Pune, June 09, 2020 (GLOBE NEWSWIRE) -- The global automotive blind spot detection system market size is projected to reach USD 6.06 billion by the end of 2026. Strict government norms and standards associated with the safety of the vehicle will lead to adoption of BSDs at the time of manufacturing and production. According to a report published by Fortune Business Insights, titled “Automotive Blind Spot Detection (BSD) System Market Size, Share & Industry Analysis, By Component Type (Ultrasonic, RADAR, Camera) By Vehicle Type (Passenger Cars, Commercial Vehicles), and Regional Forecast, 2019-2026,” the market was worth USD 3.02 billion in 2018 and will exhibit a CAGR of 9.2% during the forecast period, 2018-2026.
Blind spot detection is a system that detects any kind of obstacle or person that is in the path of a vehicle. It is used to warn the driver of any obstacle or person that comes in front of the vehicle and is normally not visible to the driver due to particular reasons. These reasons include the presence of passengers in the cars, presence of objects close to the ground, or unclear visibility in the rear view mirror. The system is inclusive of several sensors that are integrated within the vehicle. The ability of BSD to warn drivers of obstacles and subsequently bring down the chances of accidents or other risks has led to a wider product adoption across the world. Additionally, the huge investment in the development of technologically advanced systems will constitute an increase in the overall market size in the coming years.
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The report states that the market value was at USD 3.02 billion in 2018. It also contains the following:
- Detailed examination of the factors driving the market;
- In-depth study of the market segments;
- Comprehensive analysis of the regional prospects and competitive milieu of the market; and
- Careful assessment of the various challenges facing the market.
COVID-19 Impact Analysis:
The recent coronavirus outbreak has had an adverse impact on majority of the businesses across the world. Accounting to the strict measures taken by governments of major countries, it has become increasingly difficult to carry out business operations. The report will include the impact of the Covid-19 pandemic on the global. It will also include the strategies that major companies are adopting to overcome the downfalls during this pandemic.
We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Product Innovations are Benefiting Major Companies across the World
The report encompasses several factors that have contributed to the growth of the market in recent years. The rising automobile use and subsequently high production will open up a huge potential for the companies operating in the market. The increasing number of BSD vendors will contribute to the growth of the market in the coming years. Furthermore, companies are looking to adopt newer strategies as well as newer concepts in their products, with the aim of establish a stronghold in the market. In October 2019, Wabco Holdings announced the launch of a new blind spot detection systems that will be used in commercial vehicles. The company introduced ‘TailGuard,’ a product that will enhance the safety of commercial vehicles. The company claims that the product will help monitor stationery as well as moving objects behind the trailer. Wabco’s latest product will help the company generate substantial market revenue in the coming years.
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Asia Pacific Likely to Dominate; Ease of Availability of Raw Materials Will Aid Growth
The report analyzes the ongoing market trends across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, the market in Asia Pacific is likely to emerge dominant in the coming years. The ease of availability of raw material has contributed to the growth of the market. Additionally, mass production of automotive blind spot detection systems in numerous countries across this region will bode well for the market in the coming years. Factors such as increasing disposable income of customers has led to a wider adoption of automobile and changed the consumer preference from entry level to mid-variant level. As of 2018, the market in Asia Pacific was worth USD 1.66 billion and this value is projected to increase further in the coming years. The market will witness moderately less growth in 2019 due to the coronavirus outbreak. The market in North America will emerge as the second largest market driven by the safety standards and norms imposed by governments.
List of companies profiled in the Automotive Blind Spot Detection (BSD) System Market Research Report are:
- Robert Bosch GmbH
- Delphi Automotive LLP
- Continental AG
- ZF Friedrichafen AG
- Autoliv
- Denso
- Valeo
- Magna
- Ficosa Internacional SA
Industry Developments:
June 2017 – Ficosa announced that it will be developing and manufacturing a digital rear-view system for Audi e-tron. The digital rear-view system is known as camera monitoring system (CMS) will help increase the safety of vehicle.
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Detailed Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Merger, Acquisitions, and Partnerships
4.2 Distributor Analysis – For Major Players
4.3 Growth and Penetration Analysis
4.4 Porter’s Five Forces Analysis
4.5 PEST Analysis
4.6 Vendor Landscape
5. Global Automotive Blind Spot Detection (BSD) System Market Analysis, Insights and Forecast, 2015-2026
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Vehicle Type
5.2.1 Passenger Cars
5.2.2 Commercial Vehicles
5.3. Market Analysis, Insights and Forecast – By Component Type
5.3.1 Ultrasonic
5.3.2 RADAR
5.3.3 Cameras
5.4. Market Analysis, Insights and Forecast – By Region
5.4.1 North America
5.4.2 Europe
5.4.3 Asia pacific
5.4.4 Rest of the World
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Advanced Driver Assistance Systems (ADAS) Market Size, Share & Industry Analysis, By System Type (Adaptive Cruise Control, Blind Spot Detection, Park Assist, Lane Departure Warning System, Autonomous Emergency Braking, Heads-Up Display, Intelligent Headlights), By Component Type (LiDAR, Radar, Camera, Sensors), By Vehicle Type (Passenger Car, Light Commercial Vehicle) and Regional Forecasts, 2019-2026
Automotive Camera Market Size, Share & Industry Analysis, By Technology Type (Stereo, Monocular), By Application Type (Park Assist System, Lane Departure Warning System, Blindl Spot Detection, Lane Keep Assist, Road Sign Assistance, Adaptive Cruise Control (ACC), Intelligent Headlight Control, Others), By Vehicle Type (Passenger Cars and Others), and Regional Forecast, 2019-2026
Automotive Radar Market Size, Share & Industry Analysis, By Range (short-range, medium-range, long-range), By Application (Adaptive Cruise Control (ACC), Automatic Emergency Braking (AEB), Forward-Collision Warning System (FCWS), Blind Spot Detection (BSD), Intelligent Parking Assistance), and Regional Forecasts, 2019-2026
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