8 per cent in 2011.
New analysis from Frost & Sullivan (http://www.automotive.frost.com) Analysis of the Advanced Driver Assistance Systems (ADAS) Market in South Korea finds that ADAS' unit shipments are expected to grow at a compound annual growth rate (CAGR) of 50 per cent to 1 million units in 2018 as systems price go down and consumers become aware of the benefits such as avoiding accidents in addition to minimizing the post-crash effects.
Ms. Yun said that lane departure warning systems is the most popular ADAS in South Korea with more than 40 per cent market share in 2011, followed by smart parking assistance systems at 33.7 per cent and adaptive cruise control system at more than 25 per cent. Night vision system and blind spot detector have a combined 23 per cent of total unit shipments in 2011, she added.
She also noted that ADAS, when used alongside alternative drivelines and new materials, is likely to enable fuel economy, therefore increasing engine efficiency.
"ADAS used together with map-enabled GPS also provides efficient use of road network, enabling a cleaner and greener transport," she said.
The Frost & Sullivan study focuses on five areas of advanced drive assistant systems – adaptive cruise control system, lane departure warning system, smart parking assistance system, night vision system and blind spot detector.
Ms. Yun noted that the South Korean market for ADAS is very small as compared to the European or US markets.
"Currently, Hyundai Mobis is at the forefront of introducing ADAS in the South Korean market," she said.
She predicts that ADAS is likely to become mandatory in South Korea in the near future. She advised OEMs and suppliers to invest in developing low-cost technologies for ADAS to attract more customers. "OEMs need to also introduce ADAS in the mass market to further reduce accident rates along with covering insurance costs," she said, adding that OEMs and suppliers should also develop the expertise to integrate multiple functions of ADAS on a single platform.
If you are interested in more information on this study, please send an e-mail to Alice Chia, Corporate Communications – Asia Pacific, at email@example.com , with your full name, company name, title, telephone number, company e-mail address, company website, city, state and country.
Analysis of the Advanced Driver Assistance Systems (ADAS) Market in South Korea is part of the Automotive & Transportation Growth Partnership Services program, which also includes research in the following markets: Executive Analysis of the Carsharing Market in APAC, CEO's 360 Degree Analysis of Fuel Cell Electric Vehicle Market in Japan and South Korea and Strategic Analysis of the Microcars Market in Japan among others. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
Analysis of the Advanced Driver Assistance Systems (ADAS) Market in South Korea
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