The Asia Pacific Collision Avoidance Sensor Market would witness market growth of 12.6% CAGR during the forecast period (2021-2027).
Collision avoidance sensors can identify an object in the path of an operating vehicle so that the human operator or the automated system of a vehicle can prevent the collision. The reverse sensor is the most common automobile application and it can send notifications to drivers about the barriers in their path when going back. In addition, collision avoidance sensors are commonly utilized in automated guided vehicles in warehouses and factories.
Emerging countries are likely to witness massive adoption of collision avoidance sensor products particularly in the automotive industry, which is expected to accelerate the growth of the collision avoidance sensor market over the forthcoming years. Furthermore, the growing trend of driverless vehicles would create bright growth prospects for the collision avoidance market. Collision avoidance sensors find potential application in the construction & mining, automotive, marine, railway, and aerospace sectors. The automotive has been the biggest adopter of these systems after the railway and construction & mining sectors. On the other hand, the construction sector is anticipated to boost the growth of the collision avoidance sensor market in the upcoming years.
The Asia-Pacific market would witness high growth due to the higher significance of the installation of the strict road safety guidelines. The growth of the regional market would be fuelled by the increasing purchasing power of consumers, growth in GDP, enhanced living standards, and a surge in the sales of premium cars.
The region is constantly witnessing massive demand for high-end automobiles that are equipped with necessary safety features, hence bolstering the growth of the regional collision avoidance sensor market. In countries such as India, China, Thailand, and Indonesia, the preference of the customers has been shifting to premium cars because of their increased disposable income. This factor is expected to play a role as a catalyst in the growth of the regional market. Moreover, numerous OEMs are now rolling out parking assist systems in mid and small-segment cars to cater to the demand from middle-income groups. These factors are set to drive the growth of the regional collision avoidance sensor market during the forecast period.
The China market dominated the Asia Pacific Parking Assistance Collision Avoidance Sensor Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $102.9 Million by 2027. The Japan market is showcasing a CAGR of 13.2% during (2021 - 2027). Additionally, The India market is estimated to grow at a CAGR of 14.5% during (2021 - 2027).
Based on Sensor Type, the market is segmented into Radar, Camera, Ultrasound, Lidar and Others. Based on Application, the market is segmented into Adaptive Cruise Control (ACC), Forward Collision Warning System (FCWS), Blind Spot Detection (BSD), Lane Departure Warning System (LDWS), Parking Assistance, Autonomous Emergency Braking and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Collision Avoidance Sensor Market is Projected to reach USD 8.8 Billion by 2027, at a CAGR of 11.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Continental AG, NXP Semiconductors N.V., Infineon Technologies AG, Panasonic Corporation, Robert Bosch GmbH, Denso Corporation, Honeywell International, Inc., Texas Instruments, Inc., Sensata Technologies Holdings PLC, and Murata Manufacturing Co., Ltd.
By Sensor Type
By Application
By Country
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