Wilmington, Delaware, Oct. 19, 2023 (GLOBE NEWSWIRE) -- The global blind spot monitor market is expected to reach US$ 34.5 billion by 2030, with an annual growth rate of more than 13.4%.
Market Definition, Market Scope, and Report Overview
A blind spot monitor (BSM) is a car safety equipment that detects other vehicles in the driver's blind spot—areas around the vehicle that the driver cannot see through the side and rearview mirrors.
Some insurance companies grant discounts to vehicle owners who install safety systems such as blind spot monitors. This incentive encourages vehicle owners to install BSM systems, which drives the market even further.
- According to a deep-dive market assessment by RationalStat, the global Blind Spot Monitor market has been analyzed on the basis of market segments, including product type technology, vehicle type and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global Blind Spot Monitor market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global Blind Spot Monitor market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Blind Spot Monitor Market: Segmental and Market Share Analysis
- Based on product type, backup camera system segment is estimated to account for the largest market size during the forecast period. As it is most commonly used in vehicles.
- Based on region, Europe is estimated for the largest market with the highest share of the global blind spot monitor market.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2023 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 14.3 billion |
| Market Size Forecast | US$ 34.5 billion |
| Growth Rate | 13.4% |
| Dominant Segment | Backup camera system |
| Dominant Region | Europe |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
Some leading players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global blind spot monitor market include,
- In 2021, SerVision, part of the ADI Systems Group, introduced the Baware BSD system, which identifies blind spots for drivers. The Baware BSD system is based on radar technology and alerts the driver whenever a vehicle or item comes from the car's rear.
Some of the prominent players and suppliers operating and contributing significantly to the global blind spot monitor market growth include Continental AG, Bosch Mobility Solutions, VBOX Automotive, Hyundai Mobis, Autoliv, Inc., Delphi Technologies, Denso Corporation, Ficosa International SA, Preco Electronics, and Valeo Group, among others.
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RationalStat has segmented the global Blind Spot Monitor market based on product type, technology, vehicle type and region
- Global Blind Spot Monitor Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Product Type
- Blind Spot Detection System
- Park Assist System
- Backup Camera System
- Surround View System
- Global Blind Spot Monitor Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Technology
- Ultrasound
- Radar
- Camera
- Global Blind Spot Monitor Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Vehicle Type
- Heavy Commercial Vehicles
- Passenger Cars
- Light Commercial Vehicles
- Global Blind Spot Monitor Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
- North America Blind Spot Monitor Market
- US
- Canada
- Latin America Blind Spot Monitor Market
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Blind Spot Monitor Market
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Blind Spot Monitor Market
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Blind Spot Monitor Market
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Blind Spot Monitor Market
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Blind Spot Monitor Market
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Key Questions Answered in the Blind Spot Monitor Report:
- What will be the market value of the global Blind Spot Monitor market by 2030?
- What is the market size of the global Blind Spot Monitor market?
- What are the market drivers of the global Blind Spot Monitor market?
- What are the key trends in the global Blind Spot Monitor market?
- Which is the leading region in the global Blind Spot Monitor market?
- What are the major companies operating in the global Blind Spot Monitor market?
- What are the market shares by key segments in the global Blind Spot Monitor market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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