Automotive Collision Avoidance System Market CAGR 9% in Revenue and Reach USD 113.63 Billion by 2030

As per SNS Insider's research, the automotive collision avoidance system market is set to thrive, driven by a combination of safety concerns, technological innovation, and consumer demand.

The automotive collision avoidance system market was valued at USD 57.02 billion in 2022 and is projected to attain a value of USD 113.63 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 9% during the forecast period from 2023 to 2030, as per the SNS Insider report.

Get Sample of Report: https://www.snsinsider.com/sample-request/1459 

Market Report Scope

An automotive collision avoidance system is a critical safety technology that aims to prevent or mitigate collisions on the road. This system utilizes a combination of sensors, cameras, radar, and sometimes even LiDAR technology to monitor the vehicle's surroundings and provide real-time data to the driver or to an autonomous vehicle's control system. The primary objective of a collision avoidance system is to warn the driver or initiate automated actions to avoid collisions with other vehicles, pedestrians, or obstacles. This technology has seen significant advancements in recent years, making it an integral part of the modern automobile industry, contributing to enhanced road safety and reducing the number of accidents.

Market Analysis

The automotive collision avoidance system market has experienced substantial growth due to several key drivers. One of the primary factors propelling this market is the increasing awareness of road safety and the growing emphasis on vehicle safety regulations by governments and safety organizations. Additionally, advancements in sensor and computing technologies have made these systems more effective and affordable. Furthermore, the rising adoption of autonomous and semi-autonomous vehicles, driven by the development of advanced driver-assistance systems (ADAS), is fueling the demand for collision avoidance systems. Moreover, the growing consumer preference for vehicles equipped with safety features and the increasing number of vehicles on the road contribute to the market's expansion.

Prominent Players

Denso Corporation (Japan), Siemens AG (Germany), Alstom SA (France), Rockwell Collins, Inc. (the US), Robert Bosch GmbH (Germany), General Electric Company (US), Aptiv Plc (Republic of Ireland), Honeywell International, Inc. (the US), and Hexagon AB (Sweden) are some of the prominent players in the automotive collision avoidance system market.

Enquiry Before Buying: https://www.snsinsider.com/enquiry/1459 

Impact of Recession

The impact of an ongoing recession on the automotive collision avoidance system market can be a double-edged sword. On the positive side, consumers tend to hold on to their vehicles longer during economic downturns, which increases the retrofit market for these systems. As cost-conscious consumers seek ways to enhance the safety of their existing vehicles, retrofitting collision avoidance systems becomes an attractive option. On the negative side, the recession may result in reduced consumer spending, leading to a slowdown in new vehicle sales. This can affect the OEM market for collision avoidance systems, as automakers might cut back on optional features to reduce costs. Additionally, the supply chain may face disruptions, impacting the production and availability of these systems.

Impact of Russia-Ukraine War

The Russia-Ukraine War can have multifaceted effects on the automotive collision avoidance system market. The conflict may disrupt the global supply chain, leading to shortages of critical components like semiconductors, sensors, and other technology required for these systems. Such disruptions can result in production delays and increased costs. Furthermore, geopolitical instability can influence consumer sentiment and impact vehicle sales, affecting the market's demand. On the positive side, governments and safety organizations may emphasize road safety during times of crisis, potentially driving the adoption of collision avoidance systems. This could result in increased regulatory support and incentives for automakers to integrate these systems into their vehicles.

Key Regional Development

The automotive collision avoidance system market exhibits diverse regional dynamics. In North America, stringent safety regulations and a high awareness of road safety have driven the adoption of these systems. Europe, too, embraces collision avoidance systems, owing to strict safety standards and a mature automotive industry. In Asia-Pacific, the market is growing rapidly due to a burgeoning middle-class population, increasing vehicle sales, and the integration of advanced safety technologies in vehicles. Meanwhile, the Middle East and Africa are witnessing gradual adoption due to improving economic conditions and rising awareness of safety features.

Access Full Report: https://www.snsinsider.com/reports/automotive-collision-avoidance-system-market-1459 

Key Takeaway from Automotive Collision Avoidance System Market Study

The Adaptive Cruise Control system has cemented its dominance in the market due to its proven ability to reduce accidents, improve traffic flow, and its increasing accessibility across various vehicle segments.As consumer demand for safety features continues to rise, automotive manufacturers are racing to integrate ACC into their vehicles, which is a testament to its dominance in the market. 
The market is witnessing a remarkable evolution with the emergence of LiDAR (Light Detection and Ranging) technology as a dominating force. LiDAR is revolutionizing the way vehicles perceive and interact with their environment, paving the way for safer and more efficient driving experiences.

Recent Developments Related to Automotive Collision Avoidance System Market

Indian automotive component manufacturer Spark Minda has recently forged a strategic partnership with Israel-based Ride Vision, a company specializing in advanced safety solutions for two-wheeled vehicles. The primary objective of this collaboration is to integrate Ride Vision's cutting-edge Collision Avoidance Technology into Spark Minda's product portfolio.
Japanese automaker Nissan has unveiled its state-of-the-art LIDAR-based Intersection Collision Avoidance System. LIDAR (Light Detection and Ranging) technology employs laser-based sensors to provide a highly accurate and detailed 3D map of the vehicle's surroundings.

Contact Us:

Akash Anand - Head of Business Development Strategy

Email: info@snsinsider.com

Phone: +1-415-230-0044 (US) | +91-7798602273 (IND)

Website: https://www.snsinsider.com

About Us:

SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

This release was published on openPR.