Impact of COVID-19 on the Global Blind Spot Object Detection System Market
The blind spot object detection system is an active safety system that is specially designed for passenger safety. It uses a radar system that is mounted at the side of the cabin to monitor the revealing zone for related objects. The system informs the driver if such an object is identified, thus assists the driver in maneuvering. In the automotive driver assistance system (ADAS), the blind spot detection system is a current advancement. ADAS systems provide a comfortable and safe driving experience. The increasing concerns regarding car comfort and safety are driving the growth of the market. These systems are widely used in passenger and commercial vehicles. The spread of COVID-19 across the world has had a profound effect on the automotive industry. The pandemic has impacted the supply chains and product demand across the globe, which has hampered the blind spot detection systems market. The economic crisis caused due to COVID-19 has resulted in the closing of small factories, as companies are facing tremendous revenue loss owing to the decline in the sales of vehicles. The change in the consumers’ buying behavior due to the crisis has also impacted the demand for cars and has thus hindered the growth of the market.
Government authorities have placed restrictions on travel in the Q1 of 2020 to contain the spread of the pandemic. The gradual lifting of lockdowns in some of the countries has helped companies resume operations at 50% capacity. This resumption in production is likely to increase the adoption of blind spot object detection systems. The U.S. and Canada vehicle markets are estimated to enter the recovery phase as lockdown norms are relaxed. The rise in the sales of luxury, passenger, and commercial vehicles is expected to drive the demand for blind spot object detection systems, post-pandemic. Companies are expected to face challenges such as a shortage of raw materials, labor, and other auto parts, post the lockdown period.
U.S. Luxury Cars Market Share, by Brand (2019)