According to the latest report by IMARC Group, titled "Automotive blind spot detection system Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global automotive blind spot detection system market reached a value of US$ 4.3 Billion in 2021. The automotive blind spot detection (BSD) system is a sensor-based active safety system that is designed for passenger safety. It is widely employed in automobiles to identify objects in the periphery of the vehicles with the help of embedded sensors and digital cameras that utilize electromagnetic waves or computer-processed images to determine the presence of objects. These systems utilize tactile, audible, vibrating or visual signals to alert the driver regarding the presence of the objects or vehicles that are present at the blind spot areas of adjacent lanes of traffic. As a result, they are widely being equipped in passenger and commercial vehicles to avoid road accidents.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Automotive Blind Spot Detection System Market:
The market is primarily driven by the increasing safety concerns among the users regarding vehicle safety. Coupled with the thriving automotive industry on the global level, there has been a rising demand for advanced safety technologies to be integrated with numerous automobiles. There has also been a considerable rise in the number of road accidents. This has led to the growing awareness regarding road safety among the masses, which, in turn, has impelled the demand for BSD systems in automobiles. This is also being supported by the numerous measures undertaken by the government to spread awareness regarding the importance of road safety. The market is further driven by the increasing preference for luxury vehicles that are equipped with advanced and innovative technologies, supported by the inflating disposable income levels of the masses. Moreover, numerous players are now integrating commercial vehicles with radar-based BSD systems for long, medium and short-range object detection, which is providing a thrust to the market growth. In addition to this, they are also introducing innovative products, such as smart mirrors and multicamera systems that are extensively being integrated with the blind spot detection systems in an attempt to offer improved convenience and enhanced safety to the users. On account of the aforementioned factors, the market is expanding at a CAGR of 12.58% during 2022-2027
- On the basis of the vehicle type, the market has been bifurcated into passenger cars and commercial vehicles.
- Based on the technology, the market has been divided into radar sensors, ultrasonic sensors, LIDAR sensors and others.
- On the basis of the end user, the market has been bifurcated into Original Equipment Manufacturers (OEM) and aftermarket.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Autoliv Inc., Continental Aktiengesellschaft, Delphi Technologies Plc, DENSO Corporation, Ficosa International S.A. (Panasonic Corporation), Magna International Inc., Mando Corporation, Preco Electronics Inc. (Sensata Technologies), Robert Bosch GmbH, Smart Microwave Sensors GmbH and ZF Friedrichshafen AG (Zeppelin-Stiftung).
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