The new report by Expert Market Research titled, ‘Global Automotive Blind Spot Detection Market price, and Forecast 2023-2028’, gives an in-depth analysis of the global automotive blind spot detection market, assessing the market based on its segments like vehicle type, component type, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Value (2021): USD 3.9 Billion
• Forecast CAGR (2023-2028): 9.3 %
• Forecast Market Volume (2027): USD 6.7 Billion
In the forecast period, the market is expected to grow due to the rising need for efficient vehicle safety solutions. According to UN data, over 1.3 million people die in road traffic accidents each year, with an additional 20-50 million people suffering non-fatal injuries. In this context, blind spot detection systems provide driver assistance features such as timely warnings and adaptive cruise control, which help to reduce the chance of a collision.
Through the use of short and mid-range radar sensors, these systems also provide lane change assistance and 360-degree monitoring. Furthermore, rising disposable income levels, improving living standards, and developing automobile infrastructure are all important elements that are expected to drive industry expansion over the projection period.
Automotive blind spot detection is a sensor-based system that aids in blind-spot monitoring and alerts the driver to the presence of any vehicle or barrier in the area, mini missing the danger of an accident. Blind spot detectors also assist drivers when changing lanes by alerting them to potential impending collisions via a visual, auditory, vibration, or tactile indication.
Based on vehicle type, the market covers:
• Passenger Car
• Commercial Vehicle
Based on component type, the market includes:
The major regional markets include:
• North America
• Latin America
• Middle East and Africa
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The passenger vehicle category is expected to hold a considerable market share in the automotive blind spot detection industry, based on vehicle type. This increase can be linked to the world’s growing population and the resulting demand for transportation.
Furthermore, the rising need for passenger car safety is expected to boost the market growth in the approaching years. Meanwhile, because commercial vehicles are huge and hence have low visibility, the commercial vehicle segment is expected to have a beneficial impact on market growth. Blind spot detection devices can assist reduce the danger of collisions and accidents in this situation. During the projected period, these factors are expected to contribute to overall market growth.
In the forecast period, Asia Pacific is expected to hold a significant proportion of the automotive blind spot detection market. This rise can be attributable to the existence of the region’s major market companies, who are investing heavily in the development of improved blind spot detection systems. Furthermore, rising purchasing power, higher living standards, and rapid urbanization are expected to have a favorable impact on the industry’s growth. Meanwhile, due to the governments’ strict safety requirements, North America is expected to account for a sizable market share in the next years.
Key Market Players
The major players in the market are Delphi Automotive LLP, Continental AG, Robert Bosch GmBH, ZF Friedrichafen AG, Autoliv, Denso Corporation, Valeo, among others.
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