Blind Spot Monitoring Market Size to Reach USD 37.3 Billion by 2030 growing at 12.6% CAGR - Exclusive Report by Acumen Research and Consulting

Author: Acumen Research and Consulting

According to Acumen Research & Consulting, the global Blind Spot Monitoring Market reached USD 12.9 Billion in 2021. The market is projected to grow significantly, reaching around USD 37.3 Billion by 2030, with a consistent CAGR of 12.6% during the forecast period

The blind spot monitoring (BSM) industry is undergoing a comprehensive analysis that sheds light on its dynamic and rapidly evolving nature. At its core, this analysis underscores the industry's unwavering commitment to enhancing vehicle safety through technological innovation. One of the driving forces behind the growth of the BSM market is the increasing awareness of safety concerns among consumers. With road safety becoming a paramount concern, the demand for advanced driver assistance systems (ADAS) is on the rise. Moreover, governments across the globe are enacting stringent safety regulations, which further accelerate the expansion of this market.

In the realm of technology, BSM systems are witnessing remarkable advancements. These systems have become more sophisticated, integrating cutting-edge sensor technologies such as radar, ultrasonic sensors, and cameras. This technological evolution enhances the accuracy and reliability of BSM systems in detecting vehicles and objects in blind spots, thereby significantly bolstering their effectiveness.

The integration of BSM systems into original equipment manufacturer (OEM) vehicles is a notable trend in the industry. OEMs are increasingly incorporating BSM systems into their vehicle models, both as standard features and optional add-ons. This widespread integration of BSM technology in OEM vehicles serves as a significant driver of market growth.

In parallel, the aftermarket segment of the BSM industry is thriving. Consumers are actively seeking to retrofit older vehicles with BSM systems to enhance safety. The availability of aftermarket BSM kits caters to this demand, offering consumers an accessible means to upgrade the safety features of their existing vehicles.

Regionally, Europe and North America continue to assert dominance in the BSM market. This dominance is attributed to factors such as strong consumer demand, rigorous safety regulations, and the presence of major automotive manufacturers. However, the Asia-Pacific region is rapidly emerging as a significant growth market. Countries like China and India are at the forefront of this growth, driven by increased production of premium vehicles and government initiatives aimed at reducing road accidents.

The industry does face its share of challenges. The high cost of BSM technology, particularly in luxury vehicles, presents a hurdle in wider adoption. Moreover, there is a need for further standardization to ensure seamless interoperability across different BSM systems, thus enhancing the overall effectiveness and reliability of these safety features.

Looking to the future, the BSM industry remains poised for sustained growth. Opportunities are on the horizon, including the development of more affordable BSM solutions, increasing consumer acceptance of these systems, and their integration into autonomous and connected vehicles. As safety continues to be a top priority, BSM is expected to play a pivotal role in shaping the future of automotive safety systems.

Blind Spot Monitoring Market Value

Blind Spot Monitoring Market Statistics

  • The global blind spot monitoring market is projected to reach USD 12.9 billion by 2021, with a steady expected CAGR of 12.6% from 2022 to 2030
  • Europe led the market in 2021, with a commanding share exceeding 39%
  • The Asia-Pacific region is anticipated to experience robust growth, with an expected CAGR surpassing 13% from 2022 to 2030
  • The radar technology dominated the market in 2021, representing over 80% of the total market
  • The passenger vehicle type segment contributed approximately USD 7.7 billion in 2021
  • Advancements in sensor technologies is one notable trend in the automotive blind spot monitoring market

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Blind Spot Monitoring Market Dynamics

Increasing Focus on Vehicle Safety is Fueling the Worldwide Automotive Blind Spot Monitoring BSM Market Value

The increasing focus on vehicle safety signifies a heightened emphasis on implementing various measures and advanced technologies in vehicles to enhance the overall safety of both drivers and passengers. This trend involves the widespread adoption of advanced driver assistance systems (ADAS) that are designed to prevent accidents and reduce the severity of collisions. These systems include features like blind spot monitor, which alerts drivers to vehicles in their blind spots, lane-keeping assist, which helps drivers stay within their lanes, automatic emergency braking, which can intervene to stop or slow down the vehicle in case of imminent collisions, and adaptive cruise control, which adjusts the vehicle's speed to maintain a safe following distance.

Governments and regulatory bodies worldwide are actively introducing stricter safety standards and regulations, compelling automakers to prioritize safety features in their vehicles. This growing focus on vehicle safety is driven by the aim to reduce road accidents, injuries, and fatalities, making the roadways safer for everyone. As a result, automakers are continually innovating and integrating advanced safety technologies to meet these evolving safety requirements and consumer demands for safer vehicles.

Shift towards Automated and Connected Vehicles Will Generate Surplus Worldwide Blind Spot Monitoring (BSM) Market Opportunities

The shift towards automated and connected vehicles represents a revolutionary transformation in the automotive industry. Automation involves vehicles that can operate autonomously, utilizing advanced technologies such as sensors, artificial intelligence, and machine learning to navigate roads and make critical driving decisions with minimal human intervention. This transition aims to enhance road safety by reducing accidents caused by human error and introducing features like adaptive cruise control, lane-keeping assist, and automated emergency braking, all of which contribute to safer and more convenient driving experiences.

In tandem, connected vehicles are equipped with internet connectivity and the ability to communicate with other vehicles and infrastructure. This connectivity opens up possibilities for real-time data exchange, enabling features like real-time traffic updates, predictive maintenance, and remote diagnostics. Furthermore, it supports the development of smart transportation systems, which can alleviate traffic congestion and improve overall transportation efficiency. However, this shift also brings challenges, particularly in the realms of cybersecurity and regulatory adaptation, as the industry seeks to ensure the secure and ethical deployment of these advanced technologies.

Blind Spot Monitoring Market Segmentation

  • The global market for blind spot monitoring has been categorized into technology, vehicle type, vehicle propulsion, sales channel, and region
  • The technology segment of the blind spot monitoring industry is split into camera, ultrasound, and radar
  • The vehicle type segment is bifurcated into passenger cars and commercial vehicles (heavy and light commercial vehicles)
  • The vehicle propulsion segment encompasses ICE and electric
  • Sales channel can be sub-segmented into OEM and aftermarket
  • Geographically, the market is segmented into five regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa (MEA)

Blind Spot Monitoring Market Share

Among technologies, the radar occupied utmost market share in 2022.

Based on blind spot monitoring market analysis, the passenger car vehicle type is expected to dominate from 2022 to 2030.

In 2021, the ICE type maintained a substantial share, a trend expected to continue.

The OEM sales channel segment currently leads, while aftermarket is gaining momentum.

Blind Spot Monitoring Market Regional Outlook

Europe, including countries like Germany, the United Kingdom, and France, has witnessed substantial growth in the BSM market. The increasing sales of luxury and premium vehicles in Europe have contributed significantly to the growth of BSM technology. Additionally, the European automotive market has been at the forefront of safety innovations, and BSM has gained popularity as a crucial safety feature. Europe is expected to remain a robust market for BSM, driven by consumer demand for safety and regulatory support for advanced safety systems.

North America, including the United States and Canada, has been a prominent market for BSM systems. The region has seen strong consumer demand for advanced safety features, which has driven the widespread adoption of BSM technology in both passenger vehicles and commercial fleets. Stringent government regulations, such as the United States New Car Assessment Program (US NCAP), have further bolstered the demand for advanced safety systems, including BSM. North America is expected to continue as a significant market for BSM, with ongoing advancements in technology and safety standards.

Furthermore, the Asia-Pacific region, including Japan, India, and China, is experiencing rapid growth in the BSM market. The increase in the production of premium vehicles, coupled with the development of stricter safety standards and government regulations to mitigate road accidents, has led to greater adoption of BSM technology.

Blind Spot Monitoring Market Players

Some prominent blind spot monitoring companies covered in the industry include Continental AG, Denso Corporation, Robert Bosch GmbH, Aptiv PLC, Valeo SA, Autoliv Inc., ZF Friedrichshafen AG, Magna International Inc., Infineon Technologies AG, Panasonic Corporation, Texas Instruments Incorporated, and NXP Semiconductors N.V.

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Mr. Frank Wilson

Acumen Research and Consulting

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