PUBLISHER: The Business Research Company | PRODUCT CODE: 1391108
PUBLISHER: The Business Research Company | PRODUCT CODE: 1391108
“Collision Avoidance System Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on collision avoidance system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for collision avoidance system? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The collision avoidance system market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Collision avoidance systems are safety mechanisms designed to alert or assist drivers in avoiding impending collisions, thereby reducing the risk of incidents. These systems provide visual and auditory warnings to drivers and may actively enforce defensive maneuvers, such as braking, when a collision is imminent. The primary purpose of collision avoidance systems is to prevent or mitigate the severity of collisions.
The main products within the realm of collision avoidance systems include Adaptive Cruise Control (ACC), Autonomous Emergency Braking (AEB), Lane Departure Warning Systems, Parking Assistance, and other related products. Adaptive Cruise Control (ACC) is a type of active safety system that automatically regulates a vehicle's acceleration and braking. Various technologies, including lidar, radar, ultrasonic sensors, cameras, and others, are employed in these systems. Collision avoidance systems find applications in automotive, marine, aerospace, railways, and various other sectors.
The collision avoidance system market research report is one of a series of new reports from The Business Research Company that provides collision avoidance system market statistics, including collision avoidance system industry global market size, regional shares, competitors with a collision avoidance system market share, detailed collision avoidance system market segments, market trends and opportunities, and any further data you may need to thrive in the collision avoidance system industry. This collision avoidance system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The collision avoidance system market size has grown rapidly in recent years. It will grow from $42.14 billion in 2023 to $46.39 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth observed in the historical period can be attributed to several factors, including increased automotive safety regulations, efforts to reduce accidents and fatalities, urbanization leading to traffic congestion, consumer demand for safety features in vehicles, and the influence of the insurance industry.
The collision avoidance system market size is expected to see strong growth in the next few years. It will grow to $66.98 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The anticipated growth in the forecast period can be attributed to factors such as the development of smart cities and infrastructure, a focus on pedestrian and cyclist safety, increased adoption in emerging markets, the growing presence of autonomous vehicles, and the overall rise in road traffic. Noteworthy trends expected in the forecast period encompass the integration of electric and hybrid vehicles, ongoing innovations in the automotive industry, the integration of real-time data and artificial intelligence, the advancement of 5G connectivity and vehicle-to-everything (V2X) communication, and the continued development of advanced driver assistance systems (ADAS).
The anticipated surge in demand for automated vehicles is poised to drive the growth of the collision avoidance system market. Automated vehicles, capable of sensing their surroundings and operating without human intervention, rely on collision avoidance systems equipped with sensors, cameras, emergency braking, lane-keeping, and other features to control the vehicle and avert accidents. A notable example is Tesla, a leading US-based automated car manufacturer, which experienced a remarkable 87% increase in global vehicle sales, reaching 93.6 vehicles in 2021 compared to 2020. This substantial rise in demand for automated vehicles serves as a driving force behind the growth of the collision avoidance system market.
The escalating volume of road traffic is expected to be a key driver for the collision avoidance market. With the increase in road congestion and traffic density, the risk of accidents and collisions rises proportionally. Collision avoidance systems play a pivotal role in mitigating this risk by offering features such as automated braking, driver warnings, and overall safety enhancement for pedestrians, cyclists, and other road users. The prevalence of distracted driving and the expansion of urban areas with densely packed vehicles underscore the critical importance of these systems. Notably, data from the U.S. Department of Transportation in March 2021 revealed a 19.0% increase (+42.0 billion vehicle miles) in travel on all highways and streets, emphasizing the growing challenges of road traffic. Similarly, road traffic estimates in Great Britain for 2021 indicated a substantial 11.9% increase, with 297.6 billion vehicle miles driven on British roadways compared to the previous year. This upswing in road traffic serves as a significant driver for the collision avoidance system market.
Technological advancements stand out as a prominent trend in the collision avoidance system market. Major companies operating in this sector are actively pursuing the development of innovative technological solutions to bolster their market standing. An illustrative example is Wabtec Digital Mine, a US-based technology company that launched the Generation 3 Collision Avoidance System (CAS) in June 2023. This advanced system surpasses traditional proximity detection, focusing on true collision avoidance. Core features include real-time self-testing, personnel detection, and secondary sensing, ensuring optimal performance. The Generation 3 CAS incorporates a user-friendly interface with context-based voice alerts, replacing conventional beeps and buzzers with discreet, directional, and audible warnings. Designed to enhance safety and productivity, the system places a strong emphasis on reducing risks associated with vehicle interactions in mining environments, illustrating the ongoing trend of technological innovation in the collision avoidance system market.
Prominent companies in the collision avoidance market are integrating Advanced Driver Assistance Systems (ADAS) into their products, reinforcing their market position. ADAS technologies play a crucial role in providing warnings to drivers, assisting with vehicle control, and, in some instances, autonomously taking actions to prevent or mitigate collisions, thereby enhancing overall driving safety. An illustrative example is MG Motor, a UK-based automotive company, which, in January 2023, launched the Next-Gen Hector. This vehicle features an Autonomous Level 2 (ADAS) system equipped with 11 Advanced Driver Assistance Systems and over 75 connected car features through the i-SMART technology. The safety features incorporated in the Next-Gen Hector include airbags, a 360-degree camera, and stability controls. This integration of ADAS technologies highlights the commitment of major automotive companies to enhancing vehicle safety and collision avoidance capabilities.
In May 2021, Toyota Motor Corporation, a prominent Japan-based automotive company, forged a partnership with ZF Friedrichshafen AG, a Germany-based technology company, and Mobileye Global Inc., an Israel-based software company, with the aim of developing and supplying Advanced Driver Assistance Systems (ADAS) for Toyota vehicles. ZF, renowned for its automotive cameras, also contributes its Gen21 mid-range radar technology, seamlessly integrating it with Mobileye's advanced vision computing system. This collaborative effort not only expands the application of ADAS technology but also elevates road safety through features like lane-keeping and collision prevention. The collaboration underscores the importance of cross-industry partnerships in advancing ADAS capabilities and furthering the adoption of collision avoidance technologies in the automotive sector.
Major companies operating in the collision avoidance system market include ZF Friedrichshafen AG, Delphi Technologies PLC, General Electric Company, Mobileye Global Inc., Denso Corporation, Robert Bosch GmbH, Wabtec Corporation, Alstom SA, Autoliv Inc., Honeywell International Inc., Ride Vision Ltd., Aptiv Global Operations Ltd., LILEE System Ltd., Knorr-Bremse AG, Hella GmbH & Co. KGaA, Becker Mining Systems AG, Hexagon AB, Aviation Communication & Surveillance Systems LLC, Saab AB, Rockwell Automation Inc., Hyundai Mobis, Analog Devices, Murata Manufacturing Co. Ltd., Freescale Semiconductor, Infineon Technologies, Panasonic Corporation, Continental AG, Siemens AG, Aptiv PLC, Magna International Inc., Fujitsu Laboratories Ltd., Valeo India Pvt. Ltd., NXP Semiconductors, Texas Instruments Incorporated, STMicroelectronics N.V., Renesas Electronics Corporation, Aisin Seiki Co. Ltd., Sensata Technologies Inc., First Sensor AG, LeddarTech Inc., Quanergy Systems Inc., Velodyne Lidar Inc., Ouster Inc., Luminar Technologies Inc.
North America was the largest region in the collision avoidance system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this collision avoidance system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the collision avoidance system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The collision avoidance systems market consists of sales of electronic stability control (ESC), pedestrian detection systems, and cross-traffic warnings, sensors, such as lasers, GPS, and artificial intelligence. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.