Global Automotive Blind Spot Detection System Market

Global Automotive Blind Spot Detection System Market Size, Share, Growth Analysis, By Component(BSD, Park Assist), By Application(Passenger Vehicles, Commercial Vehicles.) - Industry Forecast 2024-2031

Report ID: SQSG45I2030 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 63 | Figures: 75

Global Automotive Blind Spot Detection System Market Insights

Automotive Blind Spot Detection System Market size was valued at USD 2.42 billion in 2019 and is poised to grow from USD 2.72 billion in 2023 to USD 8.89 billion by 2031, growing at a CAGR of 12.24% in the forecast period (2024-2031).

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.

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Automotive Blind Spot Detection System Market size was valued at USD 2.42 billion in 2019 and is poised to grow from USD 2.72 billion in 2023 to USD 8.89 billion by 2031, growing at a CAGR of 12.24% in the forecast period (2024-2031).

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. 'Autoliv Inc.', 'Continental AG ', 'Delphi Automotive LLP ', 'Denso Corporation', 'Robert Bosch GmbH ', 'Magna International Inc.', 'Hella KGaA Hueck & Co.', 'Valeo SA', 'Samvardhana Motherson Reflectec', 'Ficosa International S.A.', 'Gentex Corporation', 'ZF Friedrichshafen AG', 'Mobileye N.V.', 'Stoneridge, Inc.', 'Quanergy Systems, Inc.', 'Hitachi Automotive Systems, Ltd.', 'Muth Mirror Systems, LLC', 'WABCO Holdings Inc.', 'Preco Electronics, Inc.', 'Aptiv PLC.'

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.

A growing trend in the market for blind spot detection systems is consumers' increasing propensity for CMOS image sensors. The cameras in conventional vehicles used charged coupled device (CCD) technology to produce distorted images on the infotainment screen. In order to offer high-resolution technology that is invisible to CCD technology devices, major OEMs have heavily invested in developing advanced image sensor technology. A significant market trend is the increase in demand for CMOS image sensors to improve vehicle safety.

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.

Automotive Blind Spot Detection System Market size was valued at USD 2.42 billion in 2019 and is poised to grow from USD 2.72 billion in 2023 to USD 8.89 billion by 2031, growing at a CAGR of 12.24% in the forecast period (2024-2031).

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. 'Autoliv Inc.', 'Continental AG ', 'Delphi Automotive LLP ', 'Denso Corporation', 'Robert Bosch GmbH ', 'Magna International Inc.', 'Hella KGaA Hueck & Co.', 'Valeo SA', 'Samvardhana Motherson Reflectec', 'Ficosa International S.A.', 'Gentex Corporation', 'ZF Friedrichshafen AG', 'Mobileye N.V.', 'Stoneridge, Inc.', 'Quanergy Systems, Inc.', 'Hitachi Automotive Systems, Ltd.', 'Muth Mirror Systems, LLC', 'WABCO Holdings Inc.', 'Preco Electronics, Inc.', 'Aptiv PLC.'

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.

A growing trend in the market for blind spot detection systems is consumers' increasing propensity for CMOS image sensors. The cameras in conventional vehicles used charged coupled device (CCD) technology to produce distorted images on the infotainment screen. In order to offer high-resolution technology that is invisible to CCD technology devices, major OEMs have heavily invested in developing advanced image sensor technology. A significant market trend is the increase in demand for CMOS image sensors to improve vehicle safety.

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.

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