LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global automotive terrain response system market to grow at a CAGR of more than 11% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global automotive terrain response system market for 2017-2021. The report segments the market based on OEMs like Jaguar Land Rover, Jeep, and Ford Motor Company, of which the Ford Motor Company dominated the market with more than 53% of the market share in 2016.
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Technavio automotive analysts highlight the following three market drivers that are contributing to the growth of the global automotive terrain response system market:
- Growing demand for driver assistance technologies in off-road vehicles
- Strong growth in SUV segment in China
- Rise in sales of premium and luxury segment SUVs and pickup trucks
Growing demand for driver assistance technologies in off-road vehicles
The development of advanced driver assistance systems (ADAS) has increased the demand for such systems by the consumers. Automotive terrain response or management system is offered as a part of ADAS in automobiles rather than being offered as a standalone feature. Increased market penetration of ADAS can drive the growth of hill descent control (HDC) systems.
Until recently, ADAS was implemented only in premium vehicles due to the high cost of development. However, due to technological advances and expansion of ADAS ecology in the automotive industry, OEMs are poised to introduce the system in the mainstream market with greater penetration in mid-segment SUVs.
Siddharth Jaiswal, a lead automotive electronics expert at Technavio, says, “In addition to standardized ADAS being offered today, automakers are integrating customized solutions, such as terrain response system, to cater to the growing demand for off-road vehicles in the global automotive market.”
Strong growth in SUV segment in China
China is one of the largest automotive markets in the world. China along with the US dominates the global automotive market owing to the high sales volume. The SUVs market in China has been rising over the last couple of years as consumers are seeking vehicles that are more spacious. Also, automakers in China are offering incentives, such as reduced tax and subsidies for small-sized SUVs, which have helped them to increase their SUV offering. SUVs registered an annual growth rate of around 52% in 2015, which is significant when compared with other vehicle segments. This development augurs well for the growth of the automotive terrain response systems market.
Rise in sales of premium and luxury segment SUVs and pickup trucks
The premium-segment SUVs registered a growth of more than 10% regarding volume sales in 2015 as compared with the sales of 2014. The penetration of ADAS technologies is higher in this segment when compared to mid-segment SUVs due to the higher cost of development.
Land Rover, Mercedes-Benz, BMW, Audi, and Toyota, are the prominent vendors in the global SUV market. These automakers have set the benchmark for the modern SUVs through their aerodynamic styling, powertrain technology, off-road capabilities, advanced technological features, and superior ride comfort.
“The SUVs offered by these automakers have created an elite segment of consumers who have been showing high loyalty toward these brands. Therefore, the increasing sales of performance off-roaders will drive the market for automotive terrain response systems during the forecast period,” says Siddharth.
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