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2023-08-03Automotive Blind Spot Detection System Market to Expand at 18.7% CAGR from 2023 to 2030; Benefit of Precise Operation to Propel the Demand for RADAR-based Systems
Pune, India., Aug. 03, 2023 (GLOBE NEWSWIRE) -- The global automotive blind spot detection system market size was valued at USD 6.02 billion in 2022. The market is projected to expand from USD 7.22 billion in 2023 to USD 23.97 billion by 2030, exhibiting a CAGR of 18.7% over the study period. The expansion can be credited to increasing investments toward the development of the automotive sector in China, Japan, Canada, the U.K., Germany, India, and the U.S. Fortune Business Insights™ provides this information in its research report, titled "Automotive Blind Spot Detection System Market, 2023-2030".
Drivers & Restraints-
Industry Value to Rise on Account of Strict Government Regulations Associated with Vehicle Safety
The automotive blind spot detection system market growth is being driven by the enforcement of stringent government regulations associated with vehicle safety. Besides, key manufacturers are depicting a keen interest in investing in R&D activities for minimizing blind spot areas. However, the sensor performance could be affected due to stickers, snow, rain, dirt, and other weather conditions. This may hamper industry growth to some extent.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 18.7% |
| 2030 Value Projection | USD 23.97 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 7.22 Billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 200 |
Competitive Landscape-
Pivotal Companies Forge Partnership Agreements to Increase Geographical Footprint
Leading industry players are striking various agreements for strengthening the positions of their businesses. These include collaborations, partnerships, acquisitions, and mergers. Additional steps comprise an upsurge in research and development activities and the launch of new products.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/automotive-blind-spot-detection-system-market-102044
Segments-
RADAR Segment to Register Appreciable Growth Driven by Precise Operation
Based on component type, the market for automotive blind spot detection systems is fragmented into camera, RADAR, and ultrasonic. The RADAR segment is estimated to register appreciable expansion over the study period. The expansion is propelled by the surging demand for automotive safety installations.
Passenger Car Segment to Record Substantial Demand Due to Growing Vehicle Production
On the basis of vehicle type, the market is fragmented into commercial vehicles and passenger cars. The passenger cars segment is poised to hold a dominating share in the market and is expected to expand at a notable rate over the projected period. The growth is impelled by the rising vehicle production and strict government regulations associated with the usage of driver assistance systems.
Based on geography, the market for automotive blind spot detection systems is segmented into North America, Asia Pacific, Europe, and the rest of the world.
| Segmentation | By Component Type |
By Vehicle Type - Passenger Cars
- Commercial Vehicle
|
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Regional Insights-
Asia Pacific to Dominate Driven by Availability of Raw Materials
The Asia Pacific automotive blind spot detection system market share is set to expand at a commendable rate over the projected period. The expansion is on account of the increasing availability of raw materials at a low cost.
The Europe market is touted to hold the second-largest share in the market. This is mainly driven by favorable initiatives such as the EuroNCAP, which promotes the easy integration of safety features in vehicles.
Report Coverage:
The report gives a comprehensive analysis of the key factors impelling the business scenario across various regions. It also provides an overview of the major trends boosting the global industry landscape. Additional aspects of the report comprise an analysis of the market on the basis of various segments and the vital strategies adopted by pivotal industry players to strengthen their industry positions.
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A list of prominent Automotive Blind Spot Detection System manufacturers operating in the global market:
- Robert Bosch GmbH
- Continental AG
- Denso Corporation
- Aptiv
- Autoliv Inc.
- Veoneer
- Valeo SA
- NXP Semiconductors NV
- Texas Instruments Incorporated
- ZF Friedrichshafen AG
- Infineon Technologies AG
- SerVision
COVID-19 Impact:
Market Expansion Hampered Due to Supply Chain Disruptions
The coronavirus pandemic had a severe impact on the global automotive sector. The enforcement of nationwide lockdowns and strict social distancing norms resulted in the complete shutdown of several OEM units. These aspects significantly affected the industry expansion. Additional factors hampering market growth during the pandemic period included wage cuts and unemployment.
Notable Industry Development:
- January 2022 – Texas Instruments expanded its automotive offerings with the launch of the AWR2944 radar sensor. The move would help automakers enhance the way ADAS (advanced driver assistance systems) sense objects.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Key Industry Developments - Mergers, Acquisitions & Partnerships
- Latest Technological Advancements
- Porters Five Forces Analysis
- PEST Analysis
- Impact of COVID-19 Pandemic on Global Automotive Blind Spot Detection System Market
- Global Automotive Blind Spot Detection System Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definition
- Market Analysis, Insights and Forecast - By Vehicle Type
- 5.2.1. Passenger Cars
- 5.2.2. Commercial Vehicles
- Market Analysis, Insights and Forecast - By Component Type
- 5.3.1. Ultrasonic
- 5.3.2. RADAR
- 5.3.3. Camera
- Market Analysis, Insights and Forecast - By Region
- 5.4.1. North America
- 5.4.2. Europe
- 5.4.3. Asia Pacific
- 5.4.4. Rest of the World
- North America Automotive Blind Spot Detection System Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast - By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis, Insights and Forecast - By Component Type
- Market Analysis, Insights and Forecast - By Country
- U.S.
- Market Analysis, Insights and Forecast - By Vehicle Type
- Market Analysis, Insights and Forecast - By Component Type
- Canada
- Market Analysis, Insights and Forecast - By Vehicle Type
- Market Analysis, Insights and Forecast - By Component Type
- Mexico
- Market Analysis, Insights and Forecast - By Vehicle Type
- Market Analysis, Insights and Forecast - By Component Type
- Europe Automotive Blind Spot Detection System Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast - By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis, Insights and Forecast - By Component Type
- Market Analysis, Insights and Forecast - By Country
- Germany
- Market Analysis, Insights and Forecast - By Vehicle Type
- Market Analysis, Insights and Forecast - By Component Type
- France
- Market Analysis, Insights and Forecast - By Vehicle Type
- Market Analysis, Insights and Forecast - By Component Type
- U.K.
- Market Analysis, Insights and Forecast - By Vehicle Type
- Market Analysis, Insights and Forecast - By Component Type
- Rest of the Europe
- Market Analysis, Insights and Forecast - By Vehicle Type
- Market Analysis, Insights and Forecast - By Component Type
- Asia Pacific Automotive Blind Spot Detection System Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast - By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis, Insights and Forecast - By Component Type
- Market Analysis, Insights and Forecast - By Country
- China
- Market Analysis, Insights and Forecast - By Vehicle Type
- Market Analysis, Insights and Forecast - By Component Type
- Japan
- Market Analysis, Insights and Forecast - By Vehicle Type
- Market Analysis, Insights and Forecast - By Component Type
- India
- 8.3.2.1. Market Analysis, Insights and Forecast - By Vehicle Type
- 8.3.3.2. Market Analysis, Insights and Forecast - By Component Type
- South Korea
- Market Analysis, Insights and Forecast - By Vehicle Type
- Market Analysis, Insights and Forecast - By Component Type
- Rest of APAC
- Market Analysis, Insights and Forecast - By Vehicle Type
- Market Analysis, Insights and Forecast - By Component Type
- Rest of the World Automotive Blind Spot Detection System Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast - By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis, Insights and Forecast - By Component Type
Continued...
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