IMARC Group, a leading market research company, has recently releases report titled “Automotive Blind Spot Detection System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global automotive blind spot detection system market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the automotive blind spot detection system market?
The global automotive blind spot detection system market size reached US$ 4.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 9.8 Billion by 2028, exhibiting a growth rate (CAGR) of 12.1% during 2023-2028.
What is an automotive blind spot detection system?
The global automotive blind spot detection system market is driven by the 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.
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What are the growth prospects and trends in the automotive blind spot detection system industry?
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. On account of the aforementioned factors, the market is expanding at a CAGR of 12.1% during 2023-2028
What is included in market segmentation?
The report has segmented the market into the following categories:
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 (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa
Who are the key players operating in the industry?
The report covers the major market players including:
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
ZF Friedrichshafen AG (Zeppelin-Stiftung).
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