According to the latest report by IMARC Group, titled “Automotive blind spot detection system Market Size: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The blind spot object detection system industry reached US$ 4.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 8.8 Billion by 2027, exhibiting a CAGR of 12.58% during 2022-2027.
The global automotive blind spot detection system market is driven by increasing safety concerns among users, along with numerous favorable government initiatives.The automotive blind spot detection (BSD) system is a sensor-based active safety system that is designed for passenger safety. It is widely employed in automobiles to identify objects in the periphery of the vehicles with the help of embedded sensors and digital cameras that utilize electromagnetic waves or computer-processed images to determine the presence of objects. These systems utilize tactile, audible, vibrating or visual signals to alert the driver regarding the presence of the objects or vehicles that are present at the blind spot areas of adjacent lanes of traffic. As a result, they are widely being equipped in passenger and commercial vehicles to avoid road accidents.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Global Automotive Blind Spot Detection System Market:
The market is primarily driven by the increasing safety concerns among the users regarding vehicle safety. Coupled with the thriving automotive industry on the global level, there has been a rising demand for advanced safety technologies to be integrated with numerous automobiles. There has also been a considerable rise in the number of road accidents. This has led to the growing awareness regarding road safety among the masses, which, in turn, has impelled the demand for BSD systems in automobiles. This is also being supported by the numerous measures undertaken by the government to spread awareness regarding the importance of road safety.
The market is further driven by the increasing preference for luxury vehicles that are equipped with advanced and innovative technologies, supported by the inflating disposable income levels of the masses. Moreover, numerous players are now integrating commercial vehicles with radar-based BSD systems for long, medium and short-range object detection, which is providing a thrust to the market growth. In addition to this, they are also introducing innovative products, such as smart mirrors and multicamera systems that are extensively being integrated with the blind spot detection systems in an attempt to offer improved convenience and enhanced safety to the users.
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Global Automotive Blind Spot Detection System Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Autoliv Inc., Continental Aktiengesellschaft, Delphi Technologies Plc, DENSO Corporation, Ficosa International S.A. (Panasonic Corporation), Magna International Inc., Mando Corporation, Preco Electronics Inc. (Sensata Technologies), Robert Bosch GmbH, Smart Microwave Sensors GmbH and ZF Friedrichshafen AG (Zeppelin-Stiftung).
The report has segmented the market on the basis on region, vehicle type, technology and end user.
Breakup by Vehicle Type:
Passenger Cars
Commercial Vehicles
Breakup by Technology:
Radar Sensor
Ultrasonic Sensor
LIDAR Sensor
Others
Breakup by End User:
Original Equipment Manufacturers (OEM)
Aftermarket
Breakup by Region:
North America:( United States, Canada)
Asia-Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico,Others)
Middle East and Africa
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Key highlights of the report:
Market Performance (2016-2021)
Market Outlook (2022- 2027)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
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