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Top Factor Driving Blind Spot Monitor Market Growth in 2025: Growing Preference Of Connected Vehicles Boosts The Blind Spot Monitor Market Growth
Blind Spot Monitor Market Outlook
In recent years, the market size for blind spot monitors has seen a significant increase. It is projected to expand from $15.93 billion in 2024 to $17.69 billion in 2025, boasting a compound annual growth rate (CAGR) of 11.0%. The remarkable growth during the historic period could result from heightened awareness regarding road safety, growing interest in automated vehicles, an upsurge in vehicle manufacturing, consumer's demand for safety functions, and the widespread utilization of Advanced Driver-Assistance Systems (ADAS) technologies.
It is projected that the blind spot monitor market will experience fast-paced growth in the coming years, with an estimated market value of $26.74 billion by 2029. This represents a compound annual growth rate (CAGR) of 10.9%. Factors contributing to this growth can be attributed to the rise in autonomous cars, growing emphasis on stringent safety rules, higher preference towards the use of connected vehicles, and a heightened focus on improving road safety. Emerging trends during this forecast period include the incorporation of ADAS technologies, the implementation of sensor technologies in various applications, the use of these monitors in autonomous vehicles, advancements in automotive safety technologies, and the use of AI and machine learning.
What Is Driving the Growth Trajectory of the Blind Spot Monitor Market?
The blind spot monitor market's expansion is anticipated to be bolstered by the increasing predilection for connected vehicles. These are vehicles with internet connectivity that can interact with other vehicles, infrastructures, and diverse external devices. Factors contributing to the surge in popularity of these vehicles include convenience and efficiency, advanced safety attributes, and intelligently designed infrastructure. Connected vehicles incorporate sophisticated safety mechanisms and can exchange real-time data and manage traffic effectively, thereby enhancing the capability of blind spot monitors (BSMs) to issue precise and timely warnings, thus improving overall safety and driving experiences. Fleet News, a leading UK-based website catering to the UK and European vehicle fleet industries, reported in June 2022 that the percentage of connected vehicles rose from 94% to 97% between 2020 and 2022. This increasing trend towards connected vehicles is fueling the growth of the blind spot monitor market.
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Who Are the Dominant Companies Influencing Blind Spot Monitor Market Trends?
Major companies operating in the blind spot monitor market are 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
How Is the Blind Spot Monitor Market Evolving?
Prominent entities in the blind spot monitor industry are striving to develop advanced detection radar sensors. The ultimate goal is to amplify the precision and dependability of blind spot monitoring systems and increase driver safety through better identification of objects and automobiles in blind areas, thus lessening accident possibilities. The detection radar sensor employs state-of-the-art radar technology to spot things in obscured areas, even under harsh weather conditions, which bolsters driver alertness and diminishes occurrences of blind spot accidents in medium- and heavy-duty vehicles. As an illustration, Sensata Technologies, an industrial tech firm based in the US, unveiled the PreView Sentry 79 in October 2023. With a fully modifiable detection zone, this sensor has the capacity to detect objects from a distance of up to 40 meters (131 feet). Additionally, the extension of the detection zone is adaptable to practically any variety of vehicles. With no major changes or disruptions to the existing systems required, the implementation of PreView Sentry 79 is hassle-free. This cutting-edge system fits flawlessly with the existing safety features of a vehicle, thus providing an elevated degree of security for both drivers and passengers.
What Are the Different Segmentations in the Blind Spot Monitor Market?
The blind spot monitor market covered in this report is segmented -
1) By Product Type: Blind Spot Detection System, Park Assist System, Backup Camera System, Surround View System
2) By Component Type: Ultrasonic, RADAR, Camera
3) By Vehicle Type: Heavy Commercial Vehicles, Passenger Cars, Light Commercial Vehicles
4) By Vehicle Propulsion: Internal Combustion Engine (ICE), Electric
5) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
Subsegments:
1) By Blind Spot Detection System: Radar-Based Blind Spot Detection, Camera-Based Blind Spot Detection, Ultrasonic-Based Blind Spot Detection
2) By Park Assist System: Ultrasonic Sensors For Parking Assistance, Camera-Based Park Assist System, Sensor And Camera Integrated Park Assist
3) By Backup Camera System: Wired Backup Camera, Wireless Backup Camera, Integrated Dashboard Backup Camera
4) By Surround View System: 360-Degree Camera System, Four-Camera Surround View System, Virtual 360-Degree System
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Which Region Is at the Forefront of the Blind Spot Monitor Market?
Europe was the largest region in the blind spot monitor market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blind spot monitor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Blind Spot Monitor Global Market Report?
- Market Size Analysis: Analyze the Blind Spot Monitor Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Blind Spot Monitor Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Blind Spot Monitor Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Blind Spot Monitor Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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