Advanced Vehicle Control System Market: Introduction
- Advanced Vehicle Control Systems (AVCS or AVEC) is part of the Smart Highway initiative, also known as Intelligent Vehicle Highway Systems (IVHS), or Intelligent Transportation Systems (ITS). AVCS are gaining popularity across the globe. The advanced vehicle control system provides information about highly localized and frequently changing conditions in its immediate vicinity and can initiate actions based on those conditions.
Key Drivers of Advanced Vehicle Control System Market
- Passenger safety is presently a key focus area in the automobile sector. Stakeholders across the automobile value chain acknowledge the importance of passenger or occupant safety and are constantly upgrading their offerings to provide fail-safe safety technologies that would protect passengers and pedestrians. Proactive policy implementation and consumer awareness have played a key role in driving the demand for advanced vehicle control systems.
Restrains in Advanced Vehicle Control System Market
- Penetration of advanced vehicle control system differs from country to country. Economically developed countries tend to have a high penetration of these technologies across various passenger and commercial vehicles, while developing countries have lower penetration due to the cost factor.
- The COVID-19 pandemic has affected national as well as international supply chains, manufacturing and R&D operations, which in turn has hampered the market. Post first wave of COVID-19, global economies have started opening up and automotive operations have begun to normalize; however, increase in COVID-19 cases in countries across Europe has prompted governments in the region to opt for a second round of lockdown restrictions and hence, the uncertainty in the automotive industry continues.
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Opportunities in Advanced Vehicle Control System Market
- The migration toward fully autonomous vehicles is being enabled by the gradual introduction of multiple, interrelated safety technologies. Feature by feature, these technologies add new capabilities that assist the safe and efficient operation of new vehicles and move the market toward an increasingly autonomous future. This scenario is estimated to offer significant opportunity for the advanced vehicle control system market.
Europe holds Significant Share of Global Advanced Vehicle Control System Market
Based on geography, the advanced vehicle control system market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe accounts for a major share of the global advanced vehicle control system market owing to the high rate of adoption of the system and the development of the automotive sector infrastructure, leading to an increased production of vehicles with safety systems, especially in Germany, France, the U.K., and Spain. Major automobile manufacturers are established in this region, thereby fueling the advanced vehicle control system market. Implementation of safety systems by regulatory bodies in the region is also a key factor that is estimated to propel the advanced vehicle control system market during the forecast period.
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