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Forward Collision Warning System For Automotive Global Market Analysis, Trends, Growth, Research And Forecast 2033
Forward Collision Warning System For Automotive Global Market Analysis
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According to The Business Research Company's, The forward collision warning system for automotive market size has grown rapidly in recent years. It will grow from $30.73 billion in 2023 to $34.45 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth in the historic period can be attributed to increasing awareness of road safety, consumer demand for safety features, rising number of road accidents, government initiatives for road safety, increased vehicle production, integration with advanced driver assistance systems.
The forward collision warning system for automotive market size is expected to see rapid growth in the next few years. It will grow to $53.55 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The growth in the forecast period can be attributed to continued emphasis on vehicle safety ratings, global expansion of adas market, regulatory mandates, insurance industry collaboration, urbanization and traffic congestion, development of customizable warning alerts. Major trends in the forecast period include integration with advanced driver assistance systems (adas), collision mitigation and autonomous emergency braking (aeb), pedestrian detection and cyclist detection, multi-sensor fusion technology, improved false alarm reduction, adoption of v2x communication.
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Market Drivers and Trends:
Growing automotive production is expected to propel the growth of the forward collision warning systems for the automotive market going forward. Automotive production refers to the process of manufacturing vehicles, including cars, trucks, motorcycles, and other modes of transportation, typically involving the assembly of various components, subsystems, and modules into a finished, functional vehicle. Forward collision warning systems in automotive vehicles play a crucial role by utilizing sensors to detect potential frontal collisions, providing timely alerts to drivers, and often triggering automatic braking, thus enhancing overall safety and reducing the risk of accidents. For instance, in August 2023, according to the Board of Governors of the Federal Reserve System, a US-based government agency, total vehicle production in the United States increased to 11.77 million units in July, up from 10.91 million units in June. Therefore, growing automotive production is driving the growth of the forward collision warning systems for the automotive market.
Technological advancements are a key trend gaining popularity in collision warning systems for the automotive market. Many companies operating in collision warning systems for the automotive industry are developing new products or new technologies to gain a competitive advantage in the market. For instance, in 2021, Mobileye, an Israel-based developer of vision-based advanced driver assistance systems, launched an AI-based collision avoidance technology that identifies potential hazards and alerts drivers in real-time. This technology continuously monitors the road ahead and warns the driver a few seconds before a potential collision, thus avoiding any occurrence of collision for the automotive.
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Major Key Players of the Market:
Velodyne LiDAR Inc., Gentex Corporation, ZF Friedrichshafen AG, Continental AG, Denso Corporation, BorgWarner Inc., Mobileye Global Inc., Delphi Automotive LLP, Honeywell International Inc., Robert Bosch GmbH, Wabtec Corporation, Alstom SA, Becker Mining Systems AG, Siemens AG, General Electric Company, Saab AB, Autoliv Inc., Infineon Technologies AG, Panasonic Corporation, Bendix Commercial Vehicle Systems LLC, Toyota Motor Corporation, WABCO Vehicle Control Services, Fujitsu Laboratories Ltd., RTX Corporation, Valeo Group, Aptiv PLC, Hitachi Astemo Ltd., NXP Semiconductors, STMicroelectronics N.V., Tadano Limited
Forward Collision Warning System For Automotive Market 2024 Key Insights:
• The forward collision warning system for automotive market size is expected to see rapid growth in the next few years. It will grow to $53.55 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%.
• Rising Road Accidents Drive Growth Of Forward Collision Warning Systems For Automotive Market
• Technological Advancements Transforming The Landscape Of Automotive Collision Warning Systems
• North America was the largest region in the forward collision warning system for the automotive market in 2023
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