Advancements in the automobile industry have led to the development of collision avoidance systems (COS). These COS are called life saver technologies, as they help in reducing the severity of accidents. Blind spot detection (BSD) is a collision avoidance system that tracks the traffic just behind the vehicle, including the blind spot of the consumer's vehicle. The system keeps the alert active until the vehicle in the neighboring lane has exited the blind spot.
The system utilizes either radar and ultrasonic sensors or cameras placed on the rear and side of the vehicle, to monitor the road area behind and next to the consumer's vehicle, warning the driver if he tries to change lanes.
In this report, Technavio covers the present scenario and growth prospects of the global automotive blind spot detection 2015-2019. The report also presents the vendor landscape and a corresponding detailed analysis of the top five vendors operating in the market. The market is segmented into the following regions:
Americas: stringent safety regulations boost growth
In terms of revenue, the market in this region is predicted to grow at a CAGR of over 21% during the forecast period.
Technavio expects the market to witness a steady growth from countries such as the US, Brazil, Mexico, Chile, and Panama, with most of the demand coming from North America, particularly the US. The rise in the number of accidents, owing to abrupt changing of lanes by the driver without noticing and analyzing the rear-view and blind spot, is expected to support the growth of the market. Additionally, stringent safety regulations such as mandatory rear-view cameras in all vehicles are expected to contribute to the market growth.
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EMEA: increase in number of accidents promotes growth of BSD market
In terms of revenue, the market is predicted to grow at a CAGR of over 20% during the forecast period.
According to Technavio, the market will grow at a fast pace in the coming years due to the high number of accidents, and rising safety concerns among both the consumers and government authorities. Faizan Akhtar, a lead analyst at Technavio for the automotive components industry, says, “Stringent safety rules and regulations are being imposed by the European Commission and car assessment programs such as Euro NCAP, mandating the installation of collision avoidance systems, which has led to an increase in demand for automobile BSD equipment.”
APAC: fastest-growing region in the BSD market
APAC, growing at a CAGR of over 25%, is the fastest-growing region in the BSD market.
The region has witnessed a rapid increase in the number of automobiles in operation, which has led to an increase in the number of accidents because of abrupt lane changes, unknowing shifting of lanes without noticing other vehicles in blind spots, and inaccuracy of the driver in maintaining safe distance between vehicles. “This has resulted in growing safety concerns among consumers and government authorities, which is expected to positively impact the market growth during the forecast period,” says Faizan.
- Xiamen Autostar Electronics
- ZF TRW
Some of the other prominent vendors listed in the report are: Delphi Automotive, Robert Bosch (Bosch Mobility Solutions), Ford Motor, Preco Electronics, Delphi, DENSO, Autoliv, and Ficosa International.
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