Press release
Blind Spot Detection Market to Grow at 13.9% As Adoption of ADAS in Passenger Vehicles Grows | FMI
Several commercial vehicles are large in size and despite being well-equipped with mirrors, they have poor visibility which increase the risk of accidents. Drivers are unable to see areas adjacent to the vehicle thus side collision with the heavy vehicle is imminent. This is compelling all heavy duty manufacturers to install BSD, which is expected to bolster the growth In the market.
Automobile manufacturers are subject to stringent passenger safety regulations and standards, which are imposed by various government bodies in various countries. During the forecast period, the automotive industry's technological growth, focus to adopt advanced technologies, develop structured safety features, and a rising adoption of autonomous vehicles is anticipated to create opportunities for the blind spot detection market.
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During the forecast period, the global BSD market is anticipated to be benefited from an increase in per-capita spending power in developing economies, as well as growing demand for premium and luxurious features in passenger vehicles.
"Rising demand for passenger vehicles equipped with ADAS is expected to fuel sales of blind spot detection systems. Besides this, stringent regulations regarding the adoption of safety systems in commercial vehicles will propel the growth in the market over the forecast period," says an FMI analyst.
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Key Takeaways:
• By technology type, sales in the camera sensor segment are expected to grow at a 13.8% CAGR over the forecast period.
• The U.S. will continue dominating the North America blind spot detection market, with total sales reaching a valuation of US$ 4 Bn in 2022.
• By Region, Europe and East Asia is expected to remain key markets for BSD, about 0% of the total market share by 2032.
• Based on vehicle type, the passenger vehicle segment is forecast to dominate the market with more than 2% of the total market share.
Competitive Landscape
Texas Instruments Incorporated, Intel Corporation, NVIDIA Corporation, Continental AG, Magna International, and Mobileye are some of the key manufacturers of BSD system.
Manufacturers /developers of blind spot detection are focusing on mergers, acquisitions and collaborations with OEMs and start-ups to improve their product portfolios and to gain a competitive edge in the market.
About FMI - Automotive and Transportation
The Automotive and Transportation division of FMI provides exclusive coverage and actionable insights about automotive and transportation industry encompassing automotive, aviation, shipping and marine, and railway sector. Market findings and competition intelligence of OEM, aftermarket, services and technology landscape have helped numerous industry stakeholders' right from automakers, component manufacturers, channel partners and service providers in taking informed decisions and keeping them up-to-date with market behavior.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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