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IMARC Group, a leading market research company, has recently releases report titled “Automotive Blind Spot Detection System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global automotive blind spot detection system market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the automotive blind spot detection system market?
How big is the automotive blind spot detection system market?
The global automotive blind spot detection system market size reached US$ 4.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 9.8 Billion by 2028, exhibiting a growth rate (CAGR) of 12.1% during 2023-2028.
What is an automotive blind spot detection system?
What is an automotive blind spot detection system?
The global automotive blind spot detection system market is driven by the increasing safety concerns among users, along with numerous favorable government initiatives.The automotive blind spot detection (BSD) system is a sensor-based active safety system that is designed for passenger safety. It is widely employed in automobiles to identify objects in the periphery of the vehicles with the help of embedded sensors and digital cameras that utilize electromagnetic waves or computer-processed images to determine the presence of objects. These systems utilize tactile, audible, vibrating or visual signals to alert the driver regarding the presence of the objects or vehicles that are present at the blind spot areas of adjacent lanes of traffic. As a result, they are widely being equipped in passenger and commercial vehicles to avoid road accidents.
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What are the growth prospects and trends in the automotive blind spot detection system industry?
What are the growth prospects and trends in the automotive blind spot detection system industry?
The market's primary driving force is the increasing concern among users regarding vehicle safety. This, coupled with the thriving global automotive industry, has led to a growing demand for advanced safety technologies in automobiles. The rise in road accidents has also contributed to a heightened awareness of road safety among the general public, driving the demand for blind-spot detection (BSD) systems in vehicles. Government initiatives to promote road safety have also supported this trend. Additionally, the market is fueled by the growing preference for luxury vehicles equipped with innovative technologies, thanks to the increasing disposable incomes of consumers. Commercial vehicle manufacturers are also integrating radar-based BSD systems for object detection at various ranges, further driving market growth. Furthermore, companies are introducing innovative products like smart mirrors and multicamera systems that enhance convenience and safety by integrating with blind spot detection systems. Taking all these factors into account, the market is expected to expand at a CAGR of 12.1% from 2023 to 2028.
What is included in market segmentation?
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Vehicle Type:
Passenger Cars
Commercial Vehicles
Breakup by Technology:
Radar Sensor
Ultrasonic Sensor
LIDAR Sensor
Others
Breakup by End User:
Original Equipment Manufacturers (OEM)
Aftermarket
Breakup by Region:
North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa
Who are the key players operating in the industry?
Who are the key players operating in the industry?
The report covers the major market players including:
Autoliv Inc.
Continental Aktiengesellschaft
Delphi Technologies Plc
DENSO Corporation
Ficosa International S.A. (Panasonic Corporation)
Magna International Inc.
Mando Corporation
Preco Electronics Inc. (Sensata Technologies)
Robert Bosch GmbH
Smart Microwave Sensors GmbH
ZF Friedrichshafen AG (Zeppelin-Stiftung).
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