The aftermarket industry for advanced driver-assistance systems (ADAS) – currently valued at just under $1 billion – is expected to grow to more than $1.5 billion by 2021, according to a SEMA-commissioned study.
Driven by growing consumer interest in safety technology such as lane-departure warning, heads-up displays and parking-assistance systems, the fast-growing, high-margin market is opening up doors for new product innovations and business opportunities, SEMA asserts in a new report.
“ADAS is among the fastest-growing automotive segments today, and it presents a significant opportunity for aftermarket retrofitting and new vehicle upgrades,” said Chris Kersting, SEMA president and CEO. “We’re confident that the findings from the research report will be of interest to the industry and help members capture the opportunities ahead.”
The new report, “SEMA Advanced Vehicle Technology Opportunities,” contains predictive analysis of business opportunities for the specialty aftermarket.
SEMA (the Specialty Equipment Market Association) will outline the report details during a Nov. 1 press conference at the 2017 SEMA Show in Las Vegas. SEMA executives will highlight the ADAS products, market categories and opportunities that are expected for the aftermarket.
The report is scheduled to be available after the press conference at no cost to SEMA members.
Ducker Worldwide and the Center for Automotive Research conducted the study for SEMA.