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Collision Avoidance System Market is Expected to Exhibit High CAGR During the Forecast Period 2016-2023
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Some of the key driving factors for the global collision avoidance system market is increasing awareness among consumers and original equipment manufacturers for vehicle safety. Moreover, rising government regulations coupled with development of advanced car assessment programs are set to augment the growth of the market for collision avoidance system during the forecast period. In January 2015, the National Highway Traffic Safety Administration of the U.S. announced development of automated emergency braking system into its updated car assessment program in order to avoid or prevent severity of collisions. Moreover, increasing sales of luxury vehicles and sports utility are anticipated to drive the growth of collision avoidance system market. Different geographical drivers are also accountable for the growth of this market. Increasing automotive safety norms in emerging economies, such as Asia Pacific, Middle East and Africa is expected to create significant opportunity for the growth of this market in the future. However, cyclic nature of automotive production and sales is likely to hinder the growth of the market. Moreover, radar and LiDAR based collision avoidance systems are costly and low-priced car manufacturers often avoid addition of these systems into the vehicles, which in turn, is expected to restrain the market growth.
Global collision avoidance system market can be broadly classified on the basis of type, technology, application and geography. The market can be subdivided by type into adaptive cruise control, lane departure warning, blind spot detection, night vision, autonomous emergency braking, driver monitoring system and others. By technology, the market for collision avoidance system has been segmented into LiDAR, radar, ultrasonic and camera. The market can be bifurcated by application into automotive, airborne, construction, marine and rail. By geography, the global collision avoidance system market has been classified into North America, Europe, Asia Pacific and Rest of the World.
In the present scenario, the collision avoidance system market is dominated by Europe in terms of revenue, followed by North America and Asia-Pacific. The major factor responsible for potential development of this market in Europe is growing awareness for safety features within vehicles and immense advancement of automotive sector. However, Asia Pacific is likely to witness potential growth in the future, mainly due to increasing government regulations regarding installation of collision avoidance systems.
Some of the top players in the market for collision avoidance system are Honeywell International, Inc. (U.S.), Robert Bosch GmbH (Germany), General Electric Company (U.S.), Siemens AG (Germany), Alstom SA (France), Rockwell Collins, Inc. (U.S.), Hexagon AB (Sweden), Becker Mining Systems AG (Germany), Wabtec Corporation (U.S.) and Denso Corporation (Japan) among others.
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