Acumen research and consulting estimates that the global blind spot monitor market is anticipated to reach market size of around US$ 29,000 Mn by 2027 and is anticipated to grow at a CAGR of around 13% in terms of revenue during the forecast period 2020 – 2027. Blind spots indicate the regions or areas that the driver cannot see outside the vehicle. While mirrors can help to remove a driver's blind spots, they leave hidden areas. Blind spot monitors use a range of sensors and cameras and track areas to ensure a clear view of the blind spots next and to the back of the vehicle. Such monitors warn the driver when a vehicle, person or any other object enters the area of the blind spot. The monitors have played a major role in preventing accidents.
Increasing demand for vehicle safety solutions is one of the main drivers of market growth of the non-motor vehicle detection system. Become the most important factor in premium car configuration due to the obvious high costs of security systems. However, the need for cars and passenger protection makes it important for most cars to implement state-of-the-art safety systems. There are often fatal accidents involving blind spots around the truck or the bus. As its length of commercial vehicles and their width are larger and broader than the length of passenger cars the risk of accidents increases. Business binding spot sensor devices is applied to effectively remove blind spots and minimize injury risks. This safety requirement drives demand for spot detection systems and stimulates the market growth of the spot detection system for commercial vehicles.
Bad Weather Conditions Will Continue to Hamper the Growth of Few Regional Markets
The forecast period is expected to hamper an area with extreme weather like fog, snowfall or precipitation. market growth. The extreme climate of the region makes it inefficient to detect a blind spot. In extreme weather conditions the camera-based system impedes visibility by providing blurring of pictures because the camera lens has a large amount of fog or moisture content. In extreme weather conditions, use of camera based technology could damage the camera lens. Also expected to impede market growth is the high repair cost of camera-based blind spot detection (BSD).
The market research study on “Blind Spot Monitor Market (By Technology: Camera-based system, Radar-based system, Ultrasonic-based system; By Product Type: Blind spot detection system, Park assist system, Backup camera system, Surround view system; By Electric Vehicle Type: BEV, FCEV, HEV, PHEV; By Vehicle Type: Passenger Car, Light, Commercial Vehicle, Truck, Bus; By End Market Type: OE Market, Aftermarket) - Global Industry, Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers detailed insights on the global blind spot monitor market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report provides insights on global blind spot monitor market are technology, product type, electric vehicle type, vehicle type, end market and major geographic regions. The blind spot monitor market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
In the blind spot monitoring system market, Europe has been continuing to follow the Asia-Pacific region with the highest market share. Countries such as Germany, Great Britain and France have dominated Europe, with the increasing sales of luxury and premium vehicles increasing the growth in the Blind Spot Monitoring market. In addition, blind spot monitoring has increased popularity in the market for blind spot monitoring system. As for revenues, the second and third leading regions are North America and Asia Pacific. During the forecast period, the Asia Pacific region will grow at the highest CAGR. Increasing disposable income and higher sales for premium and luxury cars in this region are primarily responsible for growth.
Major players included in this report are Continental AG, ZF Friedrichshafen AG, Robert Bosch GmbH, DENSO CORPORATION, Preco Electronics, Siemens AG, Delphi Automotive LLP, Autolive Inc., Mobileye, Valeo, Ficosa Internacional SA, Xiamen Autostar Electronics CO. Ltd., Smartmicro, and others.
The global blind spot monitor market is segmented as below:
Blind Spot Monitor Market By Technology
Blind Spot Monitor Market By Product Type
Blind spot detection system
Park assists system
Backup camera system
Surround view system
Blind Spot Monitor Market By Electric Vehicle Type
Blind Spot Monitor Market By Vehicle Type
Light Commercial Vehicle
Bus Blind Spot Monitor Market By End Market
Blind Spot Monitor Market By Geography
Middle East & Africa
Growing awareness and government regulatory policies about road safety are expected to drive the growth of the blind spot monitor market.
Availability of substitutes is a major factor expected to restraint the growth of the market.
The market value of blind spot monitor is anticipated to be around US$ 29,000 Mn in 2027.
It is anticipated to grow around 13% CAGR amid the forecast period.2020-2027
The key players operating in blind spot monitor market such as Continental AG, ZF Friedrichshafen AG, Robert Bosch GmbH, DENSO CORPORATION, Preco Electronics, Siemens AG, Delphi Automotive LLP, Autolive Inc., Mobileye, Valeo, Ficosa Internacional SA, Xiamen Autostar Electronics CO. Ltd., Smartmicro, and others.
Asia Pacific is projected to grow at a fast pace during forecast period from 2020-2027.
Europe held maximum share in 2019.