Awareness Regarding Road Safety, One Of The Key Factors Driving The Growth Of The Blind Spot Monitoring Market

Author : Acumen Research and Consulting

A blind spot detection system is implemented in automobiles, and it works as a sensor for the driver to monitor the rear and side blind spots. Blind Spot Monitoring System provides warning alarm in the form of an audible, vibrating or visual, tactile signals and aids in parking the vehicle or in a case where another vehicle or vehicles are approaching from either the side or the rear. A RADAR sensor is a monitoring system that uses radio waves to evaluate the range, velocity or angle of objects passing nearby. It is expected that blind spot monitoring system will be integrated with the combination of radar and LIDAR units where the system will use camera or even multiple cameras to give a much more enhanced coverage and field of view. The vehicles in future will be able to change lanes with the design of blind spot detection system allowing them with a better view.

Blind Spot Monitoring market is driven by the growing consciousness among people regarding road safety. The increasing number of road accidents has made governments establish regulations to ensure better safety. Even manufacturers striving top ratings for their vehicles are seeking automotive safety systems, thus booming the automotive blind spot monitoring market further. According to the estimates, in the forecast period of 2018 to 2025, the global Blind Spot Monitoring market is expected to grow at a CAGR of 14% achieving a total market value of $11 billion by the end of this period.

However, there are certain challenges that may threaten the growth of the global Blind Spot Monitoring market. The increasing cost and complexity with the increasing regulations globally is a challenge facing the industry.

Here are some more points that explain the global Blind Spot Monitoring market:

  • The global Blind Spot Monitoring market can be segmented into the regions of North America, Asia- Pacific, Middle- East & Africa, and Latin America. In 2017, almost 50% of the market share was held by North America and Europe. This trend is expected t continue during the forecast period considering both these regions are home to Blind Spot Monitoring system manufacturers and the manufacturing capitals of luxury cars.
  • India, China and Japan are expected to grow in the Asia- Pacific region during the forecast period.
  • Some of the key players of the global Blind Spot Monitoring market include Robert Bosch GmbH, Denso, TRW Automotive, Delphi, Continental AG, Autoliv Inc. and Aisin Seiki.

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