NEWARK, Del, Nov. 07, 2023 (GLOBE NEWSWIRE) -- The blind spot detection market is estimated to be worth US$ 2,464.90 million in 2023 and is projected to be valued at US$ 9,058.10 million by 2033. Between 2023 and 2033, the industry is expected to register a growth rate of 13.90%.
The rise in the inclination of automotive users toward enhanced safety features is also boosting the blind spot detection market. An increase in disposable income and changing consumer preferences regarding the purchase of vehicles equipped with safety features, such as blind spot detection rather than wide mirrors, are fuelling the demand for blind spot technology.
Crossover and SUV vehicles have larger blind spots than traditional sedan and hatchback vehicles. This is driving the demand for BSD systems in crossover and SUV vehicles. The automotive industry is working hand-in-hand with major technology companies in order to stay ahead of the competition and deliver highly advanced, safe, and comfortable vehicles. Therefore, this scenario will augur well for the blind spot detection market.
Stricter safety standards by governments and regulatory bodies in many countries and the adoption of advanced driver assistance systems (ADAS) to reduce road accidents and fatalities. Driving the demand for blind spot detection market during the forecast period. The overall growth in the automotive market, especially in emerging economies, provided a broader customer base for blind spot detection systems.
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Key Takeaways
- In 2022, the blind spot detection market was valued at US$ 2,164.10 million.
- Based on sales channel, the OEM segment is expected to account for a share of 92% in 2023.
- Based on technology, camera segments account for a market share of 41.76%
- Global blind spot detection demand in China is predicted to account for a CAGR of 13.40% through 2033.
- Bags in the United States is expected to account for a CAGR of 14.0% between 2023 and 2033.
- Germany is projected to expand by a value CAGR of 15.2% between 2023 and 2033.
- By 2033, the blind spot detection market in India is anticipated to record a CAGR of 13.70% during the forecast period.
“The high demand for safety features in vehicles and increased government regulation mandating the use of blind spot detection in new vehicles is a major factor accelerating the market growth." opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape
The overall market is highly fragmented, with several competitors in the surgical blind spot detection sphere. To meet consumer demand and expand their customer base, these companies are implementing methods such as mergers and acquisitions, partnerships and collaborations, and new product launches.
- Bosch is a major player in the automotive technology industry, offering a range of ADAS solutions, including blind spot detection systems. They provide radar and camera-based systems that help enhance vehicle safety.
- Magna is a global automotive supplier known for its ADAS and vehicle safety technologies innovations. They offer a range of solutions, including blind spot detection systems.
- Visteon Corporation is a technology company specializing in automotive cockpit electronics and ADAS solutions. They provide a range of sensor-based systems, including blind spot detection.
- Denso Corporation is a leading automotive component manufacturer, and they develop a variety of ADAS technologies, including blind spot detection systems.
Key Players in the Blind Spot Detection Market
- Continental AG
- ZF Friedrichshafen AG
- DENSO Corporation
- Mobileye
- Aptiv Plc
- Veoneer Inc.
- Autoliv Inc.
- Valeo SA
- Magna International
- Aisin Seiki Co. Ltd.
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Blind Spot Detection Market by Category
By Technology:
- Ultrasonic Sensor
- Lidar Sensor
- Radar Sensor
- Camera Sensor
- Infrared Sensor
- Pressure Sensor
By Sales Channel:
- Original Equipment Manufacturer (OEM)
- Aftermarket
By Vehicle Type:
- Passenger Vehicle
- Heavy Commercial Vehicle
- Light Commercial Vehicle
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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