Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Blind Spot Monitoring Market (Type: Passenger, Commercial; Product: RADAR Sensor, Ultrasonic Sensor, Application: OEM, After Market) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2025”, forecasts that the global market for blind spot monitoring is expected to grow at a CAGR of more than 14% from 2018 to 2025 and reach the market value of over $11 billion by 2025. A blind spot detection system is a sensor based system which is implemented in automobiles to help vehicle driver monitor blind spots at the rear and side. Blind spot monitoring system provides warning alarm in form of a vibrating or visual, audible, tactile signals and is helpful when parking or when other vehicles are approaching from the sides or rear. Mirrors are mostly used to get rid of blind spots; however, it still leaves a huge dead on all sides of the vehicles. Blind spot monitoring system is designed for passenger safety and gives information to the driver about blind spot areas of adjacent lanes. The major factors driving the growth of blind spot monitoring market are increasing awareness for car safety and comfortability. Many manufacturers have implemented blind spot monitoring technology in both passenger and commercial vehicles, which has increased the demand for automobiles. Furthermore, increasing number of road accidents, and awareness about road safety are the factors dominating the market growth. Moreover, the government regulations regarding road safety are also expected to boom the demand. However, the higher cost of technology, and availability of system in premium vehicle alone are expected to hinder the market growth.
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RADAR Sensor Technology Shaping Automotives Of Future
A RADAR sensor is a monitoring system that uses radio waves to examine the range, angle, or velocity of objects passing nearby. RADAR waves expand into a mid-range of automotive, where automakers are looking at high resolution radar for short-range and autonomous-car application. In Europe, blind spot monitoring market is likely to continue its growth during forecasted period due to encouragement of OEMs by New Car Assessment Program (NCAP) to adopt advanced driver assistance systems in all new cars by applying stringent safety requirements. Furthermore, RADAR sensor is dominating the automotive sector by its advanced driver assistance and is anticipated to grow in forecasted period. RADAR will become the custom for blind spot detection over next few years, whereas older systems like ultrasonic sensors will be phased out. Blind spot monitoring system will be integrated with the combination of radar and LIDAR units where the system will use camera or cameras to give a better coverage and field of view. The design of blind spot detection system will allow vehicles in future to change lanes automatically to avoid accidents. Moreover, the design of system is to be highly accurate blind spot detection making sure nothing is in that lane. Therefore RADAR sensor will be boosting the demand of market in forecasted period.
Future Challenges and Opportunities
The major challenge for blind spot monitoring market is the complexity and cost pressure. Increase in regulations with respect to environmental and safety standards will increase the cost and complexity, as they have to manage their market globally. Furthermore, OEMs had developed alternatives for power train technology for lower-emission vehicles without knowing what will end up being the advanced technology. This advanced technology is in need of insignificant assets.
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North America is the Most Beneficial Market for Automotive Blind Spot Monitoring
The blind spot monitoring market has been classified into North America, Asia-Pacific, Middle East & Africa, and Latin America. In 2017, blind spot monitoring market was dominated by North America with around 50% share and is anticipated to continue the same trend during forecast period. In upcoming years, the safety regulations related to vehicles are expected to be more stringent in North America. Therefore, manufacturers are focusing on production of vehicles to achieve top ratings, which in turn is spurring the demand for automotive safety systems and booming the global automotive blind spot monitoring market in response.
Geographical Analysis
Blind spot monitoring market is segmented into different regions as North America, Europe, Asia-Pacific and rest of the world. The highest share of these markets is in two regions, namely Europe and North America, and both these regions are known as the homes of major blind spot detection system manufacturers and manufacturing capitals of luxury cars. For instance, “The United States New Car Assessment Program (US NCAP)” is supporting high demand for advanced safety features in automobiles including blind spot monitoring. In Asia-Pacific region, mainly three countries - Japan, China, and India are expected to grow during forecasted period. Due to rise in production of luxury cars, advanced safety standards and measures taken by government to moderate fatal accidents are expected to drive the high demand for blind spot monitoring in this region.
Factors Driving Ultrasonic Sensors Blind Spot Monitoring
Some of the key players operating in the global blind spot monitoring market, profiled in the report include Robert Bosch GmbH, Denso, TRW Automotive, Delphi, Continental AG, Autoliv Inc. and Aisin Seiki, among others.
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