According to the report, the global automotive blind spot detection market is projected to reach US$ 16.6 Bn by 2031, expanding at a CAGR of ~13% during the forecast period, owing to an increase in the demand for automotive safety solutions in both passenger and commercial vehicles over the past few years. Advanced safety and security features are no longer limited to premium vehicles due to increased awareness among consumers. Driver assistance and safety systems, such as cameras and sensors, are presently being installed even in entry-level vehicles. These safety systems examine road conditions and alert drivers to possible risks to avert accidents. The number of users who are choosing blind spot detection systems as their preferred advance driver assistance system solution has been increasing. Therefore, these factors collectively drive the automotive blind spot detection market.
Expansion of Automotive Blind Spot Detection Market
The automotive safety system has been gaining popularity. Regulatory stances by various bodies around the globe have made passenger safety a prime concern for all car manufacturers. Driver assistance and safety systems aid in minimizing fatalities by reducing the number of collisions. Consequently, governments across the globe are trying to implement safety regulations to improve the overall safety of vehicles.
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The U.S. mandates the inclusion of rear view cameras in all new vehicles. Similarly, Europe and Japan have mandated the inclusion of lane departure systems in all HCVs and buses. Such a positive legislation toward vehicle road safety further boosts the demand for automotive blind spot detection systems. The European New Car Assessment Programme (Euro NCAP) consumer testing protocols evaluate the presence of lane departure warning and lane keeping support systems. It rewards manufacturers who provide these systems as standard and offers additional reward when a blind spot monitoring system is fitted.
Regional Analysis of Automotive Blind Spot Detection Market
North America is projected to be a highly lucrative region of the global automotive blind spot detection market during the forecast period, due to significant rise in the number of autonomous vehicles and stringent environmental policies in the region, especially in the U.S. Moreover, reduced usage of conventional camera systems in the automobile industry is also anticipated to fuel the blind spot detection market in the region. Furthermore expansion of key players in the U.S. is likely to boost the market in North America.
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Automotive Blind Spot Detection Market Players
Key players operating in the global automotive blind spot detection market include Aptiv, Valeo, Robert Bosch GmbH, Continental AG, Denso Corporation, ZF Friedrichshafen AG, and Siemens AG.
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