Press release
Forward Collision Warning System For Automotive Industry to See Robust Expansion, Valued at $57.6 Billion by 2029
Forward Collision Warning System For Automotive
What Is the Projected CAGR for the Forward Collision Warning System For Automotive Market from 2024 to 2025?
The market size for the forward collision warning system in the automotive industry has seen swift expansion lately. It's projected to rise from $33.99 billion in 2024 to $37.42 billion in 2025, with a compound annual growth rate (CAGR) of 10.1%. A variety of factors have influenced growth throughout the historical period, including a growing cautiousness about road safety, the high demand for safety features by consumers, the rising instances of road incidents, government-led road safety initiatives, a surge in vehicle production, and the integration of advanced driver assistance systems.
What are the Expected Market Size and CAGR for Forward Collision Warning System For Automotive by 2029?
The market size for the automotive forward collision warning system is predicted to experience significant growth in the coming years. It is projected to reach $57.6 billion by 2029, expanding at a compound annual growth rate (CAGR) of 11.4%. This growth during the forecast period is due to factors such as the ongoing focus on vehicle safety ratings, the worldwide growth of the ADAS market, regulatory requirements, collaboration within the insurance industry, urbanization and traffic congestion, and the creation of customizable warning alerts. The forecast period is also likely to witness trends like integration with advanced driver assistance systems (ADAS), collision mitigation, autonomous emergency braking (aeb), recognition of pedestrians and cyclists, fused multi-sensor technology, enhanced reduction of false alarms, and the implementation of v2x communication.
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Which Factors Are Driving the Global Forward Collision Warning System For Automotive Market Expansion?
The increase in road accidents has triggered growth in the automotive industry's forward collision warning systems. Injuries or fatalities due to road accidents often occur because of vehicle crashes. These accidents can be prevented by installing collision warning systems in vehicles. These systems monitor the vehicle speed and trigger warning signals and visuals if a potential collision is detected. For instance, the UK-based government organization, Bake, The Road Safety Charity, reported in October 2023 that there were 1,766 road fatalities in 2022, with 1,711 in Britain and 55 in Northern Ireland. Additionally, there was a 10% increase in road deaths since 2021. Hence, the escalating occurrence of road accidents is anticipated to fuel the growth of forward collision warning systems for the automotive market.
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Which Segment Currently Holds the Largest Share of the Forward Collision Warning System For Automotive Market?
The forward collision warning system for automotive market covered in this report is segmented -
1) By Type: Adaptive Cruise Control (ACC), Autonomous Emergency Braking (AEB), Lane Departure Warning System (LDWS), Parking Assistance, Other Types
2) By Technology: LIDAR, Radar, Camera, Ultrasonic, Other Technologies
3) By Sales Channel: OEM, After market
4) By Application: Aerospace And Defense, Marine, Rail, Automotive
Subsegments:
1) By Adaptive Cruise Control (ACC): Standard ACC, Dynamic ACC
2) By Autonomous Emergency Braking (AEB): AEB With Pedestrian Detection, AEB With Cyclist Detection, AEB With Vehicle Detection
3) By Lane Departure Warning System (LDWS): Lane Keeping Assist, Lane Departure Prevention
4) By Parking Assistance: Front Parking Sensors, Rear Parking Sensors, 360-Degree Camera Systems
5) By Other Types: Collision Avoidance Systems, Blind Spot Detection Systems, Cross-Traffic Alert Systems
Which Major Trends Are Shaping the Future of the Forward Collision Warning System For Automotive Industry?
Advancements in technology are becoming an increasingly prevalent trend in the field of automotive collision warning systems. Numerous companies within this industry are pioneering new products and technologies to secure a competitive edge in the market. A case in point is Volvo Trucks, based in Sweden, which in August 2023, unveiled new safety systems. The GSR debuts with functionalities such as Front Short Range Assist to alert drivers of looming collisions and Intelligent Speed Assist to provide speed limit alerts. Additional improvements encompass a Tire Pressure Monitoring System for early warning of pressure issues, accompanied by a Door Opening Warning and Auto Hold, accessible across the Volvo FH, FM, and FMX models. This innovative technology continually scans the road ahead, notifying the driver just prior to a possible collision, hence preventing potential accidents in the automotive industry.
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Which Key Players Dominate the Forward Collision Warning System For Automotive Industry Globally?
Major companies operating in the forward collision warning system for automotive market are Velodyne LiDAR Inc., Gentex Corporation, ZF Friedrichshafen AG, Continental AG, Denso Corporation, BorgWarner Inc., Mobileye Global Inc., Honeywell International Inc., Robert Bosch GmbH, Siemens AG, Autoliv Inc., Infineon Technologies AG, Panasonic Corporation, Bendix Commercial Vehicle Systems LLC, Toyota Motor Corporation, WABCO Vehicle Control Services, RTX Corporation, Valeo Group, Aptiv PLC, Hitachi Astemo Ltd., NXP Semiconductors, STMicroelectronics N.V.
What Are the Fastest-Growing Regions in the Forward Collision Warning System For Automotive Market?
North America was the largest region in the forward collision warning system for the automotive market in 2024. The regions covered in the forward collision warning system for automotive market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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