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Collision Avoidance System Market Grows Rapidly: Expected to Reach $66.98 Billion by 2028
Collision Avoidance System Global Market
In recent years, the collision avoidance system market has experienced rapid growth, set to ascend from $42.14 billion in 2023 to $46.39 billion in 2024, boasting a 10.1% Compound Annual Growth Rate (CAGR). The trajectory continues on a robust path, with a forecasted market size of $66.98 billion in 2028, sporting a 9.6% CAGR.
Driving Forces: Automation and Traffic Surge
Automation On the Rise: The surge in demand for automated vehicles is steering the collision avoidance system market's expansion. Automated vehicles, equipped with sophisticated collision avoidance systems, are gaining traction globally. Notably, Tesla witnessed an 87% increase in global sales in 2021, underlining the escalating demand for automated driving solutions.
Mitigating Traffic Risks: Escalating road traffic levels globally are fueling the market's growth. As congestion rises, so does the risk of accidents. Collision avoidance systems, offering automated braking and warnings, play a pivotal role in enhancing road safety. For instance, in 2021, U.S. road travel surged by 19.0%, emphasizing the crucial role of these systems in managing the challenges posed by growing traffic volumes.
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Key Players: Pioneering Innovation
Major industry players shaping the collision avoidance system market include ZF Friedrichshafen AG, Delphi Technologies PLC, General Electric Company, and Mobileye Global Inc. These companies are at the forefront of innovation, contributing to the market's evolution through cutting-edge technologies and solutions.
Trends Defining the Landscape: Technology and Safety Confluence
Technological Advancement: A prominent trend in the market is the continuous advancement of collision avoidance technologies. For instance, the launch of the Generation 3 Collision Avoidance System by Wabtec Digital Mine in June 2023 signifies a shift towards true collision avoidance, surpassing traditional proximity detection.
ADAS Integration: The market is witnessing a transformation with the integration of Advanced Driver Assistance Systems (ADAS) into collision avoidance solutions. MG Motor's launch of Next-Gen Hector, featuring an Autonomous Level 2 system with 11 ADAS, exemplifies this shift towards holistic safety solutions.
Regional Dominance and Segment Breakdown
Leading Region - North America: In 2023, North America took the lead in the collision avoidance system market. The region's technological advancements and robust automotive industry contribute significantly to market growth.
Segmentation Overview:
The collision avoidance system market covered in this report is segmented -
1) By Product: Adaptive Cruise Control (ACC), Autonomous Emergency Braking (AEB), Lane Departure Warning System (LDWS), Parking Assistance, Other Products
2) By Technology: LiDAR, RADAR, Ultrasonic, Camera, Other Technologies
3) By Application: Automotive, Marine, Aerospace, Railways, Other Applications (Construction and Mining)
Access the Complete Report for In-Depth Analysis:
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Collision Avoidance System Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Collision Avoidance System Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on collision avoidance system market size, collision avoidance system market drivers and trends, collision avoidance system market major players, collision avoidance system market competitors' revenues, collision avoidance system market positioning, and collision avoidance system market growth across geographies. The collision avoidance system market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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