“Global Automotive Blind Spot Detection System Market to reach a market value of 6.6 Billion by 2031 growing at a CAGR of 10.3%”
The Global Automotive Blind Spot Detection System Market size is expected to reach $6.6 billion by 2031, rising at a market growth of 10.3% CAGR during the forecast period.
North America, especially the United States, has one of the highest vehicle ownership rates in the world. The large number of vehicles on the road drives significant demand for safety features like BSD systems to enhance driver safety. Consequently, the North American region would acquire nearly, 28% of the total market share by 2031.
The major strategies followed by the market participants are product launches as the key developmental strategy to keep pace with the changing demands of end users. For instance, in March, 2024, Continental released an advanced rider assistance system (ARAS) for two-wheelers, targeting premium motorcycles. The system includes features like Adaptive Cruise Control, Blind Spot Detection, Lane Change Assist, and Forward Collision Warning to enhance rider safety. It's designed for affordability in price-sensitive markets, with potential future low-cost solutions. Moreover, in July, 2024, ZF introduced advanced safety technologies for commercial vehicles, enhancing ADAS with systems for lane-keeping, collision avoidance, and road condition detection. The new innovations include intelligent software, sensors, and automated braking, plus a new truck-trailer interface for real-time data transfer and reversing assistance, boosting overall vehicle safety.
Based on the Analysis presented in the KBV Cardinal matrix; Mercedes-Benz Group AG is the forerunner in the Market. Companies such as NXP Semiconductors N.V., Robert Bosch GmbH and Intel Corporation are some of the key innovators in Market. In January, 2023, NXP Semiconductors released the SAF85xx radar one-chip family, integrating radar sensing and processing for advanced ADAS and autonomous driving. This 28nm RFCMOS chip enhances performance, offering 4D sensing and improved safety features.
The global rise in road accidents and fatalities has heightened awareness about the importance of vehicle safety. Modern consumers are more safety-conscious than ever before. With increased access to information, they are more aware of vehicle safety features and actively seek out cars equipped with advanced safety technologies. In conclusion, increased focus on vehicle safety drives the market’s growth.
Governments worldwide continuously update and tighten vehicle safety standards to reduce traffic accidents and fatalities. These enhanced safety regulations often include specific requirements for advanced driver assistance systems (ADAS), like BSD systems, to be installed in new vehicles Thus, rising government regulations and mandates are driving the market’s growth.
BSD systems incorporate advanced technologies such as radar sensors, cameras, and sophisticated algorithms. The integration of BSD systems into vehicles requires significant investment in research and development, as well as in testing and validation to ensure reliability and accuracy. In conclusion, the high cost of BSD systems is impeding the market’s growth.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Product Launches and Product Expansions.
By propulsion type, the market is divided into ICE and electric. The electric segment procured 23% revenue share in the market in 2023. Electric vehicles (EVs) are often at the forefront of adopting and integrating advanced technologies. BSD systems fit well with this trend, enhancing the overall safety features of EVs and aligning with their high-tech image.
Based on technology, the market is divided into radar, camera, and ultrasonic. The camera segment procured 32% revenue share in the market in 2023. Camera systems provide high-resolution images with detailed and clear visuals of the vehicle’s surroundings. This level of detail enhances the accuracy of detecting and identifying objects in blind spots, improving overall safety.
On the basis of vehicle type, the market is segmented into passenger cars and commercial vehicles. In 2023, the commercial vehicles segment 23% revenue share in the market. The increasing number of passenger cars on the road contributes to higher vehicle density, making blind spot accidents more frequent.
Free Valuable Insights: Global Automotive Blind Spot Detection System Market size to reach USD 6.6 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region witnessed 37% revenue share in the market in 2023. Increasing traffic accident rates in some Asia-Pacific countries highlight the need for advanced safety technologies.
The market is highly competitive, driven by technological advancements and increasing demand for safety features. Key players are investing in R&D to enhance system accuracy and integrate with autonomous driving technologies. Price competitiveness, innovation, and strategic partnerships are critical factors shaping the market dynamics.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 3.1 Billion |
| Market size forecast in 2031 | USD 6.6 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 10.3% from 2024 to 2031 |
| Number of Pages | 261 |
| Tables | 338 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Market Share Analysis, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Propulsion Type, Technology, Vehicle Type, Region |
| Country scope |
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| Companies Included | Robert Bosch GmbH, Continental AG, Denso Corporation, ZF Friedrichshafen AG, Valeo SA, Infineon Technologies AG, NXP Semiconductors N.V., Mercedes-Benz Group AG, Magna International, Inc., Intel Corporation, Forvia SE, Aptiv PLC and Autoliv, Inc. |
By Propulsion Type
By Technology
By Vehicle Type
By Geography
This Market size is expected to reach $6.6 billion by 2031.
Increased focus on vehicle safety are driving the Market in coming years, however, High cost of BSD systems restraints the growth of the Market.
Robert Bosch GmbH, Continental AG, Denso Corporation, ZF Friedrichshafen AG, Valeo SA, Infineon Technologies AG, NXP Semiconductors N.V., Mercedes-Benz Group AG, Magna International, Inc., Intel Corporation, Forvia SE, Aptiv PLC and Autoliv, Inc.
The expected CAGR of this Market is 10.3% from 2024 to 2031.
The Radar segment led the Market by Technology in 2023; thereby, achieving a market value of $3.2 Billion by 2031.
The Asia Pacific region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $2.5 Billion by 2031.
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