DUBLIN--(BUSINESS WIRE)--The "Blind Spot Solutions Market by Product Type (BSD, Park Assist, Backup Camera, Surround View & Virtual Pillar), Technology (Camera, radar & Ultrasonic), End Market (OE & Aftermarket), Electric Vehicle, Vehicle Type & Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
Global Blind Spot Solutions Market is Projected to Grow at a CAGR of 13.2%
Advent of autonomous vehicles and increasing demand for semi-autonomous vehicle
The demand for semi-autonomous vehicles has increased significantly in the last few years, which has accelerated the growth of the blind spot solutions market. Semi-autonomous vehicles are self-driven vehicles with the ability to sense their environment and navigate to the destination with partial human-based physical input or voice commands. The main reason for the increasing adoption of semi-autonomous and autonomous vehicles is increased safety. Therefore, a large number of safety features will be integrated into such vehicles.
In semi-autonomous vehicles, the environment around the vehicle is detected through sensors such as radar, ultrasonic, LiDAR, and cameras. Blind spot solutions such as blind spot detection system, surround view camera, and digital side view systems can also be used to sense the environment better. Hence, increasing adoption of semi-autonomous and autonomous vehicles will boost the blind spot solutions market.
Asia Oceania is projected to be the fastest growing market
In recent years, the automotive industry has witnessed higher growth in terms of vehicle production in Asia Oceania than in the matured markets of Europe and North America. Asia Oceania has emerged as a hub for automotive manufacturing, given the nascent stage of the market, state-promoted support, and cost advantages for OEMs. The growth of the automotive optoelectronics market in the Asia Oceania is expected to be driven by the increasing government regulations and promotions about road safety.
The R&D activities on autonomous vehicles are continuously growing in the region. China and Japan are the leading countries from the technology perspective. Japan is planning to start truck platooning tests in 2018 and aims to commercialize autonomous trucks by 2022. This will boost the growth of blind spot solutions market in the Asia Oceania region.
Passenger car is expected to be the largest vehicle type segment in the blind spot solutions market
The passenger car segment is estimated to contribute to the largest share of the blind spot solutions market. The passenger car consumers are becoming increasingly aware of vehicle safety. Owing to the growing demand for safer and more comfortable vehicles, the passenger car segment is projected to lead the market in 2027.
Governments around the world are planning to mandate active safety systems in passenger cars. In the US and Canada, backup cameras are mandated for cars manufactured from May 2018 onward. These mandates are likely to drive the blind spot solutions market for passenger cars. The increasing demand for luxury vehicles in developing countries is another driving factor for the growth of blind spot solutions market.
OE market is expected to be the largest and fastest growing segment by end market type
New vehicles are equipped with many active and passive safety systems. Blind spot solutions feature as active safety systems. The initial stage of installation by OEMs is a crucial phase for the blind spot solutions market. Most OEMs offer many standard safety and convenience features that include blind spot solutions. In addition, optional high-end features such as a surround view system, intelligent park assist, and intervention system for blind spots are customizable according to the requirement. For instance, Toyota Sequoia offers blind spot detection and surround view system as standard features.
On the other hand, Toyota Avalon offers a surround view camera as an optional feature. Nowadays, as a product differentiation strategy, OEMs are increasingly focusing on providing safety and convenience features as a standard fitment in vehicles along with aftersales services. In addition, increasing government mandates are pushing OEMs to provide many safety features safety as standard fitment. This will boost the OE market for blind spot solutions.
- Introduction of Stringent Government Programs Pertaining to Vehicle Safety
- Increasing Consumer Demand for Active Safety Systems
- Increasing Adoption of Smart Mirrors in Automotive Industry
- Increasing Demand for Premium Vehicles
- Regulations Pertaining to Mirror-less Vehicles
- Usage of Radar Detectors Considered Illegal in Some Countries
- Advent of Autonomous Vehicles and Increasing Demand for Semi-Autonomous Vehicle
- High Growth Potential of Multi-camera Systems in Emerging Markets
- Constraints in Real-Time Image Processing in Surround View Systems
- Threat of Security and Environmental Constraints
- Ambarella Inc.
- Hyundai Mobis
- Logigo Automotive
- Murakami Corporation
- Muth Mirror Systems
- Samsung Electro Mechanics
- Samvardhana Motherson
- Sl Corporation
- Voxx International
- ZF Friedrichshafen
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