Global Blind Spot Monitor Market is expected to foresee significant growth. North America to Hold Dominant Position!
- Vikas Kumar
- September 14, 2022
- AUTOMOTIVE, NEWS
- Blind Spot Monitor Market, Blind Spot Monitor Market Forecast, Blind Spot Monitor Market news, Blind Spot Monitor Market Report, Blind Spot Monitor Market Share, Blind Spot Monitor Market Size, Blind Spot Monitor Market Trend
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The blind spot monitor market is expected to register a CAGR of around 13% over the forecast period (2022-2028). Blind-spot monitors offer 360° of electronic coverage around the vehicle and warn the driver of the approaching vehicles present in their blind spots area of the vehicle which is outside the driver’s view. It uses multiple sensors to detect one or more vehicles in adjacent lanes that may not be directly visible to the driver. This technology has significantly encouraged automakers to manufacture vehicles as per federal safety requirements thus enhancing the adoption of blind spot monitor safety systems by original equipment manufacturers (OEMs). Additionally, the increasing number of road crash causalities and rising road safety awareness among people are stimulating the growth of the market.
The global breakout of the COVID-19 epidemic hindered the expansion of the autonomous vehicle and advance safety system industry. For the first two quarters of 2020, the market size was limited by the global economic crisis and financial instabilities. During this time, severe effects on the automobile industry hampered the automotive blind spot monitor system market as well. Furthermore, the global economic crisis has impacted consumers, resulting in a drop in car sales.
In addition, motor vehicle manufacturers and suppliers are facing a dramatic shortage of microchips globally. This shortage was caused by a massive increase in demand for computers, mobile phones, and other consumer electronics during the COVID-19 pandemic that surpassed the current supply of semiconductors. All new cars are built with a plethora of microchips onboard to control everything from window motors to all kinds of autonomous systems present in new-age vehicles. The auto manufacturing industry has been hard-hit as chip shortages have caused production slowdowns. This has affected the global blind spot monitor market negatively.
However, government rules throughout the world have mandated the installation of advanced safety systems in vehicles, which is expected to drive the market for blind spot monitors at a strong rate during the forecast period, globally.
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Based on technology, the market is bifurcated into camera-based systems, radar-based systems, and ultrasonic-based systems. The radar-based system is expected to witness a significant growth rate in market share during the forecast period. Significant advancement in short & medium-range sensors has significantly increased the demand for sensor technology across automotive brands. The radar technology is more economical in comparison to other sensor technology which is an imperative factor for the development of this sector. Additionally, the European new car assessment program (Euro NCAP) is developing a new role in assessing the safety aspect of vehicles by integrating several ADAS technology including blind spot monitor across vehicles to improve provide safety ratings
Based on product type, the market is categorized into blind spot detection systems, park-assist systems, backup camera systems, and surround-view view systems. In 2020, backup camera systems accounted for a majority share in the market. Governments across the world are more proactive towards initiatives related to vehicle safety features which is a major driving factor of the industry growth. The backup camera for vehicles has grown in popularity across the world due to the higher number of accidents that occur during vehicle reversal, followed by the number of deaths and infrastructure damage. Backup cameras can also provide a view of the vehicle’s blind area on the back side, which has aided the growth of automobile backup cameras.
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For a better understanding of the market adoption of the blind spot monitors, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. North America grabbed the leading market share of the global market in 2020. However, APAC is expected to witness the fastest growth during the forecast period owing to the increasing contribution of emerging economies such as India and China in the global luxury & premium car markets. Furthermore, it is anticipated that high automotive production and sales would lead to an incremental rise in the demand for advanced vehicular technology to meet customer expectations on cost, quality, and features. The innovations which are more likely to be in demand are advanced driver assistance systems (ADAS) including blind spot detection systems, among others. In addition, rising stringent government regulations pertaining to road safety and increasing adoption of ADAS technology across vehicles are the key catalyst factors behind the growth of the market.
Some of the major players operating in the market include Robert Bosch GmbH, Continental AG, DENSO Corporation, Valeo SE, Aptiv PLC, Magna International Inc., Autoliv Inc., Hyundai Mobis Co. Ltd., ZF Friedrichshafen AG, and Hella KGaA Hueck & Co.
Global Blind Spot Monitor Market Segmentation
Market Insight, by Technology·
• Camera-based system
• Radar-based system
• Ultrasonic-based system
Market Insight, by Product Type
• Blind spot detection system
• Park-assist system
• Backup camera system
• Surround-view view system
Market Insight, by Sales Channel
Market Insight, by Region
- North America
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of the World
Top Company Profiles
- Robert Bosch GmbH
- Continental AG
- DENSO Corporation
- Valeo SE
- Aptiv PLC
- Magna International Inc.
- Autoliv Inc.
- Hyundai Mobis Co. Ltd.
- ZF Friedrichshafen AG
- Hella KGaA Hueck & Co.