Ottawa, July 16, 2024 (GLOBE NEWSWIRE) -- The global collision avoidance system market size is estimated to grow from USD 61.26 billion in 2023 to approximately USD 140.46 billion by 2033, a study published by Towards Automotive a sister firm of Precedence Statistics.
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As the automotive industry continues its relentless pursuit of safety, collision avoidance systems have emerged as a critical technology to mitigate the risk of accidents on roads worldwide. A collision prevention system is a safety feature engineered to alert, warn, or aid drivers in evading imminent collisions, thereby minimizing the likelihood of accidents.
In recent years, the collision avoidance system market has witnessed significant growth. The stringent safety regulations worldwide drive the adoption of advanced safety features in vehicles, encouraging manufacturers to integrate collision avoidance systems. Secondly, the increasing number of vehicles on roads, coupled with rising concerns about road safety, fuels the demand for such systems. Additionally, technological advancements, including improved sensor accuracy and artificial intelligence algorithms, enhance the effectiveness and reliability of collision avoidance systems, further boosting market growth.
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Key Trends and Findings
- Collision avoidance systems are becoming an integral part of ADAS, which includes features like adaptive cruise control, lane departure warning, and automatic emergency braking. Integration with ADAS enhances the overall safety capabilities of vehicles and provides a seamless driving experience.
- The proliferation of autonomous vehicle technology is driving the evolution of collision avoidance systems.
- V2X communication enables vehicles to exchange information with each other and with infrastructure, such as traffic signals and road signs. Collision avoidance systems can leverage V2X communication to receive real-time data about nearby vehicles and road conditions.
- The market in North America is propelled by stringent safety regulations, a high incidence of road accidents and technological advancements. These factors drive demand for advanced safety features further supporting the market growth.
- The Asia Pacific collision avoidance system market is fueled increasing vehicle ownership rates, combined with stringent safety regulations and government initiatives drive demand for collision avoidance systems.
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Market Drivers
Stringent Safety Regulations
Safety regulations mandated by government agencies such as National Highway Traffic Safety Administration (NHTSA), European New Car Assessment Programme (Euro NCAP) and The Japan New Car Assessment Program (JNCAP), among others is anticipated to increase the adoption of collision avoidance systems within the automotive industry. As authorities aim to reduce the staggering toll of road accidents and fatalities, they enact and enforce stringent safety standards that mandate the inclusion of advanced safety technologies in vehicles. These regulations serve as a powerful incentive for automakers to integrate collision avoidance systems into their vehicles to comply with regulatory requirements.
Moreover, stringent safety regulations also increase the consumer confidence in the effectiveness and reliability of collision avoidance systems, thereby driving consumer demand. Additionally, these regulations often create a level playing field within the automotive market, ensuring that all vehicles meet a minimum standard of safety. As a result, manufacturers prioritize the development and implementation of collision avoidance systems to not only meets regulatory mandates but also to differentiate their products and gain a competitive edge in the market.
Increasing Vehicle Sales
The increasing sale of vehicles globally is likely to augment the growth of the advanced safety features, such as collision avoidance systems. As the number of vehicles on roads continues to rise worldwide, the risk of accidents and collisions also escalates, necessitating the implementation of robust safety measures.
According to The European Automobile Manufacturers' Association, in the initial three quarters of 2023, there was a notable surge of approximately 17% in car sales across the European Union (EU), with a projected growth of 12% expected for the entire year. Moreover, on a global scale, car sales experienced a substantial increase of nearly 9% during the same period. Also, in EU, the production of cars witnessed a remarkable upsurge, reaching over nine million units in the first three quarters of 2023, reflecting a notable 14% rise compared to the corresponding period in 2022.
This growing need for enhanced road safety creates a significant market demand for technologies that can mitigate the likelihood and severity of accidents. Collision avoidance systems are significant in addressing this need by employing sensors, cameras, and radar to detect potential collisions and automatically intervene to prevent or mitigate the impact. Thus, manufacturers are increasingly prioritizing the inclusion of collision avoidance systems in new vehicle models. Consequently, the increasing sales of vehicles serve as a driving force for market growth, propelling the adoption of collision avoidance systems and contributing to the overall enhancement of road safety worldwide.
Market Restraints
High Costs
The high costs associated with installing collision avoidance systems pose a significant restraint on their widespread adoption, particularly in price-sensitive markets. While these systems offer substantial safety benefits, including reduced accident rates and potential savings on insurance premiums, the initial investment required to implement them can be prohibitive for some consumers and manufacturers. The expense encompasses not only the purchase and installation of the necessary hardware and software but also potential maintenance and calibration expenses over the vehicle's lifespan.
In price-sensitive markets where consumers prioritize affordability, the added cost of collision avoidance systems may deter them from opting for vehicles equipped with these technologies. Additionally, manufacturers face challenges in balancing the integration of collision avoidance systems with other cost-saving measures, such as light weighting and fuel efficiency enhancements.
Market Opportunities
Shift towards Electric and Autonomous Vehicles
The increasing focus on electric and autonomous vehicles represents a significant opportunity for collision avoidance system manufacturers to innovate and develop specialized solutions for these emerging vehicle types. Electric vehicles (EVs) and autonomous vehicles (AVs) are revolutionizing the automotive industry with their emphasis on sustainability, efficiency and advanced technologies. Collision avoidance systems designed specifically for EVs can leverage the unique characteristics of electric propulsion systems, such as instant torque and regenerative braking, to optimize collision detection and avoidance strategies.
Similarly, AVs rely on sophisticated sensor suites and artificial intelligence algorithms for navigation and control, presenting opportunities to integrate collision avoidance systems seamlessly into the autonomous driving ecosystem. By focusing on electric and autonomous vehicles, collision avoidance system manufacturers can capitalize on the growing market demand for safety technologies that enhance the performance and reliability of these vehicle platforms.
Key Segment Analysis
Technology Segment Analysis Preview
The radar segment captured a substantial market share of 34.31% in 2023. The radar-based collision avoidance systems have long been recognized for their reliability, effectiveness, and versatility in detecting objects and obstacles in various driving conditions, including adverse weather and low visibility. This inherent robustness has led to widespread adoption of radar technology across different industries, including automotive, aviation and maritime. Moreover, continuous advancements in radar technology, such as the development of millimetre-wave radar and phased-array radar systems, have further enhanced the capabilities and performance of radar-based collision avoidance systems, driving market penetration.
Application Segment Analysis Preview
The automotive segment held largest market share of 31.33% in 2023. The automotive industry has witnessed a growing emphasis on vehicle safety, driven by increasing regulatory requirements and consumer demand for safer vehicles. This heightened focus on safety has led automakers to integrate advanced collision avoidance systems into their vehicles as standard or optional features, thus driving market demand within the automotive segment. Additionally, rising consumer awareness about the importance of safety features in vehicles, coupled with the availability of advanced driver assistance systems (ADAS) packages that include collision avoidance capabilities, has contributed to the segment's growth.
Regional Insights
North America dominated the market with 37.92% of shares in the global collision avoidance system market. North America has some of the most stringent safety regulations for vehicles. Regulations such as the New Car Assessment Program (NCAP) and requirements set by organizations like the National Highway Traffic Safety Administration (NHTSA) drive the adoption of advanced safety features, including collision avoidance systems.
In 2021, motor vehicle crashes claimed the lives of 42,939 individuals. According to the latest estimate from the U.S. Department of Transportation, these crashes incurred an annual economic cost of $340 billion. Factors such as alcohol consumption, speeding, failure to use seat belts and other unsafe behaviors contribute significantly to the fatalities observed on the roads.
Despite improvements in road safety over the years, North America still experiences a significant number of road accidents. The high incidence of accidents creates a strong demand for technologies that can help prevent collisions and reduce the severity of accidents, such as collision avoidance systems.
Asia Pacific is expected to grow at fastest CAGR of 10.15% during the forecast period. Many countries in the region are experiencing rapid urbanization, leading to increased traffic congestion in major cities. Thus, there is a growing demand for technologies that can help mitigate the risk of accidents in densely populated urban areas, driving the adoption of collision avoidance systems. Additionally, governments across the region are increasingly implementing regulations and safety standards aimed at improving road safety. These regulations often mandate the inclusion of advanced safety features, such as collision avoidance systems, in new vehicles, thereby driving market growth.
Key Market Players
Some of the key players in collision avoidance system market are Bosch GmbH, ZF Friedrichshafen AG, Aptiv PLC, Mobileye (Intel Corporation), Autoliv Inc., WABCO Holdings Inc., Delphi Technologies (BorgWarner Inc.), Continental AG, DENSO Corporation, Valeo SA, Infineon Technologies AG, and Panasonic Corporation, among others.
Recent Developments by Key Market Players
- October, 2023: Rosco and NEORide announced a strategic alliance aimed at advancing safety within the transportation sector. NEORide initiated this collaboration to streamline the acquisition process for collision avoidance systems and related services offered by Rosco Collision Avoidance, Inc. This partnership underscores the mutual dedication of both entities towards enhancing road safety, minimizing collisions, and optimizing fleet management. As part of the agreement, Rosco will supply NEORide members with the Mobileye Shield+ collision avoidance system through a nationwide procurement agreement.
- July, 2022: Iris Automation unveiled a ground-breaking partnership with Sagetech Avionics, introducing a comprehensive air risk mitigation solution for unmanned aircraft. Through this collaboration, Sagetech Avionics' TSO-approved MXS ADS-B transponder will integrate seamlessly with Casia via Sagetech’s ACAS X sensor fusion and collision avoidance module. This integration offers a holistic air risk mitigation solution encompassing detection and avoidance capabilities.
- November, 2021: Brigade Electronics introduced Sidescan Predict, the latest iteration of collision avoidance systems. Developed in collaboration with Cambridge University through the Knowledge Transfer Partnership initiative, this system underwent extensive testing over a span of seven years, including 10,000 hours of research.
- April, 2021: Spark Minda partnered with Israel-based Ride Vision to introduce a range of Artificial Intelligence-enabled Collision Avoidance Technology solutions in the domestic two-wheeler market.
More Insight of Towards Automotive
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Market Segments
By Device
- Autonomous Emergency Braking (AEB)
- Tire Pressure Monitoring System (TPMS)
- Adaptive Cruise Control (ACC)
- Electronic Stability Control (ESC)
- Lane Departure Warning (LDW)
- Forward Collision Warning System (FCWS)
- Blind Spot Detection (BSD)
- Night Vision (NV)
- Driver Monitoring System (DMS)
By Technology
- Radar-Based Systems
- LiDAR
- Camera-Based Systems
- Ultrasonic Sensors
- GPS & GNSS
By Application
- Automotive
- Aviation
- Railway
- Mining
- Marine
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- France
- Germany
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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