Automotive Blind Spot Detection System Market set to reach US$ 3.0 billion by 2022
February 21, 2020
Automotive Blind Spot Detection System Market Overview:
Global blind spot detection system market is projected to witness an impressive double digit CAGR of 12.4% over the next five years and reach US$ 3.0 billion in 2022. Increased demand for safety solutions, the introduction of more stringent government programs, advancement in technology, and increasing production of luxury vehicles are the key factors that are directly contributing to the increasing demand for blind spot detection system in the automotive industry.
The Diverse Stand Points:
The true picture of the market shall not emerge till the time the market is analysed from various point of views. Each vantage point gives better understanding of the market. The market of Automotive Blind Spot Detection System has been viewed from various perspectives such as:
- By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy-Duty Commercial Vehicle)
- By Technology Type (Radar Sensor, Ultrasonic Sensor, LIDAR Sensor, Other Sensors)
- By End-User Type (OE, Aftermarket)
- By Region (North America, Europe, Asia-Pacific, and RoW)
Each view helps us answer a prominent question, and we bring out the best market intelligence which is of interest to each and every player in the market, no matter where he lies in the value chain.
The answers to the prominent questions which are evinced out of above slicing of the market are:
- Which are the best performing segments of the market?
- Which is the most dominant region?
- Who are the movers and shakers of the market?
- What are the regional growth hotspots?
- What are the segmental growth forecasts?
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Automotive Blind Spot Detection System Market Segment Insights:
Passenger Car: The growth engine
Global automotive blind spot detection system is segmented based on vehicle type: passenger car, light commercial vehicle, and medium & heavy duty commercial vehicle. The passenger car segment is expected to remain the largest blind spot detection market over the next five years. The vehicle type is also projected to witness the fastest growth in the same period. Increasing demand for active safety systems including blind spot detection in the luxury cars is driving the vehicle segment. All major luxury car manufacturers, such as BMW, Mercedes-Benz, and Audi are incorporating a higher amount of advanced safety features including blind spot detection in their models.
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Dominance of: Radar Sensor
Based on the technology type, the automotive blind spot detection system market is segmented as Radar, Ultrasonic, LIDAR, and Other Sensors. The radar sensor is expected to remain the perennial choice of the sensor in the global automotive blind spot detection system during the forecast period and is also projected to witness the fastest growth in the same period. Radar provides 360-degree coverage around the car, hence, making it the most effective sensor for the blind spot detection system.
A highly/moderately/fragment consolidated Market
Continental AG, Denso Corporation, Robert Bosch, Delphi Automotive, and Autoliv Inc. are the dominant players in global automotive blind spot detection system market. Other manufacturers include ZF TRW, Xiamen Autostar Electronics, Auto-i Corp, Valeo S.A., Ficosa International, and Preco Electronics. New product development, advancement in technology, and collaboration with OEMs are the key strategies adopted by the key players to gain a competitive edge in the market.
Regional Hegemony of Europe & North America
Based on the region, the global automotive blind spot detection system market is segmented into four regions as North America, Europe, Asia-Pacific and Rest of the World. Europe and North America are the biggest markets of automotive blind spot detection system as both are the homes of major blind spot detection system manufacturers and manufacturing capitals of luxury cars. Additionally, the introduction of more stringent programs, such as The United States New Car Assessment Program (US NCAP) is supporting the demand for advanced safety features in the automobiles including blind spot detection.
Asia-Pacific is projected to witness the fastest growth during the forecast period, driven by Japan, China, and India. Increasing production of luxury vehicles and improving safety standards and measures taken by the government to mitigate road accidents would continue driving the demand for blind spot detection in the region.
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Salient Features of the Report
The Research Report offers an in-depth view of the market, its health and growth, the factors shaping the industry, the competitive dynamics and a glimpse of the future.
The following are the key features of the report:
- Strategic segmentation
- Market analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Detailed Competitive Rivalry landscaping
- Market trend and forecast analysis
- Future Growth Boulevards
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