ID: MRFR/AM/5309-HCR | 100 Pages | Published By Swapnil Palwe on March 2023
The Global Automotive Collision Avoidance System Market Size is expected to cross USD 114.0 billion by 2027 at a CAGR of 8% during the forecast period ending in 2027
The global automotive collision avoidance system market size was projected to grow before the pandemic hit the international market. It was valued to have reached a final market growth of USD 7.6 billion during the historic forecast period in 2019. Similar trends are expected to follow in the market during the period following the pandemic outbreak in 2020. The global market is likely to witness a global market sum worth USD 9.0 billion during the forecast period of 2021-2027. The market is expected to attain this value at a global CAGR of 8% during the forecast period ending in 2027.
As suggested by business chiefs and industry experts, the global automotive collision avoidance system market is likely to be driven by the growing construction and automotive industry. The prominent driving factor for the automotive collision avoidance system market during the ongoing forecast period ending in 2027 is its growing construction and automotive industries across the World and especially in the participating regions for the target audience that is situated in various locations in the market premises.
The sudden outbreak of the novel coronavirus had the functioning of the automotive collision avoidance system market under its aura of impact. The global automotive collision avoidance system market includes prominent and trusted Tier I and II suppliers like Tata steel Europe (U.K.), N.V. Bekaert S.A. (Belgium), Valmont Industries, Inc. (the U.K.), and others like Trinity Industries Inc (U.S.), followed by Nucor Corporation (U.S.). These are profound names holding a significant market momentum and target customers located in a series of locations in the global market premises. These market suppliers have put forward their manufacturing facilities and spread them across various regions like Asia Pacific, Europe, North America, and the rest of the World. Further, restrictions such as the lockdown and others like the cross-barrier movements and others worsen the situation.
The key market players have announced the suspension of production due to the lowered demand, followed by the supply chain bottlenecks, and also to protect the safety of their employees in regions like the US, France, Germany, Italy, and others like Spain during the outbreak of the COVID-19 pandemic. As a result, the demand for automotive collision avoidance systems is expected to decline at the beginning of the forecast period in 2021. The global market manufacturers are likely to come forward and adjust the production processes to prevent bottlenecks and plan production according to demand from tier 1 manufacturers. Also, the rising investments and funds for research and development works are likely to help the market foster good market growth and meet the audience's needs during the period that will end in 2027.
The automotive collision avoidance system market will grow because of the performance of the construction and automotive industries. The rising per capita income of the middle-class population increases the number of vehicles and, hence, new roads. Also, the displacement of rural populations to urban areas in developing countries like the APAC region has increased. The demand in the construction sector is rising, especially during the ongoing forecast period of 2021-2027. The collision avoidance system market in the automotive sector is expected to be driven by the increasing focus of consumers and OEMs on the safety of vehicles, and the mandate of collision avoidance systems for automobiles across the globe, especially in North America and developing economies.
The automotive collision avoidance system market growth is witnessing rigid barriers are used along roads to minimize the severity of accidents after impact. The severity of the collisions and crashes increases post-impact when rigid and semi-rigid barriers are being used. Rigid barriers are likely to be less effective as more of the energy of the impact is likely to be transmitted to the vehicle occupants resulting in more significant injuries.
The APAC is projected to see the highest number of new constructions and infrastructural activities. The rising investment in technology resulting in developments and expansions is likely to benefit the automotive collision avoidance system industry during the ongoing forecast period ending in 2027.
The Global automotive collision avoidance system market value has been rising because of the performance that the market segments have recorded by rising the market's ability to meet the rising needs of the audience and, hence, understand the patterns that will help in increasing the market's revenue that the experts have predicted for the forecast period of 2021-2027. The market segments are as follows:
Automotive Collision Avoidance System Market
As a part of the global market, the APAC is projected to see the highest number of new constructions and infrastructural activities shortly, as a part of the forecast period that will end in 2027. According to stats that the WHO has circulated, there has been an increase in the spending on construction from 2014 to 2019, part of China's historic forecast period. The growth was estimated at 7.3%, while in other parts of the APAC region, like India and Vietnam, it was estimated at 7% and 6.8%, respectively. This growth further helps and provides an opportunity for the automotive collision avoidance system market size to grow in these major countries. The market is home to Latin American countries such as Brazil, Argentina, Colombia, and African countries such as South Africa. These regions have shown signs of development in recent years as a part of the forecast period ending in 2027.
The automotive collision avoidance system market size has been witnessed during the forecast period that will be ending in 2027 and giving birth to global market competition because of the efforts that the prominent market players have poured in. The competition is also a result of the understated market players:
Europe accounted for the largest collision avoidance systems market share in 2014, North America and Asia-Pacific. However, the market in the Rest of the World is expected to grow at the highest rate, followed by Asia-Pacific between the ongoing period ending in 2027. The collision avoidance system market in RoW and the Asian Pacific regions is expected to be driven by the increasingly stringent regulations regarding the installation of collision avoidance systems. Automotive and, construction and others like the mining sectors are expected to drive the market for collision avoidance systems during the forecast period.
Global tech giants like Google have entered this ADAS space for developing vehicle communication and sensing technology. Passive safety including the safety measures to prevent drivers from injuries during or after the crash has seen a lot of innovations in the past. Active safety related to the prediction and avoidance of crashes is in its initial stage and offers a lot when it comes to the market growth and expansion.
For instance, at the SIAM conference held in 2020, the Union Minister for Road and Highway Transport initiated and announced that the ministry is working toward a mandate that brings Collision Avoidance systems to all cars by 2022. The formulated statement has created immense opportunities for tech companies to invest in the market. Mando Corp is another prominent market company that has started working with Mahindra and Mahindra to supply ADAS technology to avoid front collisions by using autonomous emergency braking in 2019.
The market report highlights the automotive collision avoidance system industry that is prevalent for the ongoing forecast period of 2021-2027. The market report discusses the developments of the market that will help cover the losses that were a part of the hardships introduced during the pandemic. The global automotive collision avoidance system market report covers the competitive market aspects and the role of the market players to help the market grow at an excellent rate and forecast.
|Market Size||2027: Significant Value|
|CAGR||8% CAGR (2021-2027)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Technology, By Application, By Vehicle type, By End Market,|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Aptiv Plc (Republic of Ireland), Robert Bosch GmbH (Germany), General Electric Company (US), Denso Corporation (Japan), and Honeywell International, Inc. (US). Siemens AG (Germany), Alstom SA (France), Rockwell Collins, Inc. (US), and Hexagon AB (Sweden)|
|Key Market Opportunities||Rising awareness among consumers for vehicle safety|
|Key Market Drivers||
The market’s CAGR is calculated to be~8% in the forecast period.
Denso Corporation (Japan), General Electric Company (US), and Honeywell International, Inc. (US) are the top 3 key players included in the study of market.
The mounting awareness among consumers for vehicle safety is the key driving factor for the global collision avoidance system market.
Europe is said to be the stabled market in terms of value and volume across the globe.
The process type, sales channel, vehicle type are the segments included in the study of global collision avoidance system market.