October 16, 2024 04:01 ET | Source: Research and Markets Research and Markets
Dublin, Oct. 16, 2024 (GLOBE NEWSWIRE) -- The "Blind Spot Monitor Market Report 2024" report has been added to ResearchAndMarkets.com's offering. The blind spot monitor market size has grown rapidly in recent years. It will grow from $14.39 billion in 2023 to $15.93 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The blind spot monitor market size is expected to see rapid growth in the next few years. It will grow to $24.1 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. car parking sensors
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The growth observed in the historic period can be attributed to several factors, including heightened awareness of road safety, growing consumer demand for automated vehicles, increased vehicle production rates, rising consumer expectations for safety features, and the expanding adoption of Advanced Driver Assistance Systems (ADAS) technologies. In the forecast period, growth can be attributed to the proliferation of autonomous vehicles, stricter safety regulations, increasing preference for connected vehicles, the rise of connected vehicle technologies, and heightened focus on road safety initiatives. Key trends expected in this period include deeper integration with ADAS technologies, widespread adoption of sensor technologies, incorporation into autonomous vehicles, advancements in automotive safety, and integration of AI and machine learning. The rising popularity of connected vehicles is set to drive the growth of the blind spot monitor market. Connected vehicles, which feature internet connectivity and can communicate with other vehicles, infrastructure, and external devices, are increasingly favored for their convenience, efficiency, and advanced safety features. These vehicles integrate sophisticated safety systems and real-time data sharing capabilities, facilitating blind spot monitors (BSMs) to deliver more precise alerts. This integration enhances overall driving safety and experience by providing timely warnings and leveraging smart infrastructure for optimized traffic management. Fleet News reported that the percentage of connected vehicles grew from 94% to 97% between 2020 and 2022, underscoring the pivotal role of connected vehicle preferences in fostering the expansion of the blind spot monitor market. Leading companies in the blind spot monitor market are concentrating on developing advanced detection radar sensors. These sensors use cutting-edge radar technology to enhance the accuracy and reliability of blind spot monitoring systems. They are designed to detect objects and vehicles in blind spots, even in adverse weather conditions, thereby enhancing driver awareness and reducing the risk of blind spot-related accidents. Europe was the largest region in the blind spot monitor market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blind spot monitor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the blind spot monitor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. A blind spot monitor (BSM) is a vehicle safety feature designed to assist drivers in detecting cars that may be approaching or located in their blind spots. Typically, BSMs utilize sensors to identify objects in adjacent lanes that are not visible through side and rearview mirrors. By displaying visual indicators in the side mirrors, these monitors enhance driver awareness and reduce the risk of collisions. Blind spot monitors encompass various product types, including blind spot detection systems, park assist systems, backup camera systems, and surround view systems. The blind spot detection system employs sensors to monitor blind spots around the vehicle, alerting drivers to the presence of vehicles or obstacles that may not be visible in the side mirrors. This system helps mitigate collision risks during lane changes, thereby improving overall driving safety.
Different component types such as ultrasonic sensors, radar systems, and cameras are available to cater to different vehicle types, including heavy commercial vehicles, passenger cars, and light commercial vehicles. Blind spot monitors are distributed through various sales channels such as original equipment manufacturers (OEMs) and the aftermarket, catering to vehicles with both internal combustion engines (ICE) and electric propulsion systems.
Major companies operating in the blind spot monitor market are Robert Bosch GmbH, Denso Corporation, ZF Friedrichshafen AG, Continental AG, Hyundai Mobis, Magna International Inc., Valeo SA, Aptiv, Infineon Technologies AG, Autoliv, HELLA GmbH & Co. KGaA, Samsung Electro-Mechanics, Garmin Ltd., Lexus, HL Mando, Pioneer Corporation, Gentex Corporation, Mobileye, VBOX Automotive, Xiamen Autostar Electronics Co.Ltd., SL Corporation.
Blind Spot Monitor Market Other Major and Innovative Companies
For more information about this report visit https://www.researchandmarkets.com/r/loz8op
parking sensors with display About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.