New technology opens up $1.5 billion market for aftermarket industry
Diamond Bar, Calif.—The aftermarket industry for safety features known as Advanced Driver Assistance Systems (ADAS) is currently valued at just under $1 billion, and is expected to grow to more than $1.5 billion by 2021, according to a SEMA-commissioned study conducted by Ducker Worldwide and the Center for Automotive Research.
The new report, titled “SEMA Advanced Vehicle Technology Opportunities,” has predictive analysis of business opportunities for the specialty aftermarket. Details, including information on the critical factors impacting the automotive and performance aftermarket industry and how SEMA manufacturing and installer members can participate, will be outlined in a press conference, Wed., Nov. 1, during the SEMA Show in Las Vegas. SEMA executives will highlight what products, market categories and opportunities are expected for the aftermarket in ADAS.
“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.”
Driven by growing consumer interest in safety performance products, such as lane-departure warnings, heads-up displays and parking-assistance systems, the fast-growing, high-margin market is opening up doors for new product innovations and business opportunities.