New York , Dec. 07, 2023 (GLOBE NEWSWIRE) -- The global collision avoidance system market size is slated to expand at 10.74% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 202.28 billion by the end of 2035, up from a revenue of USD 59.47 billion in the year 2022. The major element to dominates the market expansion is the growing demand for automobiles. Global auto sales grew from approximately 65 million in 2021 to roughly 66 million in 2022. Hence, the demand for collision avoidance systems market is also estimated to rise.
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With the growth in demand for automobiles comes the risk of accidents. According to the World Health Organization, over 1.3 million people lose their lives in car crashes each year. Around 20 to 50 million additional individuals experience non-fatal injuries each year, many of which end in a disability. As a result, the need for a collision avoidance system in order to avoid these crashes is surging.
Collision Avoidance System Market: Key Takeaways
- Market in North America to capture the highest share in the market.
- Parking assistance segment to gather the largest revenue in the market.
- Market in Europe to capture a significant share of the market.
Increase in Urban Population to Boost the Growth of Global Collision Avoidance System Market
The global urban population has risen dramatically, from 750 million in 1950 to approximately 5 billion in 2021, and is expected to add over 3 billion more people to metropolitan areas by 2050, when it reaches roughly 7 billion. Furthermore, in the past few years, the automotive sector has been greatly affected by urbanization. The increasing number of people moving to cities has increased the demand for personal mobility, resulting in innovative car designs, collaborations, and technological advancements. Consequently, the market revenue for collision avoidance systems is also set to rise.
Collision Avoidance System Industry: Regional Overview
The global collision avoidance system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Disposable Income to Drive the Market Expansion in North America
The collision avoidance system market in North America is poised to generate the highest market share of about 34% over the forecast period. This growth of the market in this region is set to be encouraged by rising disposable income. In 2021, Americans' overall disposable personal income totaled USD 14 trillion. In the same year, the per capita personal disposable income was USD 45,342. Hence, the purchase of vehicles with advanced security system is estimated to grow.
Surge in Government Initiatives to Reduce Road Accidents to Influence the Market Expansion in Europe
The Europe market for collision avoidance systems is estimated to capture a significant share of over 26% over the forecast period. This growth in the region’s market growth is set to be dominated by rising government initiatives to reduce road accidents. For instance, in order to assist in guaranteeing the security of forthcoming transportation, new technologies in addition to testing and assessment procedures have been created by the EU-funded SAFE-UP project. By identifying and evaluating future safety-critical scenarios while creating new safety tools and technology for all road users, SAFE-UP leveraged the supposed benefits of automation to help predict these impending road safety difficulties.
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Collision Avoidance System Segmentation by Type
- Adaptive Cruise Control
- Parking Assistance
- Lane Departure Warning
- Autonomous Emergency Brake
The parking assistance segment is projected to gather the highest market revenue by the end of 2035. This growth of the market is set to be influenced by the growing population. On November 15, 2022, the world's population crossed the 8 billion thresholds. There have been 2.1 billion additional individuals on the earth in the last 25 years, a rise of one third. By 2050, there is expected to be a fifth more human being on the planet, or little under 10 billion.
Collision Avoidance System Segmentation by Application
- Marine
- Automotive
- Aerospace
- Railway
- Construction
The automotive segment is set to have notable growth in the market over the forecast period. This growth is set to be influenced by growing production of automotive. Approximately 84 million automobiles were manufactured globally in 2022. This corresponds to a rise of nearly 5 percent when compared to the prior year.
Collision Avoidance System Segmentation by Technology
- LiDAR
- RADAR
- Ultrasonic
- Others
A few of the well-known market leaders in the global collision avoidance system market that are profiled by Research Nester are General Electric Company, Robert Bosch GmbH, Honeywell International Inc., Hexagon AB, DENSO Corporation, Siemens AG, Autoliv Inc., Becker Mining Systems AG, Wabtec Corporation, Delphi, and others.
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Recent Development in the Market
- The HXGN MineProtect Collision Avoidance System, version 10, has been released by Hexagon AB. This is the latest generation of collision avoidance technology.
- In order to help business jets and airlines prevent runway mishaps and collisions, Honeywell International Inc. recently declared the conclusion of its first round of testing.
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