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November 02, 2017 02:00 AM

Aftermarket demand for ADAS to grow 9% per year — SEMA

Tire Business Staff
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    LAS VEGAS — The value of aftermarket demand for automated vehicle safety features — known as Advanced Driver Assistance Systems (ADAS) — is expected to grow about 9 percent a year through 2021 to more than $1.5 billion, according to a new study commissioned by the Specialty Equipment Market Association (SEMA).

    The new report, "SEMA Advanced Vehicle Technology Opportunities," examines business opportunities for the specialty aftermarket for systems such as lane-departure warnings, heads-up displays and parking-assistance systems, SEMA said.

    "ADAS is among the fastest-growing automotive segments today, and it presents a significant opportunity for aftermarket retrofitting and new vehicle upgrades," SEMA President and CEO Chris Kersting said at a press conference Nov. 1 to announce availability of the 73-page report, which was conducted by Ducker Worldwide and Center for Automotive Research.

    "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 market for these products is valued at just under $1 billion today, according to the study, which is available free to SEMA members.

     

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