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Anti-Collision Sensor Market Estimated Growth Curve And Demand Analysis 2024-2033
Anti-Collision Sensor Market
According to The Business Research Company's, The anti-collision sensor market size has grown rapidly in recent years. It will grow from $12.4 billion in 2023 to $14.78 billion in 2024 at a compound annual growth rate (CAGR) of 19.1%. The growth in the historic period can be attributed to stringent safety regulations, rising road traffic accidents, automotive industry growth, consumer awareness, urbanization and congestion, insurance industry incentives..
The anti-collision sensor market size is expected to see rapid growth in the next few years. It will grow to $30.33 billion in 2028 at a compound annual growth rate (CAGR) of 19.7%. The growth in the forecast period can be attributed to autonomous and semi-autonomous vehicles, pedestrian and cyclist safety, government initiatives for road safety, electric vehicle market growth, demand for efficient transportation.. Major trends in the forecast period include advancements in lidar technology, integration of radar and camera systems, adoption of v2x communication, miniaturization and integration in smartphones, cybersecurity considerations..
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Market Drivers and Trends:
An increase in road accidents is expected to propel the growth of the anti-collision sensor market going forward. A road accident is an accident involving at least one vehicle on a public road in which at least one person is wounded or killed. An anti-collision sensor system is a safety system that uses radar, lasers, cameras, GPS, and artificial intelligence to warn, alert, or assist drivers in avoiding impending crashes and reducing the likelihood of mishaps. Additionally, the rise in traffic congestion has boosted the rate of road accidents. For instance, in August 2022, according to the National Highway Traffic Safety Administration (NHTSA), a US-based agency for the Department of Transportation, the fatality rate for the first quarter of 2022 increased to 1.27 fatalities per 100 million vehicle miles traveled, up from 1.25 fatalities per 100 million vehicle miles in the first quarter of 2021. Furthermore, according to a June 2022 report published by the World Health Organization (WHO), a Swiss-based agency responsible for international public health, every year over 1.3 million individuals are killed in road traffic accidents. Therefore, the increase in road accidents will drive the anti-collision sensor market.
Technological advancements are a key trend for gaining popularity in the anti-collision sensors market. Major companies operating in the anti-collision sensors are focused on developing innovative solutions to strengthen their position in the market. For instance, in June 2021, Sick AG, a Germany-based manufacturer of sensors and sensor solutions for industrial applications, launched scanGrid2, which increases the productivity of small autonomous vehicles with safe solid-state LiDAR technology. The new technology involved uses an innovative and proprietary solid-state LiDAR technology to boost the productivity of tiny autonomous and line-guided transport trucks. The scanGrid2 is a Type 2/SIL 1 safety sensor that can guard hazardous areas up to Performance Level C and works well for collision avoidance.
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Major Key Players of the Market:
Delphi Technologies Inc.; Denso Corporation; Robert Bosch GmbH; TRW Automotive Holdings Corp.; Continental Aktiengesellschaft; ZF Friedrichshafen AG; NXP Semiconductors N.V.; Honeywell International Inc.; Siemens Aktiengesellschaft; Wadeco Co. Ltd.; Texas Instruments Incorporated; Aisin Seiki Co. Ltd.; Autoliv AB; Raytheon Technologies Corporation; GEM Electronica Co. Ltd.; Volkswagen Aktiengesellschaft; Bayerische Motoren Werke Aktiengesellschaft; Mercedes-Benz Group AG; Volvo Car Corporation; Wabtec Corporation; General Electric Company; Analog Devices Inc.; Hyundai Mobis Co. Ltd.; Valeo SA; Aptiv PLC; Infineon Technologies AG; STMicroelectronics N.V.; Panasonic Corporation; LG Innotek Co. Ltd.; Murata Manufacturing Co. Ltd.; TE Connectivity Ltd.; Sensata Technologies Holding plc
Anti-Collision Sensor Market 2024 Key Insights:
• The anti-collision sensor market will grow to $30.33 billion in 2028 at a compound annual growth rate (CAGR) of 19.7%.
• Road Accidents Fuel Growth Of Anti-Collision Sensor Market
• Technological Advancements Revolutionize Anti-Collision Sensor Market
• Asia-Pacific was the largest region in the anti-collision sensors market in 2023
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