Press release
Blind Spot Monitor Market Growth to be Driven by Emerging Trends | $25.37 Billion by 2029
Blind Spot Monitor Market
What is the Projected Market Size of the Blind Spot Monitor Industry?
The market for blind spot monitors has seen significant expansion in the past few years. The market, which is projected to soar from $15.93 billion in 2024 to $17.47 billion in 2025, represents a compound annual growth rate (CAGR) of 9.6%. The notable growth witnessed during the historical period can be linked to factors such as increased road safety awareness, growing interest in automated vehicles, rising vehicle manufacturing, consumer preference for safety attributes, and escalated use of Advanced Driver-Assistance Systems (ADAS).
What Will Be the Size of the Blind Spot Monitor Market by 2029?
Expectations are high for robust expansion in the blind spot monitor market in the imminent years. The market will soar to $25.37 billion in 2029, spurred by a compound annual growth rate (CAGR) of 9.8%. Surge in autonomous vehicles, intensifying safety standards, a mounting inclination towards connected vehicles, and an elevating emphasis on road safety measures are responsible for this projected growth. Key trends forecasted for this period involve amalgamation with ADAS technologies, embracement of sensor technologies, incorporation in autonomous vehicles, advancements in automotive safety, along with AI and Machine learning blending.
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What Are the Key Drivers Accelerating Growth in the Blind Spot Monitor Market?
The increasing inclination towards internet-enabled vehicles is projected to spur the expansion of the blind spot monitor market. Internet-enabled vehicles, also known as connected vehicles, are cars that have internet connectivity and can interact with other vehicles, infrastructure, and varied external devices. The surge in the popularity of connected vehicles is attributable to factors such as convenience and efficiency, advanced safety features, and intelligent infrastructure. These vehicles incorporate sophisticated safety systems, share real-time data, and traffic management systems, which enable blind spot monitors (BSMs) to offer more precise and prompt alerts, thereby enhancing overall safety and driving experience. For example, Fleet News, a UK and European vehicle fleet industry portal, reported that the ratio of connected vehicles rose from 94% to 97% from 2020 to 2022, as per data from June 2022. Hence, the escalating popularity of connected vehicles is stimulating the growth of the blind spot monitor market.
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How Is the Blind Spot Monitor Market Segmented by Type, Application, and Region?
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), After market
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
What Are the Key Trends Driving Growth in the Blind Spot Monitor Market?
The primary players in the blind spot monitor sector are channeling their efforts into the creation of advanced detection radar sensors. These innovations improve both the accuracy and reliability of blind spot monitoring systems, thereby escalating driver safety by enabling superior detection of objects and vehicles in blind spots and minimizing accident risks. The detection radar sensor integrates state-of-the-art radar technology, capable of identifying objects in blind areas even under harsh weather conditions. This enhances driver perception and lowers the likelihood of blind spot-related incidents, especially in medium and heavy-duty trucks. For instance, Sensata Technologies, an industrial technology firm based in the US, introduced the PreView Sentry 79 in October 2023. This sensor boasts a fully customizable detection zone and can identify objects as far away as 40 meters (131 feet). The size of the detection zone can be tailored to virtually any vehicle, and the PreView Sentry 79 can be seamlessly incorporated without causing substantial modifications or disruptions to existing systems. This next-gen system perfectly integrates with current vehicle safety features, providing an elevated security level for both drivers and passengers.
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Who Are the Leading Companies Driving Growth 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
Which Is the Leading Region in the Global Blind Spot Monitor Market?
Europe was the largest region in the blind spot monitor market in 2024. 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.
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