Press release
Global Blind Spot Monitor Market to Reach $26.74 Billion by 2029, Growing at 10.9% CAGR
Blind Spot Monitor
The blind spot monitor market is likely to surge forward as a result of the growing inclination towards connected vehicles. Connected vehicles, which are cars that have internet access and the ability to interact with other vehicles, infrastructure, and a variety of external devices, are in high demand due to their convenience, efficiency, improved safety features, and smart infrastructure. These connected vehicles integrate advanced safety systems and allow for the sharing of real-time data and traffic management systems, facilitating more precise and timely alerts from blind spot monitors (BSMs), thus enhancing overall safety and the driving experience. Take, for example, data from Fleet News, a UK-based website dedicated to the UK and European vehicle fleet industries, they reported in June 2022 that the percentage of connected vehicles rose from 94% to 97% between 2020 and 2022. Therefore, this increasing preference for connected vehicles is fuelling the rise of the blind spot monitor market.
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What growth opportunities are expected to drive the blind spot monitor market's CAGR through 2034?
The market size for blind spot monitors has seen a fast-paced growth in the past few years. The market projected to increase from $15.93 billion in 2024 to $17.69 billion in 2025, with a compound annual growth rate (CAGR) of 11.0%. This substantial growth during the historical period can be linked to enhanced awareness about road safety, amplified demand for self-driving vehicles, an increase in vehicle manufacturing, consumer preference for safety attributes, and the escalating acceptance of ADAS technologies.
Expectations suggest a swift expansion in the blind spot monitor market size in the coming years, with projections putting the value at $26.74 billion by 2029, indicating a compound annual growth rate (CAGR) of 10.9%. The growth expected in the forecast period can be credited to aspects such as the proliferation of autonomous vehicles, tightening safety regulations, surging preference for vehicle connectivity, augmentation in connected vehicles, and heightened emphasis on road safety programs. The forecast period also indicates several dominant trends, including synthesis with ADAS technologies, uptake of sensor technologies, implementation in autonomous vehicles, advancements in automotive safety, as well as incorporation of AI and machine learning.
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What are the emerging trends shaping the future of the blind spot monitor market?
Key players in the blind spot monitor market are targeting the development of advanced detection radar sensors to augment the precision and dependability of blind spot monitoring systems, thus improving driver safety by ensuring more effective detection of objects and vehicles in blind spots and reducing the likelihood of accidents. These sophisticated radar sensors are designed to identify objects in blind areas under all weather conditions, enhancing driver alertness and minimizing the risk of blind spot incidents, especially in medium and heavy-duty trucks. For example, in October 2023, Sensata Technologies, an American industrial tech firm, introduced the PreView Sentry 79. This sensor features a fully adjustable detection zone, with the capability to identify objects up to 40 meters or 131 feet away. The size of the detection zone can be modified to suit virtually any vehicle. The PreView Sentry 79 can be incorporated with minimal alterations or disruptions to existing systems. This state-of-the-art system fits perfectly with current vehicle safety elements, providing an increased level of safety for both drivers and passengers.
Which growth-oriented segments of the blind spot monitor market are leading the industry's development?
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 geographical regions are pioneering growth in 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 companies are at the forefront of innovation in the blind spot monitor market?
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
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What Is Covered In The Blind Spot Monitor Global Market Report?
•Market Size Forecast: Examine the blind spot monitor market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the blind spot monitor market for a structured understanding.
•Key Players Overview: Analyze major players in the blind spot monitor market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the blind spot monitor market.
•Segment Contributions: Evaluate how different segments drive overall growth in the blind spot monitor market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the blind spot monitor market.
•Industry Challenges: Identify potential risks and obstacles affecting the blind spot monitor market.
•Competitive Landscape: Review strategic developments in the blind spot monitor market, including expansions, agreements, and new product launches.
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