Blind Spot Monitor Market

Blind Spot Monitor Market Size (2023-2028):

The Global Blind Spot Monitor Market was worth US$ 15.22 billion in 2022 and is anticipated to reach a valuation of US$ 31.96 billion by 2028 and is predicted to register a CAGR of 13.42% during 2023-2028.

Increased interest in safety solutions, the introduction of more stringent government programs, advancement in technology, and the growing production of luxury vehicles are the key factors that are directly contributing to the rising demand for blind-spot monitors within the automotive industry.

Market Drivers:

The factors expected to spice up the expansion of the global blind spot monitor market comprise growing industrialization within the emerging regions with rising government investments, advanced technologies, low-cost labour, and expanding disposable incomes. Additionally, the government policies favouring the Blind Spot Monitoring market, alternative sources for automotive production, and growing interest in automated automobiles are expected to provide future opportunities for the expansion of this market. However, the hike in the number of road accidents, and increasing awareness about road safety are the major factors spurring the market growth.

Market Restraints:

However, the higher cost of technology and availability of systems in luxury vehicles are predicted to restrain the growth of the overall market.

BLIND SPOT MONITOR MARKET REPORT COVERAGE:

Market Segmentation:

Blind Spot Monitor Market - By Application:

• OEM
• After Market

OEM is anticipated to continue as the largest end-user within the global blind spot monitoring market over the foreseen period. In 2017, this end-user type holds quite 90% of the worldwide market. Because of the high demand for blind spot detection in luxury vehicles, the OEM segment is predicted to continue its growth within the global blind spot monitoring market.

Blind Spot Monitor Market - By Type:

•  Passenger
• Commercial

Regulations of the state have made passenger safety a primary concern for all automotive manufacturers. Safety systems assist in keeping cars in check, stopping vehicle accidents, and protecting passengers from injuries. These systems are fully automated in order that human errors are often compensated; therefore, such devices help stop crashes. There are various systems involved, such as electronic control units such as adaptive control, night vision systems, engine stability programs, LDWS, and intelligent parking assistance systems that are increasingly used in automobiles. All major luxury car manufacturers, like BMW, Mercedes-Benz, and Audi are incorporating a better amount of advanced safety features including blind spot detection in their models.

Blind Spot Monitor Market - By Product:

• RADAR Sensor
• Ultrasonic Sensor

The radar device is predicted to stay the perennial sensor choice within the international automotive blind spot monitoring market throughout the planned period, and moreover, it's expected to expertise the quickest growth throughout a similar period. Radar provides 360-degree coverage around the car, hence, making it the most effective sensor for the blind spot detection system.

Market Reginal Analysis:

The Global Blind Spot Monitor Market Report includes the segmentation of regions:

• North America - U.S., Canada
• Europe - Norway, Germany, Sweden
• Asia Pacific - China, India, Japan
• Latin America - Brazil, Mexico, Argentina
• Middle East and Africa - Middle East, Africa

North America is the biggest market for automotive blind spot noticing systems as both are the homes of major blind spot detection system manufacturers and manufacturing capitals of luxury cars. Also, the introduction of more stringent programs, like The US New Car Assessment Program (US NCAP) is supporting the interest in advanced safety features within automobiles including blind spot detection. Asia-Pacific is predicted to witness the fastest growth during the foreseen phase, driven by Japan, China, and India. Rising production of luxury vehicles and improving safety standards and measures taken by the govt. to mitigate road accidents would continue driving the demand for blind spot monitoring in the area.

Impact of COVID-19 on the Blind Spot Monitor Market:

The COVID-19 event is currently moving around the world, with a path of destruction in its wake. This report analyzes the impact of the virus on large companies in the automobile industry. The report analyzes the impact of COVID-19 on the global blind spot monitor market and how it is estimated to perform in the next few years.

Market Key Players:

1. Continental AG
2. Denso Corporation
3. Robert Bosch
4. Delphi Automotive
5. Autoliv Inc.
6. ZF TRW
7. Xiamen Autostar Electronics
8. Auto-i Corp
9. Valeo S.A.
10. Ficosa International
11. Preco Electronics

Market Recent Developments:

•  Continental’s fifth-generation radar sensors which comprise capabilities like enhanced object detection, make it possible to deliver a high-performance hand brake assist system. An outsized number of rear-end collisions might be prevented with a hand brake assist – even in the case of intersecting and oncoming traffic – within the not-too-distant future.
•  The Bosch view assist may be a driver assistance system that helps out drivers when changing lanes and warns them of dangers.
•  ZF presents solutions that will help make trucks safer in inner-city traffic using a radar-based turn assist system to watch the whole right vehicle side. The system tackles the challenge of blind spots given by current mirror configurations. The driving force is given a warning as soon as other road users approach the blind spot or collision zone. This can be developed in the Side Vision Assist system, which can further incorporate images from the camera.