Global Intelligent Speed Assist Market Expected to Grow at a CAGR of 8.5% by 2030
According to a new report published by MarkWide Research, titled, “Global Intelligent Speed Assist Market,” the global intelligent speed assist market is set to experience significant growth, driven by the increasing focus on road safety and the integration of advanced driver assistance systems (ADAS) in vehicles. The market is projected to achieve a Compound Annual Growth Rate (CAGR) of 8.5% over the forecast period from 2023 to 2030.
Intelligent Speed Assist (ISA) is an advanced safety system designed to assist drivers in adhering to speed limits and maintaining safe speeds on the road. The system uses GPS data and road sign recognition to inform drivers about speed limits and may automatically adjust the vehicle’s speed to comply with the limit. The growing emphasis on road safety and the increasing adoption of ADAS are propelling the demand for intelligent speed assist systems.
Enhanced Road Safety Drives Market Growth
Road safety remains a significant concern globally, prompting the implementation of advanced safety systems like intelligent speed assist. ISA helps prevent accidents by encouraging drivers to comply with speed limits, ultimately reducing the risk of collisions and enhancing overall road safety.
Government Regulations Promote Adoption
Several regions and countries have implemented or are considering regulations that mandate the inclusion of intelligent speed assist systems in vehicles. These regulations are expected to drive the widespread adoption of ISA, further boosting the market growth.
Market Segmentation
The global intelligent speed assist market can be segmented based on technology, vehicle type, sales channel, and geography.
Technology:
- GPS-based Intelligent Speed Assist
- Camera-based Intelligent Speed Assist
- Others
Vehicle Type:
- Passenger Cars
- Commercial Vehicles
Sales Channel:
- OEMs (Original Equipment Manufacturers)
- Aftermarket
Regional Outlook:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
Europe Dominates the Market
Europe currently dominates the intelligent speed assist market, primarily due to the region’s stringent regulations regarding road safety and the early adoption of advanced driver assistance systems. The region is expected to maintain its leading position throughout the forecast period.
Key Players
Prominent companies in the intelligent speed assist market include:
- Robert Bosch GmbH
- Continental AG
- Valeo SA
- Magna International Inc.
- ZF Friedrichshafen AG
- DENSO Corporation
- Aptiv PLC
- Autoliv Inc.
- Mobileye (an Intel Company)
- Garmin Ltd.
These companies are actively investing in research and development to introduce innovative intelligent speed assist systems and expand their market share.
Future Prospects
The global intelligent speed assist market offers significant growth prospects, driven by the increasing focus on road safety and regulatory support for advanced driver assistance systems. With a projected CAGR of 8.5% from 2023 to 2030, the market is poised for substantial expansion.
Conclusion
The global intelligent speed assist market is witnessing significant growth, fueled by the increasing emphasis on road safety and the integration of advanced safety systems in vehicles. As governments and automotive manufacturers continue to prioritize road safety, the demand for intelligent speed assist systems is expected to rise, presenting promising prospects for the market.