Pune, India, Feb. 18, 2021 (GLOBE NEWSWIRE) -- According to the report, Automotive Blind Spot Detection System market size is projected to reach USD 6.06 billion by 2027. Automotive Blind Spot Detection System Market was worth USD 3.02 billion in 2019 and will exhibit a CAGR of 9.2% during the forecast period.
The global automotive blind spot detection system market size is projected to reach USD 6.06 billion by the end of 2027. Strict government norms and standards associated with the safety of the vehicle will lead to adoption of BSDs at the time of manufacturing and production.
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Increasing Number of Electric Automotive Blind Spot Detection System Projects Will Bode Well for Market Growth
Blind spot detection is a system that detects any kind of obstacle or person that is in the path of a vehicle. It is used to warn the driver of any obstacle or person that comes in front of the vehicle and is normally not visible to the driver due to particular reasons. These reasons include the presence of passengers in the cars, presence of objects close to the ground, or unclear visibility in the rear view mirror.
The system is inclusive of several sensors that are integrated within the vehicle. The ability of BSD to warn drivers of obstacles and subsequently bring down the chances of accidents or other risks has led to a wider product adoption across the world. Additionally, the huge investment in the development of technologically advanced systems will constitute an increase in the overall market size in the coming years.
The report encompasses several factors that have contributed to the growth of the market in recent years. The rising automobile use and subsequently high production will open up a huge potential for the companies operating in the market. The increasing number of BSD vendors will contribute to the growth of the market in the coming years. Furthermore, companies are looking to adopt newer strategies as well as newer concepts in their products, with the aim of establish a stronghold in the market. In October 2019, Wabco Holdings announced the launch of a new blind spot detection system system that will be used in commercial vehicles. The company introduced ‘TailGuard,’ a product that will enhance the safety of commercial vehicles. The company claims that the product will help monitor stationery as well as moving objects behind the trailer. Wabco’s latest product will help the company generate substantial market revenue in the coming years.
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Asia Pacific to Emerge Dominant; Rising Urbanization and Expansion of Rail Network Will Aid Growth
The report analyzes the ongoing market trends across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, the market in Asia Pacific is likely to emerge dominant in the coming years. The ease of availability of raw material has contributed to the growth of the market. Additionally, mass production of automotive blind spot detection system systems in numerous countries across this region will bode well for the market in the coming years. Factors such as increasing disposable income of customers has led to a wider adoption of automobile and changed the consumer preference from entry level to mid-variant level.
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As of 2018, the market in Asia Pacific was worth USD 1.66 billion and this value is projected to increase further in the coming years. The market will witness moderately less growth in 2019 due to the coronavirus outbreak. The market in North America will emerge as the second largest market driven by the safety standards and norms imposed by governments.
- Robert Bosch GmbH
- Delphi Automotive LLP
- Continental AG
- ZF Friedrichafen AG
- Ficosa Internacional SA
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Global Automotive Blind Spot Detection System Market Segmentation:
By Component Type:
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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