Press release
Blind Spot Detection (BSD) System Market Expected to Reach $13.7 Billion by 2031
According to a new report published by Allied Market Research, titled, "Blind Spot Detection (BSD) System Market," The blind spot detection (bsd) system market was valued at $3.9 billion in 2021, and is estimated to reach $13.7 billion by 2031, growing at a CAGR of 13.7% from 2022 to 2031.Europe is expected to dominate the global blind spot detection system market. Technical developments for efficient enforcement of safety features and better drive quality lead toward the growth of the automotive industry. With the rise in popularity of autonomous driving, the adoption of BSD has increased in safety systems of automobiles. The presence of supportive legislations, and cost-effective vehicles fuel the use of safety systems in cars to improve safety and comfort.
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Automotive manufacturers in the region have focused on reducing road fatalities by adopting various safety ensuring programs such as eSafety Aware and other informative campaigns. Automotive electronics manufacturers have prioritized the development of infrared cameras to develop better vision assisting systems for cars. The demand for electronic equipment has rapidly increased to improve driving and vehicle safety.
Increase in the demand for light commercial vehicle mainly for the purpose of carrying cargo leads to the growth of the industry. This segment is considered to be a fast-growing vehicle type in the market due to its vital role in the transportation industry. With the advancement in technology and the mandatory regulations toward blind spot detection system to be installed in the vehicles is leading to the growth of the market as users are now more concerned towards the safety of the people, vehicle, and the cargo they carry.
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KEY FINDINGS OF THE STUDY
By technology, the camera segment is anticipated to exhibit significant growth in the near future.
By vehicle type, the heavy commercial vehicles segment is anticipated to exhibit significant growth in the near future.
By vehicle propulsion, the electric segment is anticipated to exhibit significant growth in the near future.
By sales channel, the OEM segment is anticipated to exhibit significant growth in the near future.
By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
Key players operating in the global blind spot detection system market include Autoliv, Inc., Borgwarner Inc., Continental AG, Denso Corporation, Hyundai Mobis, Magna International Inc., Panasonic (Ficosa International), Robert Bosch GmbH, Sensata Technologies, Valeo SA, VBOX Automotive, and Xiamen Autostar Electronic Inc.
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https://www.alliedmarketresearch.com/blind-spot-detection-bsd-system-market-A09108
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About Allied Market Research
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of ""Market Research Reports"" and ""Business Intelligence Solutions."" AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.
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