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utomotive Blind Spot Detection Market: Supportive Government Regulations aimed at Improving Road Safety to Fuel Demand, says TMR
Blind spots are caused due to various objects such as passengers, headrests and window pillars. Mirrors are generally used to remove the blind spots but the disadvantage being that they leave huge dead on all the sides of the vehicle. Blind spot detection systems, with the help of sensor systems generate information about various objects that are outside the range of driver’s vision.
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Demand for RADAR Sensors to Rise through Forecast Period
The automotive blind spot detection market has been segmented into three categories: component, vehicle, and region. In terms of component, the automotive blind spot detection market has been classified into RADAR sensor and ultrasonic sensor. In terms of revenue, RADAR sensor held the largest market share of 67.4% in 2016, owing to the increased demand for efficient RADAR sensors in the automotive industry.
Recent researches reveal the rising use of RADAR sensors over ultrasonic sensors in developed markets across Europe and North America has enabled the automotive blind spot detection market gain significant impetus.
During the course of the forecast period, the RADAR sensor segment is likely to demonstrate high growth. The reduced cost of these sensors, besides their ability to detect objects kept at a long distance will enable growth in the market in the coming years. In addition, the rising number of road accidents and recent changes in government policies to encourage improve road safety will augment growth.
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By application, the automotive blind spot detection market has been segregated into passenger vehicle and commercial vehicle (light commercial vehicle, heavy commercial vehicle, and buses & coaches). In terms of revenue, the passenger vehicle segment constituted more than 64.3% market share in 2016.
North America Emerges as Most Lucrative Market for Automotive Blind Spot Detection
In terms of region, the blind spot detection market has been classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. In 2016, North America dominated the Blind spot detection market with more than 49.9% share and is expected to follow the same trend during the forecast period. In the forthcoming years, the rating system of vehicles is likely to get more stringent in America.
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Therefore, in order to achieve top ratings, manufacturers will need focusing on the production of vehicles that exceed federal safety standards. This will in turn fuel the demand for automotive safety systems, boosting the global automotive blind spot detection market in response.
Key players in the automotive blind spot detection market are expected to benefit from the formation of strategic alliances with global players in the automotive blind spot detection market. Prominent players in the automotive blind spot detection market are Robert Bosch GmbH, Continental AG, ZF Friedrichshafen AG, DENSO CORPORATION, Delphi Automotive LLP, Preco Electronics, Siemens AG, Autolive Inc., Valeo, Mobileye, Ficosa Internacional SA, Smartmicro, Xiamen Autostar Electronics CO. Ltd., and others.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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