Yahoo Finance Blind Spot Object Detection System Market To Hit USD 10,600 Million by 2030 at a CAGR of 13% - Report by Market Research Future (MRFR)
Growing Demand for ADAS Drives the Blind Spot Object Detection System Market
New York, US, Aug. 15, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Blind Spot Object Detection System Market Analysis by Technology, By Functioning, by Vehicle Type and By Region - Forecast To 2030” valuation is poised to reach USD 10,600 million by 2030, registering an 13% CAGR throughout the forecast period (2022–2030).
Blind Spot Object Detection System Market Overview
The blind spot object detection system market is growing rapidly. This futuristic technology plays a causal role in collision avoidance and mitigates the risk of accidents. The increase in vehicle production is resulting in increasing the use of safety technologies for better safety of the drivers. Besides, the demand for different safety systems from the automotive sector creates huge market opportunities.
Blind Spot Object Detection System Market Report Scope:
Report Metric | Details |
Market Size by 2030 | USD 10600 Million |
CAGR | 13% |
Base Year | 2021 |
Forecast Period | 2022-2030 |
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Blind spot object detection systems (BSODS) play a major role in enhancing the security and safety of vehicles, garnering massive market prominence worldwide. Furthermore, increasing population & urbanization, alongside improving economic conditions worldwide, drive the growth in the blind spot object detection system market, increasing the purchasing power of consumers and driving the automotive industry.
Blind Spot Object Detection System Market Segments
The BSOD system market is segmented into technology, functioning, vehicle types, and regions. The technology segment is sub-segmented into radar sensors, cameras, and others. The functioning segment is sub-segmented into automatic and manual. The vehicle type segment comprises passenger vehicles and commercial vehicles. The region segment comprises the Americas, Asia-Pacific, Middle East & Africa, Europe, and the rest of the world.
Blind Spot Object Detection System Market Regional Analysis
Europe is the largest market for blind spot object detection systems. The region has been the global hub for automotive research and innovation. Besides, the resurging economy plays a vital role in escalating the demand for BSOD systems, driving the automotive industry in this region.
Growing passenger car markets in Germany, France, the UK, and Italy boost the market size majorly. Also, the UK and Germany support the market growth due to their enormous investments in developing blind spot object detection systems and related technologies.
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North America is another lucrative market for blind spot object detection systems. Large technological advancements and their uptake drive the regional market growth. Moreover, the increase in vehicle production and demand for automotive safety features substantiate the region’s market shares. The well-established automobile industry creates huge opportunities for the blind spot object detection systems market in this region to grow significantly.
The APAC is an emerging market for blind spot object detection systems. The increasing production of passenger and commercial vehicles in India, China, and Japan escalate the market value, driving the demand for these systems. Additionally, the presence of a number of BSOD system manufacturers in the APAC region fosters market demand.
Industry Trends
The increase in government reforms and regulations for vehicle safety is a key driving force. The rise in the use and production of passenger and commercial vehicles generates a huge demand for these systems. The increased emphasis on drivers’ safety encourages many OEMs to manufacture parts that can guide the drivers using the latest safety technologies.
Additionally, increasing investments in advancing driver assistance technology that can more accurately monitor blind spots and efficiently navigate turns & corners to avoid collisions and enhance safety escalate the market value. Automakers strive to improve their advanced driver assistance systems (ADAS) sense objects and expand automotive offerings.
Investments in developing radar sensors that can add an extensive portfolio of analog & embedded processing products to give automotive engineers more tools to fuel vehicle innovation and influence market growth. On the other hand, the high investment capital requirement obstructs market growth.
Nevertheless, augmenting demand for safety technologies and the increasing number of automotive unit sales worldwide would support the market growth, boosting the uptake of safety systems in the vehicles. Most developers believe LiDAR is a key enabling technology for autonomous vehicles. Also, advances in depth cameras that can fill LiDAR’s autonomous vehicle blind spots would contribute to the market rise.
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Blind Spot Object Detection System Market Competitive Analysis
The highly competitive blind spot object detection system market appears fragmented due to the large presence of well-established players having an international and global presence. Vendors strive to develop cost-competitive, compact systems, emphasizing improved hardware. Mergers & acquisitions, innovation, and brand reinforcement are key trends for the leading players.
Many automotive part suppliers and OEMs are focusing on the development of active safety systems, which raise entry barriers for new entrants. Vendors providing these systems also offer after-sales services to the end-users. They improve their distribution channels and dealers to sell products. Key manufacturers form strategic alliances with local dealers and auto manufacturers to expand their business in the countries where stringent regulations restrict them from exporting these systems.
For instance, on Aug. 25, 2020, Pioneer Electronics Inc. (USA) launched its new blind spot detection (BSD) system range, including the SDA-BS900, SDA-BS100, and SDA-BS1, to expand its automotive driver assistance. Pioneer also provides its consumers with an aftermarket solution with technology upgrades to assist drivers by notifying them when another vehicle enters their blind spot zone.
With the new blind spot detection assists, drivers can stay focused and be more attentive while changing lanes or reversing their vehicles. The blind spot detection system portfolio reinforces Pioneer’s commitment to developing products that allow consumers to upgrade almost any vehicle on the road with newer technology & features.
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Dominant Key Players on Blind Spot Object Detection System Market Covered are:
Denso Corporation (Japan)
Robert Bosch (Germany)
Continental AG (Germany)
Delphi (UK)
Autoliv Inc (Sweden)
Magna International (Canada)
Nissan (Japan)
Mercedes (Germany)
Hitachi Automotive Systems (Japan)
ZF Friedrichshafen AG (Germany)
Mobileye (Israel)
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