Blind Spot Detection Market Is Expected to Reach US$9,058.10 Million by 2033

Blind Spot Detection Market Is Expected to Reach US$9,058.10 Million by 2033

Global Futures Market Insights and Consulting Pvt.  Ltd.

Global Futures Market Insights and Consulting Pvt. Ltd.

Automotive Blind Spot Detection System Global Market to 2033 – The growing demand for luxury vehicles is pushing manufacturers to build cars equipped with advanced safety features.

NEWARK, DE, Nov. 07, 2023 (GLOBE NEWSWIRE) — The blind spot detection market is estimated to be worth a lot. American dollar 2464.90 million In 2023 it is expected to reach 9,058.10 million US dollars By 2033. Between 2023 and 2033, the industry is expected to register a growth rate of 13.90%.

Rising inclination of automobile users towards improved safety features is also boosting the blind spot detection market. An increase in disposable income and changing consumer preferences regarding purchasing vehicles equipped with safety features, such as blind spot detection instead of wide mirrors, are driving demand for blind spot technology.

Crossovers and SUVs have larger blind spots than conventional sedans and hatchbacks. This leads to increased demand for BSD systems in crossovers and SUVs. The automobile industry works hand in hand with major technology companies in order to stay ahead of the competition and offer highly advanced, safe and comfortable cars. Therefore, this scenario will bode well for the blind spot detection market.

Stricter safety standards are being set by governments and regulatory bodies in many countries and the adoption of Advanced Driver Assistance Systems (ADAS) to reduce road accidents and fatalities. Increasing demand for the blind spot detection market during the forecast period. The overall growth in the automotive market, especially in emerging economies, has provided a broader customer base for blind spot detection systems.

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Main sockets

  • In 2022, the blind spot detection market was evaluated 2,164.10 million US dollars.

  • Based on the sales channel, the OEM segment is expected to account for a share of 92% In 2023.

  • Based on technology, camera segments account for a market share of 41.76%

  • Global demand for blind spot detection in China is expected to represent a CAGR of 13.40% Until 2033.

  • Bags in the United States are expected to have a CAGR of 14.0% Between 2023 and 2033.

  • Germany is expected to expand at a compound annual growth rate of 15.2% Between 2023 and 2033.

  • By 2033, the blind spot detection market in India is expected to register a CAGR of 13.70% During the forecast period.

High demand for safety features in vehicles and increasing government regulations mandating the use of blind spot detection system in new vehicles is a major factor in accelerating the growth of the market..opines Nikhil Kaitawade, Associate Vice President at Future Market Insights (FMI).

Competitive scene

The overall market is highly fragmented, with many competitors in the field of surgical blind spot detection. To meet consumer demand and expand their customer base, these companies implement tactics such as mergers, acquisitions, partnerships, collaborations, and new product launches.

  • Bosch is a major player in the automotive technology industry, offering a range of ADAS solutions, including blind spot detection systems. They provide radar and camera systems that help enhance vehicle safety.

  • Magna is a global automotive supplier known for its innovations in driver assistance systems (ADAS) and vehicle safety technologies. They offer a range of solutions, including blind spot detection systems.

  • Visteon Corporation is a technology company specializing in automotive cockpit electronics and ADAS solutions. They offer a range of sensor-based systems, including blind spot detection.

  • Denso Corporation is a leading automotive components manufacturer that develops a variety of ADAS technologies, including blind spot detection systems.

The main players in Blind spot detection market

  • Continental AG

  • ZF Friedrichshafen AG

  • Denso company

  • Mobile i

  • Aptiv Company S.A.L

  • Vioneer Company

  • Autoliv company

  • Value SA

  • Magna International

  • Aisin Seiki Co., Ltd

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Blind Spot Detection Market by Segment

By technology:

  • Ultrasonic sensors

  • lidar sensor

  • Radar sensor

  • Camera sensor

  • Infrared sensor

  • Pressure-gauge

By sales channel:

By vehicle type:

  • Passenger car

  • Heavy commercial vehicle

  • Light commercial vehicle

By region:

  • north america

  • latin america

  • Western Europe

  • Eastern Europe

  • South Asia and the Pacific

  • East Asia

  • Middle East and Africa

author:

Nikhil Kaitwadi (Associate Vice President, Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered more than 1,500 assignments for clients, mostly in the automotive, chemicals, industrial equipment, oil and gas, and services industries.

Its core competency revolves around developing research methodology, creating a unique analysis framework, and statistical data models for price analysis, competition mapping, and market feasibility analysis. His experience also extends widely beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decisions.

Nikhil holds an MBA in Marketing and Information Technology and a postgraduate degree in Mechanical Engineering. Nikhil has authored numerous publications and quoted in magazines like EMS Now, EPR Magazine and EE Times.

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About Future Market Insights (FMI)

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