Anti-collision Sensor Market driven by the Swift Rate of Advancements being made in Sensor Technology

The leading driver of the global anti-collision sensor market at the moment is the increasing number of vehicles on road, coupled with the increasing percentage of vehicular accidents.

The growing scope of road accidents is prompting for the faster development of better anti-collision technology. The global anti-collision sensor market is also being propelled by the implications of the New Car Assessment Program (NCAP) in North America specifically.

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Advancements in sensor technology and its implementation in autonomous transportation system are also increasing scope with which anti-collision technologies can operate.

The global anti-collision sensor market is also likely to be driven by the rising application of UAVs in military, scientific, commercial, agriculture and recreation. However, the high cost of anti-collision sensors is currently impeding the overall growth rate of the global anti-collision sensor market.

The global anti-collision sensor market was valued at US$3.8 bn in 2015. The market’s revenue is expected to continue expanding at a CAGR of 19.8% from 2016 to 2024, eventually accounting for US$18.543 bn by the end of 2024.

Europe is the leading market player in global anti-collision sensor market, owing to a large number of European countries such as Russia, Germany and Italy that are adopting automated transportation system in metro rail, and other vehicles.

Adaptive cruise control has the leading share in this market. European car manufacturing companies such as BMW, Honda are incorporating this technology in their cars, thus broadening the market scope of radar and camera sensors.

Aerospace and defense is the leading market in terms of end users as Russia, Germany make huge investment on defense products. Drones have been extensively used in this region thus increasing scope of anti-collision sensors.

Asia Pacific is likely to acquire a significant market share as Japan and China are some of the important nations that contribute to the growth trajectory of anti-collision sensor market. Japan implemented autonomous decentralized transportation system and this increases the number of automated rail network in this country.

China is just next to USA in terms of car population and adaptation to automation is the latest trend there. Hence, Asia Pacific region has substantial contribution in triggering the growth of anti-collision sensor market. North America holds around 18% market share in global anti-collision sensor market.

US, Canada and Mexico are some of the important nations that contribute to the growth of anti-collision sensor market. US is a major economy in driving the growth prospect of global anti-collision sensor market.

Large number of US car manufacturing companies are installing anti-collision sensors in their cars. Due to the growing popularity of driverless cars, US car manufacturers adopting this design to sustain in competitive automobile market as their European counterparts.

US regulation also stress on the need for anti-collision system in automobiles and that finally lead North American region as a major market for anti-collision sensors.

Anti-Collision sensors witness growing demand these days as global transportation system has become automotive and in self-driving cars there is rising application of anti-collision sensors. This anti-collision sensors are used as centralized system in a car and from that centralized system signal transferred to braking, steering and other parts of the car.

In this manner, anti-collision sensors help to prevent any kind of vehicular collision. Rising application of unmanned aerial vehicles (UAV) or drones in number of sectors such as industry, agriculture, entertainment among others boost the demand for anti-collision sensors and this is one of the key trends of this market.

Car population has increased to a great extent. US is the leading country followed by China in terms of growing car population. This is coupled with the growing percentage of car accidents. Pedestrians, motor cyclists are the most vulnerable group who are suffered from road accidents and this leads to growing concern for road safety among consumers.

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Government initiatives ensure road safety and vehicular safety to a great extent. Hence, the car manufacturing companies are adopting car safety devices such as anti-collision sensors in their cars. Higher car population along with higher percentage of car accidents act as an important driver for anti-collision sensor market.

Government initiatives for car safety also broaden the market for anti-collision sensor. High price of anti-collision sensors is a restraint to this market. High price of anti-collision sensors raise its applicability in high end luxury cars and that will restraint the growth prospect of global anti-collision sensor market.

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