USD 2.42 billion
Report ID: SQSG45I2030 | Region: Global | Published Date: October, 2022 | Pages: 165 | Tables: 63 | Figures: 75
Automotive Blind Spot Detection System Market size was valued at USD 2.42 billion in 2021 and is poised to grow from USD 2.72 billion in 2022 to USD 8.89 billion by 2030, growing at a CAGR of 12.24% in the forecast period (2023-2030).
A sensor-based device called the automobile blind spot detection (BSD) system aids in vehicle control and increases passenger safety. Through inbuilt sensors and digital cameras that make use of electromagnetic waves or photos that have been processed by a computer, it assists in detecting objects that are outside the vehicle's mirrors or bumper. To warn the driver about objects in the blind spots of the adjacent lanes of traffic, it produces tactile, auditory, vibrating, or visual signals.
The term "blind spot detection system" describes how certain parts, sensors, and accessories are integrated onto cars. They work together so that the driver can be alerted to any impediments or cars that are approaching from the driver's blind side or are very close to the vehicle. These parts often consist of mirrors, sensors, alarms, and visualisation systems that give the driver better blind-side protection and control.
One of the key factors propelling the growth of the automotive blind spot detection system market is the increase in demand for high-end vehicles across the globe. Government safety regulations that are becoming more strict and the development of new products like at-home test drives, review videos, and digital showrooms all contribute to the market's rapid expansion. The market is also influenced by the increased usage of safety services and technology due to the strict government rules put in place to prevent collisions and accidents, as well as the concentration of car manufacturers on meeting these criteria.
US Automotive Blind Spot Detection System Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.42 billion
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Global Automotive Blind Spot Detection System Market is segmented based on Component Type, Application, and Region. Based on the Component the Automotive Blind Spot Detection System Market is further sub-segmented into BSD, Park Assist, Backup Camera, Surround View & Virtual Pillar, Ultrasonic, RADAR, and cameras. According to the Application, the Automotive Blind Spot Detection System Market is segregated into passenger vehicles and commercial vehicles. Based on Region, the Automotive Blind Spot Detection System Market is further sub-segmented into North America, Western Europe, Eastern Europe, Middle East, Africa, ASEAN, South Asia, Rest of Asia, Australia and New Zealand.
Automotive Blind Spot Detection System Market Analysis by Component Type
Over the course of the forecast period, the RADAR market segment is expected to rule the industry. Growing interest in installing safety equipment in vehicles is contributing to RADAR's continued dominance over the forecast period. The radio waves used by the automotive RADAR can easily travel through the atmosphere. When the waves encounter a surface or obstruction, they bounce back to the moving object. Automotive RADARs are therefore primarily employed in object detection applications. There are three types of automotive RADARs: long-, medium-, and short-range RADARs.
The range of a long-range radar is between 10 and 250 metres, that of a mid-range radar is between 1 and 60 metres, and that of a short-range radar is between 0.5 and 20 metres. The use of short- and medium-range radar sensors helps drivers keep a safe distance from objects and stay in their lane by detecting objects around them. The vehicle's park assist system also makes use of short-range RADAR to guide the driver while parking in a crowded space.
Automotive Blind Spot Detection System Market Analysis by Application
There are two segments of the global automotive blind spot detection market: passenger vehicles and commercial vehicles. During the forecast period, the passenger vehicle segment is expected to be quite appealing. Consumers are becoming more aware of safety, which is expected to help the passenger vehicle segment grow during the projection period.
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Over the forecast period, Asia Pacific is expected to rule the market. The rapid expansion of Asia Pacific in this market is being fueled by the simple accessibility of raw materials and the low-cost mass production of blind spot detection (BSD) system technology. Consumers' changing preference for mid-level to premium vehicle models has been influenced by rising disposable income. In terms of market share, North America is expected to be in second place. North America continues to hold the second-largest position thanks to strict safety regulations imposed by the government. The rating system for vehicles has been enhanced by ruling bodies in this region, which has forced manufacturers to increase production.
The market is expected to grow strongly in Europe. The presence of significant key players in this area and rising consumer awareness of vehicle safety are expected to drive positive market growth. During the expected period, an increase in the number of vehicles in this region equipped with driver assistance systems will propel the market for blind spot detection systems in Europe.
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Automotive Blind Spot Detection System Market Driver
Around 1.25 million people per year perish in traffic accidents, according to the WHO. Governments have imposed strict regulations on automotive manufacturers to equip cutting-edge safety features that help save the lives of passengers in the vehicles in order to reduce the rising number of traffic accidents. Leading manufacturers have made significant R&D investments to redesign their cars to reduce the blind spot detection area. The area of the vehicle can be seen more clearly by reducing the size of the A-pillar and increasing the size of the side viewing mirror. Due to the fact that heavy-duty trucks and trailers have a large blindspot area, numerous transportation associations and unions have established safety regulations for the installation of these systems in commercial vehicles.
The market for blind spot detection systems has benefited from consumers' growing preference for enhanced safety features. The demand for BSD has increased due to the increasing number of traffic accidents worldwide. The demand for BSD technology is being fueled by rising disposable income and a shift in consumer preference toward buying cars with BSD instead of wide mirrors. The combination of ADAS and blindspot technology is also growing in popularity with consumers because it automatically assists in avoiding obstacles. The BSD works in conjunction with RADAR technology to keep the car in its lane and prevent it from deviating from the path.
Automotive Blind Spot Detection System Market Restraint
Over the course of the forecast period, regions with extreme weather, such as fog, snowfall, and rainfall, are expected to restrain market growth. The blind spot detection system is ineffective in the region with the harsh climate. Extreme weather makes it difficult to see, and camera-based systems produce blurry images because of the heavy accumulation of fog or moisture on the camera's lens. Utilizing camera-based technology in severe weather could harm the camera's lens. It is also expected that the high repair costs of camera-based BSD will restrain market expansion.
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In the regions of Europe and Asia Pacific, Continental AG is a major player. The business provides cutting-edge components and blind spot detection systems to various automakers. High R&D expenditures have led to the development of technologically advanced components that are competitively priced.
Automotive Blind Spot Detection System Market Top Player’s Company Profiles
Automotive Blind Spot Detection System Market Recent Development
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According to the analysis, the RADAR segment dominated the global Automotive Blind Spot Detection System Market in 2021 and is expected to maintain its dominance throughout the forecast period. In 2021, the Asia Pacific dominated the global Automotive Blind Spot Detection System Market owing to the region's highly aware and economically stable population.
|Market size value in 2021||USD 2.42 billion|
|Market size value in 2030||USD 2.72 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Automotive Blind Spot Detection System Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Automotive Blind Spot Detection System Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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