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Collision Avoidance System Market Research Report 2024-2033: Size, Growth, Demand, Trends
Collision Avoidance System Market Research
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According to The Business Research Company's, The collision avoidance system market size has grown rapidly in recent years. It will grow from $42.14 billion in 2023 to $46.39 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to increased automotive safety regulations, reduction in accidents and fatalities, urbanization and traffic congestion, consumer demand for safety features, and insurance industry influence.
The collision avoidance system market size is expected to see strong growth in the next few years. It will grow to $66.98 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to smart cities and infrastructure, pedestrian and cyclist safety, emerging market adoption, growing autonomous vehicles, and rising road traffic
. Major trends in the forecast period include electric and hybrid vehicle integration, automotive industry innovations, real-time data and ai integration, 5g connectivity and v2x communication, and advanced driver assistance systems (adas).
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Market Drivers and Trends:
An increase in demand for automated vehicles is expected to drive the collision avoidance system market going forward. Automated vehicles refer to vehicles that can sense their surroundings and operate without human intervention. Automated vehicles use collision avoidance systems such as sensors, cameras, emergency braking, lane-keeping, and others to control the car and avoid accidents. For instance, in 2021, Tesla, a US-based automated car manufacturer, sold 93.6 vehicles globally, an 87% increase from 2020. Therefore, increased demand for automated vehicles is driving the collision avoidance system market growth.
Technological advancement is a key trend gaining popularity in the collision avoidance system market. Major companies operating in the collision avoidance system market are focused on developing new technological solutions to strengthen their position. For instance, in June 2023, Wabtec Digital Mine, a US-based technology company launched Generation 3 Collision Avoidance System (CAS). This advanced system focuses on true collision avoidance, surpassing traditional proximity detection. It maintains core features such as real-time self-testing, personnel detection, and secondary sensing, ensuring top-notch performance. The Generation 3 CAS features a user-friendly interface with context-based voice alerts, replacing traditional beeps and buzzers with discreet, directional, and audible warnings. The system enhances safety and productivity, with a strong focus on reducing risks associated with vehicle interactions in mining environments.
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Major Key Players of the Market:
ZF Friedrichshafen AG, Delphi Technologies PLC, General Electric Company, Mobileye Global Inc., Denso Corporation, Robert Bosch GmbH, Wabtec Corporation, Alstom SA, Autoliv Inc., Honeywell International Inc., Ride Vision Ltd., Aptiv Global Operations Ltd., LILEE System Ltd., Knorr-Bremse AG, Hella GmbH & Co. KGaA, Becker Mining Systems AG, Hexagon AB, Aviation Communication & Surveillance Systems LLC, Saab AB, Rockwell Automation Inc., Hyundai Mobis, Analog Devices, Murata Manufacturing Co. Ltd., Freescale Semiconductor, Infineon Technologies, Panasonic Corporation, Continental AG, Siemens AG, Aptiv Plc, Magna International Inc., Fujitsu Laboratories Ltd., Valeo India Pvt. Ltd., NXP Semiconductors, Texas Instruments Incorporated, STMicroelectronics N.V., Renesas Electronics Corporation, Aisin Seiki Co. Ltd., Sensata Technologies Inc., First Sensor AG, LeddarTech Inc., Quanergy Systems Inc., Velodyne Lidar Inc., Ouster Inc., Luminar Technologies Inc.
Collision Avoidance System Market 2024 Key Insights:
• The collision avoidance system market size is expected to see strong growth in the next few years. It will grow to $66.98 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%.
• Rising Demand For Automated Vehicles Fuels Growth In The Collision Avoidance System Market
• Technological Advancements Drive Innovation In The Collision Avoidance System Market
• North America was the largest region in the collision avoidance system market in 2023
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