New York, Jan. 09, 2024 (GLOBE NEWSWIRE) -- The global blind spot monitor market size is estimated to attain at 16.2% CAGR from 2023 to 2035. The market is expected to garner a revenue of USD 99.32 billion by the end of 2035, up from a revenue of USD 16.39 billion in the year 2022. This growth of the market is estimated to be dominated by the growing adoption of automobiles. Between 2021 and 2022, the number of automobiles sold worldwide climbed significantly, from over 65 million to about 66 million.
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Further, this growing adoption of automotive has influenced the rise of conjunction of traffic on roads which might be aided through blind spot monitors. Additionally, there has been a rise in accidents prevalence all across the globe. According to the World Health Organization, roughly 1.3 million people lose their lives in automobile accidents each year. Approximately 20 to 50 million additional individuals sustain non-fatal injuries each year, many of which end in a disability. Therefore, the market for blind-spot monitors is rising.
Blind Spot Monitor Market: Key Takeaways
- Market in North America to gather the highest market share.
- The park assist segment to capture the largest share of the market.
- Asia Pacific market to generate a significant share of the market.
Surge in Disposable Income to Boost the Growth of the Global Blind Spot Monitor Market
Both family spending and disposable income were predicted to increase by approximately 3% globally in 2022. Hence, this is further predicted to drive the market for demand for automotive. Additionally, owing to their improvement in standard of living their preference for vehicles with advanced features is also surging. Therefore, a large number of manufacturers are installing various advanced functions in automotive. Consequently, this is estimated to boost the market revenue for blind-spot monitors.
Blind Spot Monitor Industry: Regional Overview
The global blind spot monitor market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Demand for Luxury Vehicles to Influence the Market Expansion in North America
The North America market for blind spot monitor is set to gather the highest share of about 35% over the forecast period. This could be influenced by the rising demand for luxury vehicles. In September 2022, the proportion of new car sales in North America that were luxury cars reached close to over 17%. That represents a rise of almost 3% from a decade ago and nearly 4% from the previous two years.
Surge in Demand for Electric Vehicles to Expand the Market Growth in Asia Pacific
The blind spot monitor market in Asia Pacific is poised to gather a significant share of over 28% over the coming years. The major element influencing the market expansion in this region is the growing demand for electric vehicles. With roughly 5 million electric vehicles delivered, China led the Asia-Pacific region in sales of electric vehicles in 2022.
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Blind Spot Monitor Segmentation by Product Type
- Park Assist
- Backup Camera
- Surround View & Virtual Pillar
- BSD
The park assist segment is estimated to gather the highest market revenue by the end of 2035. This growth of the segment is set to be influenced by the growing urban population. Globally, approximately 5 billion people were living in metropolitan regions, and over 4 billion living in rural areas as of 2021. In 1950, approximately more than 750 million people were living in metropolises; by 2021, that number had nearly doubled to almost 5 billion; by 2050, it is expected to reach over 7 billion, adding over 3 billion more people to metropolitan regions. Hence, this has created issues of parking. Hence, the need for park assist is growing in order to avoid crashes.
Blind Spot Monitor Segmentation by Vehicle Type
- Passenger Car
- Light Commercial Vehicle
- Truck
- Others
The passenger car segment is estimated to have notable growth in the market over the forecast period. This growth is set to be influence by the growing demand for passenger vehicles. For instance, the worldwide sales of passenger cars reached over 56 million in 2022, representing a rise of almost 2 percent over the previous year.
Blind Spot Monitor Segmentation by Technology
- Ultrasonic Sensor
- Radar Sensor
- Others
Blind Spot Monitor Segmentation by End User
- OEM
- After Market
A few of the well-known market leaders in the global blind spot monitor market that are profiled by Research Nester are Robert Bosch GmbH, Delphi Powertrain Systems, Operations Luxembourg S. a r.l., Continental AG, ZF Friedrichafen AG, Autoliv Inc., Denso Corporation, Texas Instruments Incorporated, WABCO Holdings, Magna International Inc., Ficosa Internacional SA, and others.
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Recent Development in the Market
- Texas Instruments Inc. has announced the release of a new high resolution 77-GHz radar sensor that can identify objects and provides more precise blind spot monitoring. It adeptly handles turns and bends to prevent collisions. It also helps automakers make improvements to the detection capabilities of advanced driver assistance systems (ADAS).
- The introduction of TOOLBOX PLUs was declared by Wabco Holdings. The OnSide Blind Spot Detection technology, which helps drivers avoid side collisions, is part of the package. It keeps an eye on the vehicle's passenger side blind spot.
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