ID: MRFR/AM/3450-CR | 100 Pages | Published By Sejal Akre on August 2022
The Global Blind Spot Object Detection System Market Size is expected to cross USD 10,600 million by 2030 at a CAGR of 13% during the forecast period ending in 2030
$10,600 million
13%
Europe
2022-2030
The blind spot object detection system market size is projected to be worth USD 10,600 million by 2030, registering a CAGR of 13% during the forecast period (2022–2030).
A blind spot object detection system alerts the driver of vehicles for obstacles in blind spots around the vehicle. These blind spot sensors mount to the side of the vehicle to detect objects in the side blind spots using radar sensors and cameras.
The blind spot object detection system uses the automotive radar sensors situated on the rear side of the vehicle to monitor the surroundings in the lanes adjacent to the vehicle. The COVID-19 pandemic affected the automobile industry worldwide due to decreased demand for vehicles and restrictions on manufacturing plants. The COVID-19 pandemic has had a swift and severe impact on the global blind spot object detection system market.
The restrictions due to COVID-19, introduced in 2020, have resulted in factory closures, significant delivery delays, and measurable financial losses for many companies in the automobile industry. The manufacturers in the blind spot object detection system market import raw materials from various regions around the globe. The coronavirus pandemic has affected the supply chain, resulting in a shortage of components. The shortage of components in the initial phase of the pandemic led to decreased production of blind spot object detection systems. The restrictions in most of the regions are now removed by the respective governments. This leads to normalizing the supply of components to the manufacturers.
Technological advancement is a key component of the blind spot object detection system business. Over the last year, the vehicle industry has seen great technological advancements such as autonomous vehicles, the development of smart mirrors, multicamera systems, vehicle connectivity, electrification, shared mobility, artificial intelligence, and others. Since the invention of engines that used fossil fuels to power mobility, technology has had a huge impact on the shape of automobiles. In addition, the blind spot object detection system assists in keeping the blind spot in view and warns of possible crashes when changing lanes, leading to early detection, increased response time, and prevention of car crashes. Hence, technological advancements in automobiles across the globe are driving growth in the blind spot object detection system market.
Blind spot object detection system limitations will vary depending on the vehicle; however, some systems are not designed to perform well at low speeds. This means that the system seems to be either limited or completely useless at lower speeds. In addition, another primary drawback is the visual warning light. The visual signal is a light installed in the side-view mirror in certain vehicles. The small light symbol may be difficult to view for a driver due to certain external factors, such as bright lights may make the light even more difficult to notice. Moreover, extreme weather is likely to render blind spot object detection systems ineffective. Camera-based systems reduce visibility in areas prone to adverse weather conditions such as fog, snowfall, and rain. Therefore, the risk of the camera's lens being damaged is high. As a result, the ineffective usage of blind spot systems under extreme weather conditions, as well as the high cost of camera replacement, are also expected to hamper the growth of the global blind spot object detection system market.
The current trend in developed countries worldwide is to buy premium category cars with more precise, efficient, and fast blind spot object detection systems. It uses cameras, radar sensors, light detection, or ultrasonic systems to alert a driver when another object reaches a car's blind spot. The blind spot object detection system market for luxury cars has been fueled by a considerable increase in actual luxury offerings in vehicles, a movement in consumer preferences from sedans to SUVs, and rising disposable incomes. As emerging technologies are adopted in automobiles to make them more efficient and sustainable, demand for blind spot object detection systems remains high in personal and commercial vehicles. Moreover, the increasing consuming power of emerging markets such as China, France, Germany, Italy, and Spain are leading the path of adopting newer and modern blind spot object detection systems. Thus, the growing demand for high-end passenger cars and commercial vehicles supports the growth of the global blind spot object detection system market.
R&D is a brainstorming process and requires high knowledge and skills. The process of product development starts with conceptualization, which is followed by the design of the product, then the development, and at last, the testing. The R&D team works on the improvements of product features that focus on the customer needs. Moreover, in this market, some companies enter partnerships or collaborations to manufacture products.
Manufacturing is a fast process, followed by testing the physical characteristics of the products. The manufacturing process can be optimized by understanding the factors affecting production efficiency. To increase awareness in the blind spot object detection system market, the leading players are conducting seminars and sessions, which give manufacturers an idea about the availability of the new advanced products. The company’s marketing and sales strategies play a crucial role in understanding the characteristics of the industry in which it is competing. The companies operating in the blind spot object detection system market are more inclined toward collaborating with companies in a new region for better product reach and availability, apart from marketing through different channels.
Post-sales monitoring plays a very important role in this market. As blind spot object detection systems are developed for a special purpose, post-sales monitoring is necessary. This stage begins with a periodic safety update report of the products to be submitted to the respective officers after approval. It is given by the sponsor or the manufacturer to which the product belongs.
Based on technology:
Radar sensor, and camera are the segments based on technology of the Global Blind Spot Object Detection System Market. The market is dominated by the radar sensor segment during the forecast period. While the automotive camera segment is relatively a new technology for the blind spot object detection system market to boom in the future.
Based on vehicle type:
Passenger vehicle and commercial vehicle are the segments based on vehicle type of the Global Blind Spot Object Detection System Market. The market is expected to be dominated by the passenger vehicle segment during the forecast period. The growing mobilization of rented fleets, sharing cabs, and surging intra-city transportation is driving the demand for passenger blind spot object detection systems. Countries such as France, Italy, Germany, Japan, and the UK have the largest passenger transport network. In addition, the increasing usage of electric vehicles and autonomous vehicles for passenger transportation among these countries is fueling the market demand.
Based on sales channel:
OEM and aftermarket industry are the segments based on sales channel of the Global Blind Spot Object Detection System Market. Original equipment manufacturer (OEM) is defined as a company which manufactures the vehicles. The blind spot object detection system which is use by automotive manufacturers are covered under this segment. The OEM segment dominated the global blind spot object detection market.
The regions are classified as North America, Europe, Asia-Pacific, Middle East & Africa and South America. The ease of availability of raw materials and mass production of automobiles in numerous countries across the Asia-Pacific region has propelled the blind spot object detection system market's growth. Increasing disposable income of customers has led to broader adoption of automobiles and has changed the consumer preference from entry-level to mid-variant level. As per the data published by the National Road Safety Policy, the rising number of road accidents and recent changes in government policies have helped to encourage improved road safety with augmented growth. Also, this has enabled and empowered the different stakeholders to play a meaningful role in promoting road safety in 2019.
Rising urbanization and expansion of the rail network have coupled with the growth of blind-spot detection systems. The increasing demand for safety features in automobiles also results in the growing demand for the blind spot object detection system market. Therefore, this helps for increasing disposable income to produce automobiles across the Asia-Pacific region. Emerging economies, such as China and India, possess high growth potential due to huge numbers of automobile manufacturers.
Increasing demand for safety features in automobiles, adoption of smart mirrors in the automotive industry, and rising demand for premium vehicles are boosting the adoption of blind spot object detection systems in North America. In addition, increased awareness related to road safety and good driving practices contributes to the regional market growth. In August 2020, Pioneer Electronics (USA) Inc. announced the launch of its Blind Spot Detection (BSD) System lineup. The lineup provides consumers with an aftermarket solution that adds technology to assist drivers by notifying them when a vehicle enters their blind spot zone. The growing automotive industry across the globe, increasing utilization of innovative tools and systems to minimize the instances of vehicle collisions and accidents is providing a thrust to the market growth in North America. North America is the second largest anticipated market segment.
The global blind spot object detection system market is characterized by many regional and local vendors. The regional market is highly competitive, with all the players continually competing to gain a larger market share. The vendors compete based on cost, product quality, reliability, and aftermarket services. Therefore, vendors must provide cost-effective and efficient products to survive and succeed in a competitive market environment.
The Global Blind Spot Object Detection System Market is segmented based on technology, vehicle type and sales channel in this report. The report is focused on various analytical aspects such as market dynamics, Supply chain analysis, Porter’s five forces, competitive landscape, recent developments and company profiles. The insights in this report, comprise, discuss views and predict the emerging and fast-growing segments, regions, and countries with potential of development in the Global Blind Spot Object Detection System Market.
By technology:
By vehicle type:
By sales channel:
By Regions:
Report Attribute/Metric | Details |
---|---|
Market Size | USD 10,600 million |
CAGR | 13% |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2019Â &Â 2020 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Vehicle Type, Technology and Sales Channel |
Geographies Covered | North America, Europe, Asia-Pacific, Middle East & Africa and South America |
Key Vendors | Continental AG (Germany), Robert Bosch Gmbh (Germany), Daimler AG (Germany), Autoliv Inc. (Sweden), Gentex Corporation (US), Mobileye (Israel), ZF Friedrichshafen AG (Germany), Ficosa (Spain), Delphi Technologies (UK), Nissan Motor Co Ltd (Japan), Denso Corporation (Japan), Magna International Inc (Canada), Valeo (France), Hitachi Asmeto Americas, Inc (Japan) |
Key Market Opportunities | Growing demand of consumers for luxury cars |
Key Market Drivers | Increasing demand for safety features in automobiles across the globe Rising technological advancement in automobiles |
The Global Blind Spot Object Detection System Market would register a growth of 13% during the forecast period.
Continental AG (Germany), Robert Bosch Gmbh (Germany), Daimler AG (Germany), Autoliv Inc. (Sweden), Gentex Corporation (US), Mobileye (Israel), ZF Friedrichshafen AG (Germany), Ficosa (Spain), Delphi Technologies (UK), Nissan Motor Co Ltd (Japan), Denso Corporation (Japan), Magna International Inc (Canada), Valeo (France), Hitachi Asmeto Americas, Inc (Japan)
Asia-Pacific would enjoy the upper hand in the Global Blind Spot Object Detection System Market
China and Japan.
Technological limitations associated with the blind spot detection system is a key restraining factor for the Global Blind Spot Object Detection System Market