Blind Spot Monitor Market Key Trends And Strategies For Expansion 2024-2033

"The Business Research Company recently released a comprehensive report on the Global Blind Spot Monitor Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The blind spot monitor market size has grown rapidly in recent years. It will grow from $14.39 billion in 2023 to $15.93 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to increasing awareness of road safety, rising demand for automated vehicles, rising vehicle production, consumer demand for safety features, and increasing adoption of ADAS technologies.

The blind spot monitor market size is expected to see rapid growth in the next few years. It will grow to $24.10 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to the expansion of autonomous vehicles, increasingly stringent safety regulations, growing preference for connected vehicle, rise in connected vehicles, and increasing focus on road safety initiatives. Major trends in the forecast period include integration with ADAS technologies, adoption of sensor technologies, adoption in autonomous vehicles, advancing automotive safety, AI, and Machine learning integration.

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Market Drivers and Trends:

The growing preference for connected vehicles is expected to propel the growth of the blind spot monitor market going forward. Connected vehicles refer to automobiles equipped with internet access and the ability to communicate with other vehicles, infrastructure, and various external devices. The rising demand for connected vehicles is due to convenience and efficiency, enhanced safety features, and smart infrastructure. Connected vehicles integrate advanced safety systems and share real-time data and traffic management systems, enabling blind spot monitors (BSMs) to provide more accurate and timely alerts and improve the overall safety and driving experience. For instance, in June 2022, according to Fleet News, a UK-based website for the UK and European vehicle fleet industries, the proportion of connected vehicles increased from 94% to 97% from 2020 to 2022, respectively. Therefore, the growing preference for connected vehicles is driving the growth of the blind spot monitor market.

Major companies operating in the blind spot monitor market are focused on developing next-generation detection radar sensors to improve the accuracy and reliability of blind spot monitoring systems and to enhance driver safety by providing better detection of objects and vehicles in blind spots, thereby reducing the risk of accidents. The detection radar sensor uses cutting-edge radar technology to detect things in blind regions, even in inclement weather, to improve driver awareness and reduce the possibility of blind spot incidents in medium- and heavy-duty trucks. For instance, in October 2023, Sensata Technologies, a US-based industrial technology company, launched the PreView Sentry 79. The sensor has a completely customizable detection zone and can detect things at up to 40 meters (131 feet). The breadth of the detection zone can be adjusted to accommodate practically any vehicle type. The PreView Sentry 79 can be implemented without causing significant adjustments or disturbances to current systems. This next-generation system integrates seamlessly with existing vehicle safety features, offering an enhanced level of protection for drivers and passengers alike.

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Major Key Players of the Market:

Robert Bosch GmbH, Denso Corporation, ZF Friedrichshafen AG, Continental AG, Hyundai Mobis, Magna International Inc., Valeo SA, Aptiv, Infineon Technologies AG, Autoliv, HELLA GmbH & Co. KGaA, Samsung Electro-Mechanics, Garmin Ltd., Lexus, HL Mando, Pioneer Corporation, Gentex Corporation, Mobileye, VBOX Automotive, Xiamen Autostar Electronics Co.Ltd., SL Corporation

Blind Spot Monitor Market 2024 Key Insights:

• The blind spot monitor market size is expected to see rapid growth in the next few years. It will grow to $24.10 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%.
• Growing Preference Of Connected Vehicles Boosts The Blind Spot Monitor Market Growth
• Next-Generation Detection Radar Sensors Revolutionizing The Blind Spot Monitoring Market
• Europe was the largest region in the blind spot monitor market in 2023

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