The global automotive blind spot detection market size is expected to reach US$12.67 bn by the end of 2027, exhibiting an impressive 15.36% CAGR between 2020 and 2027. Accounting for nearly 45% of the global market, North America emerged dominant in 2018 and is expected to remain rooted at the fore through the report’s forecast period. Based on component, RADAR sensors held lead in the global market with a whopping 69.4% share in 2018.
Blind Spot Detection system is a sensor based detection system implemented in automobiles that is used for monitoring vehicles at the rear and side of the driver/vehicle. Such systems generate tactile, audible, vibrating or visual form of warnings. They also assist the driver in the parking lots when there are other vehicles approaching from the sides or rear. Blind spots are caused due to various objects such as passengers, headrests and window pillars. Mirrors are generally used to remove the blind spots but the disadvantage being that they leave huge dead on all the sides of the vehicle. Blind spot detection systems, with the help of sensor systems generate information about various objects that are outside the range of driver’s vision.
Demand for RADAR Sensors to Rise through Forecast Period
The automotive blind spot detection market has been segmented into three categories: component, vehicle, and region. In terms of component, the automotive blind spot detection market has been classified into RADAR sensor and ultrasonic sensor. In terms of revenue, RADAR sensor held the largest market share of 67.4% in 2016, owing to the increased demand for efficient RADAR sensors in the automotive industry. Recent researches reveal the rising use of RADAR sensors over ultrasonic sensors in developed markets across Europe and North America has enabled the automotive blind spot detection market gain significant impetus.
During the course of the forecast period, the RADAR sensor segment is likely to demonstrate high growth. The reduced cost of these sensors, besides their ability to detect objects kept at a long distance will enable growth in the market in the coming years. In addition, the rising number of road accidents and recent changes in government policies to encourage improve road safety will augment growth.
By application, the automotive blind spot detection market has been segregated into passenger vehicle and commercial vehicle (light commercial vehicle, heavy commercial vehicle, and buses & coaches). In terms of revenue, the passenger vehicle segment constituted more than 67.3% market share in 2018.
Positive Outcome Likely from Demand for Efficient Technologies to Curb Accidents
Various factors have been supporting the market’s expansion globally. For starters, the escalating occurrence of accidents reported worldwide and soaring traffic flow call for advanced technologies to implement improved road safety. These, coupled with stringent government directives, have compelled automakers to implement advanced safety systems, subsequently giving impetus to the global automotive blind spot detection market. Blind spot detection is considered imperative to ensure passengers’ and driver’s safety. “Because customers are willing to spend on innovative safety features, experts predict a positive outlook for the global automotive blind spot detection market,” said a lead TMR analyst. Meanwhile, persistent research and development efforts on part of manufacturers to create a niche will bode well for the overall market. In doing so, the automakers are redefining their products and basking in the glory of winning competitive edge over their rivals. Innovations also aid the product differentiation strategies of various market players. Given the scenario, customers can expect several advances in the automotive blind spot detection technology in the forthcoming years.
In cohesion with this, the rising use of sensors as a result of recent technological advancements will enable the global automotive blind spot detection market gain significant momentum in the coming years. Also government initiatives will prove a key support to the market. Stringent regulations implemented to ascertain road safety have encouraged manufacturers to integrate advanced systems in compliance with the novel rules. Considering this, it is highly possible that over the next couple of years the blind spot safety systems could be mandated on all vehicles. Such measures can in turn mitigate the soaring accidents and fatalities witnessed across the globe.
Opportunities Could Prove Bleak in Regions with Adverse Weather Conditions
On the downside, the efficiency of blind spot detection systems are compromised with in regions witnessing adverse weather conditions. For instance, continuous snowfall and rainfall can impair the vigilance of these safety systems, making them less efficient in tracking or monitoring objects around them. This is one of the key factors behind the reluctance of car owners of such regions from investing in advanced blind spot detection systems. Such instances could well hinder the market’s trajectory in certain regions. Also, with leading manufacturers pitting against each other on the back of product differentiation could confuse car owners, making their purchase decisions even difficult. This could pose threat on the overall automotive blind spot detection market.
North America Emerges as Most Lucrative Market for Automotive Blind Spot Detection
In terms of region, the blind spot detection market has been classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. In 2016, North America dominated the Blind spot detection market with more than 49.9% share and is expected to follow the same trend during the forecast period. In the forthcoming years, the rating system of vehicles is likely to get more stringent in America. Therefore, in order to achieve top ratings, manufacturers will need focusing on the production of vehicles that exceed federal safety standards. This will in turn fuel the demand for automotive safety systems, boosting the global automotive blind spot detection market in response.
Key players in the automotive blind spot detection market are expected to benefit from the formation of strategic alliances with global players in the automotive blind spot detection market. Prominent players in the automotive blind spot detection market are Robert Bosch GmbH, Continental AG, ZF Friedrichshafen AG, DENSO CORPORATION, Delphi Automotive LLP, Preco Electronics, Siemens AG, Autolive Inc., Valeo, Mobileye, Ficosa Internacional SA, Smartmicro, Xiamen Autostar Electronics CO. Ltd., and others.
Boasting the presence of several large companies and ample representation from local players, the competitive scenario in the global automotive blind spot detection market is likely to get tougher in the coming years. Some of the existing market players already enjoy the perks of being early entrants, making terrains extremely difficult for the entry of newer vendors. Besides this, the established players are aiming to score high on the back of their widespread regional footprint and extensive product portfolio.
Global Automotive blind spot detection Market: By Component
Global Automotive blind spot detection Market: By Vehicle
Global Automotive blind spot detection Market: By Region/Country/Sub-region
The Automotive Blind Spot Detection market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Automotive Blind Spot Detection market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Automotive Blind Spot Detection market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Automotive Blind Spot Detection market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Automotive Blind Spot Detection market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Automotive Blind Spot Detection capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Automotive Blind Spot Detection by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Automotive Blind Spot Detection market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Automotive Blind Spot Detection market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Automotive Blind Spot Detection market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Automotive Blind Spot Detection industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Automotive Blind Spot Detection market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Automotive Blind Spot Detection market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Automotive Blind Spot Detection market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Automotive Blind Spot Detection market. These factors have benefited the growth of the global market for Automotive Blind Spot Detection. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Automotive Blind Spot Detection. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Automotive Blind Spot Detection are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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