Pune, India., Feb. 07, 2023 (GLOBE NEWSWIRE) -- The global automotive blind spot detection system market size is projected to reach USD 6.06 billion by the end of 2026. Strict government norms and standards associated with the safety of the vehicle will lead to adoption of BSDs at the time of manufacturing and production. According to a report published by Fortune Business Insights, titled “Automotive Blind Spot Detection System Market Size, Share & Industry Analysis, By Component Type (Ultrasonic, RADAR, Camera) By Vehicle Type (Passenger Cars, Commercial Vehicles), and Regional Forecast, 2019-2026,” the market was worth USD 3.02 billion in 2019 and will exhibit a CAGR of 9.2% during the forecast period, 2018-2026.
Blind spot detection is a system that detects any kind of obstacle or person that is in the path of a vehicle. It is used to warn the driver of any obstacle or person that comes in front of the vehicle and is normally not visible to the driver due to particular reasons. These reasons include the presence of passengers in the cars, presence of objects close to the ground, or unclear visibility in the rear view mirror. The system is inclusive of several sensors that are integrated within the vehicle. The ability of BSD to warn drivers of obstacles and subsequently bring down the chances of accidents or other risks has led to a wider product adoption across the world. Additionally, the huge investment in the development of technologically advanced systems will constitute an increase in the overall market size in the coming years.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2019-2026 |
| Forecast Period 2019 to 2026 CAGR | 9.2% |
| 2026 Value Projection | USD 6.06 billion |
| Base Year | 2018 |
| Market Size in 2019 | USD 3.02 billion |
| Historical Data for | 2015-2017 |
| No. of Pages | 200 |
Key Takeaways:
- Bad Weather Conditions Will Continue to Hamper the Growth of Few Regional Markets
- Growing Inclination of Consumers towards Safety Solution Will Aid Growth
- High Adoption of Complementary Metal Oxide Semiconductors (CMOS) Image Sensor in BSD is a Growing Trend
Drivers & Restraints-
Product Innovations are Benefiting Major Companies across the World
The report encompasses several factors that have contributed to the growth of the market in recent years. The rising automobile use and subsequently high production will open up a huge potential for the companies operating in the market. The increasing number of BSD vendors will contribute to the growth of the market in the coming years. Furthermore, companies are looking to adopt newer strategies as well as newer concepts in their products, with the aim of establish a stronghold in the market. In October 2019, Wabco Holdings announced the launch of a new blind spot detection system system that will be used in commercial vehicles. The company introduced ‘TailGuard,’ a product that will enhance the safety of commercial vehicles. The company claims that the product will help monitor stationery as well as moving objects behind the trailer. Wabco’s latest product will help the company generate substantial market revenue in the coming years.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/automotive-blind-spot-detection-system-market-10204
Industry Developments:
June 2017 – Ficosa announced that it will be developing and manufacturing a digital rear-view system for Audi e-tron. The digital rear-view system is known as camera monitoring system (CMS) will help increase the safety of vehicle.
Segments-
| Segmentation | By Component Type
|
By Vehicle Type
|
Regional Insights-
Asia Pacific Likely to Dominate; Ease of Availability of Raw Materials Will Aid Growth
The report analyzes the ongoing market trends across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, the market in Asia Pacific is likely to emerge dominant in the coming years. The ease of availability of raw material has contributed to the growth of the market. Additionally, mass production of automotive blind spot detection system systems in numerous countries across this region will bode well for the market in the coming years. Factors such as increasing disposable income of customers has led to a wider adoption of automobile and changed the consumer preference from entry level to mid-variant level. As of 2018, the market in Asia Pacific was worth USD 1.66 billion and this value is projected to increase further in the coming years. The market will witness moderately less growth in 2019 due to the coronavirus outbreak. The market in North America will emerge as the second largest market driven by the safety standards and norms imposed by governments.
A list of prominent Automotive Blind Spot Detection System manufacturers operating in the global market:
- Robert Bosch GmbH
- Delphi Automotive LLP
- Continental AG
- ZF Friedrichafen AG
- Autoliv
- Denso
- Valeo
- Magna
- Ficosa Internacional SA
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