Blind Spot Monitor Market: Current Analysis and Forecast (2022-2028)

Report Description

The Blind Spot Monitor market is expected to register a CAGR of around 13% over the period of 2022-2028. This is primarily due to the rising Introduction of stringent government programs pertaining to vehicle safety coupled with consumer demand for active safety systems. Vehicle safety systems, radars in conjunction with cameras, infrared, and other technology are used to acquire information about the Vehicles surrounding them. With this information, these systems can determine a driving situation and warn the driver of a potentially dangerous event. It can also command the vehicle on its own and lessen the accident’s severity.

In addition, major players in the market are continuously focusing on strategic measures such as partnerships and collaborations as well as new product launches. For instance, in 2021, SerVision from the ADI Systems Group launched a new system to identify blind spots for drivers– the Baware BSD system. The Baware BSD system is based on radar technology which notifies the driver whenever a vehicle or object emerges from the back of the vehicle.

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.

Insights Presented in the Report

“Amongst product type, backup camera system category to hold prominent share during the forecast period”

Based on the product type, the market is divided into blind spot detection system, park-assist system, backup camera system, and surround-view view system. The backup camera system segment held a significant market share in 2020. In order to prevent collisions and accidents caused by poor sight while parking the car, backup cameras are employed in cars to capture a clear image of the back side of the vehicle. Accidents can be avoided with the use of a backup camera by identifying the back blind spot. The market is expanding as a result of factors such as the rise in accidents, which has led to greater use of backup cameras coupled with the integration of advanced systems such as blind spot monitoring by OEMs in vehicles to address customer concerns about safety and security.

“Amongst sales channel, OEMs category to witness significant growth during the forecast period”

Based on the sales channel, the blind spot monitor market is divided into OEM and aftermarket. The OEM segment is expected to witness the highest growth during the forecast period. Blind-spot monitoring systems offer 360° of electronic coverage around the vehicle. The system warns the driver of the approaching vehicles present in their blind spots area of the Vehicle which is outside the driver’s view. Thus, this technology has significantly encouraged automakers to manufacture vehicles exceeding the minimum federal safety requirement thereby enhancing the adoption of an active safety system such as a blind spot monitoring system by automakers across vehicles.

“North America to hold a significant share in the market”

North America grabbed the leading market share of the global market in 2020, and it is expected to grow with considerable CAGR during the forecast period owing to the growing working population and expanding middle-class population thus creating demand for advanced automotive safety systems including blind-spot monitors.

Furthermore, owing to the increasingly stringent government regulation pertaining to road and vehicular safety and raising awareness of advanced safety features among end consumers. The US always wins the first-mover advantage when it comes to the adoption of any innovative technology. Government regulation imposed by the different North American countries has mandated the integration of advanced safety features across vehicles for road safety. For Instance, the National highway traffic safety administration (NHTSA) regulatory body was incorporated in the U.S. for the safety of motor Vehicles.

Similarly, as per Transport Canada, since May 1st, 2018, all new cars sold in Canada, weighing 4,536 kg or less, must be fitted with a backup camera.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

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Research Methodology

Research Methodology for the Blind Spot Monitor Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global blind spot monitor market were the three major steps undertaken to create and analyze the adoption of blind spot monitors in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global blind spot monitor market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the blind spot monitor market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the blind spot monitor market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as technology, product type, and sales channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the blind spot monitor market. Further, we conducted factor analysis using dependent and independent variables such as various types, propulsion types, and sales channels of blind spot monitors. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the blind spot monitor market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global blind spot monitor market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the blind spot monitor market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global blind spot monitor market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Primary research input was consolidated with secondary findings, turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global blind spot monitor market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, propulsion type, and sales channel in the global blind spot monitor market.

The main objective of the Global Blind spot monitor Market Study

The current & future market trends of the global blind spot monitor market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the blind spot monitor market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of technology, product type, and sales channel analysis of the regulatory framework for the blind spot monitor
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the blind spot monitor market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the blind spot monitor market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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