PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485712
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485712
Automotive Blind Spot Detection System Market size was valued at USD 7,312.23 Million in 2023, expanding at a CAGR of 18.5% from 2024 to 2032.
The Blind Spot Detection (BSD) system, an advanced driver assistance system, utilizes unique sensors to detect objects within blind spots. Typically, image sensors transmit vital information to the driver via a monitor and trigger alarms upon sensing objects within the blind spot. Variably referred to as blind-spot monitoring or blind-spot information systems by different automobile companies, the BSD system aims to enhance safety by mitigating collision risks due to driver oversight, thus reducing accident frequency.
Automotive Blind Spot Detection System Market- Market Dynamics
Increasing demand for safety features and stringent safety regulations to propel market demand
The global Blind Spot Detection System market is experiencing significant growth driven by heightened demand for safety features, stringent safety regulations, and increased emphasis on driving comfort. Technological advancements also present significant growth opportunities for the market. Many countries have mandated safety systems like BSD, tyre pressure monitoring systems and lane departure warnings, in vehicles within specific timeframes. For example, the Indian government amended the Motor Vehicle Act to require advanced brake systems in all new commercial vehicle models from April 2022. Furthermore, regulations mandate the installation of technologies like drowsiness monitoring, lane departure, and driver monitoring systems, alongside airbags, seat belts, child safety features, and pedestrian safety systems. These stringent safety regulations set by governments are expected to propel the growth of the Blind Spot Detection System market in the foreseeable future.
Automotive Blind Spot Detection System Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 18.5% over the forecast period (2024-2032)
Based on product type segmentation, radar-based was predicted to show maximum market share in the year 2023
Based on vehicle type segmentation, passenger cars were the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Automotive Blind Spot Detection System Market is segmented based on Product Type, Vehicle Type, Sales Channel, Vehicle Propulsion, and Region.
The market is divided into three categories based on product type: ultrasound, radar, and camera. In the technology sector, in 2023, radar-based systems currently hold a dominating share in the Vehicle Traffic Sign Recognition market. Leveraging radar technology provides unparalleled long-range detection capabilities, allowing for early identification of traffic signs even under adverse weather conditions or limited visibility. The robust performance and reliability inherent in radar technology render it the preferred choice for automotive manufacturers striving to uphold safety standards and comply with traffic regulations.
The market is divided into three categories based on vehicle types: passenger cars, light commercial vehicles, and heavy commercial vehicles. Among vehicle types, passenger cars emerge as the dominant segment in the Vehicle Traffic Sign Recognition System Market in 2023. This prominence stems from the increasing incorporation of advanced driver assistance systems (ADAS) in modern passenger vehicles, aimed at enhancing driver safety and convenience. With a growing consumer appetite for intelligent features and regulatory mandates emphasizing vehicle safety, manufacturers of passenger cars are prioritizing the integration of traffic sign recognition technology. This ensures a seamless driving experience while ensuring adherence to traffic laws.
Automotive Blind Spot Detection System Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Key players in the Automotive Blind Spot Detection System Market deploy a variety of strategies to secure a competitive advantage and maintain their dominance. Among these approaches is the introduction of new products with advanced features. Collaborations and partnerships are also commonplace, facilitating the mutual leveraging of strengths and resources among firms. Moreover, substantial investments in research and development play a pivotal role, enabling organizations to refine the efficiency and efficacy of their detection systems. Additionally, strategic mergers and acquisitions aid in expanding market footholds and accelerating growth by assimilating complementary technologies and capabilities.
In May 2023, Porsche disclosed a collaboration with Mobileye, an Israel-based company, to integrate advanced driver assistance technology. Under this partnership, Porsche will incorporate Mobileye's sophisticated SuperVision driver assistance system into forthcoming models.
GLOBAL AUTOMOTIVE BLIND SPOT DETECTION SYSTEM MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHT
Autoliv, Inc.
Borgwarner Inc.
Continental AG
Denso Corporation
Hyundai Mobis
Magna International Inc.
Panasonic (Ficosa International)
Robert Bosch GmbH
Sensata Technologies
Valeo SA
VBOX Automotive
Xiamen Autostar Electronics CO., Ltd.
Others