Blind Spot Alert System Market Predicted to Garner USD 21 Bn By 2032, At CAGR 11.7%
Advancements in sensor technology, artificial intelligence, and machine learning are making blind-spot alert systems more sophisticated and accurate. This is increasing their reliability and effectiveness in detecting potential hazards, leading to market growth.
New York, April 12, 2023 (GLOBE NEWSWIRE) -- Market.us projects that the Blind Spot Alert System Market will exceed *USD 21 billion* by 2032, up from *USD 7.1 billion* in 2022, with a registered CAGR of *11.7%* between 2023 and 2032. Due to the increasing need for safety features and stringent regulations, as well as improved comfort when driving, the global blind spot detector market is expanding rapidly. The market's expansion is hindered by its high entry cost, intricate structure, and low efficiency in adverse weather conditions. On the other hand, technological advancements are anticipated to offer new growth prospects over the forecast period. Blind spot detection market segments are differentiated based on product type, technology, vehicle types, as well as sales channel and region.
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*Key Takeaway:*· By product, in 2022, the *Backup camera system* dominates the market with a *27%* market share.
· By technology, *Radar-based system* dominates the market with a *34%* market share in 2022.
· The *passenger vehicle sector* *dominates* the market in 2022 in the vehicle type segment.
· The *OEM segment* dominates the market with a *59%* market share.
· *North America* is in command of the market with the highest revenue share of *29%*.
· *APAC* is anticipated to have the highest CAGR among all the regions, owing to affordable prices, increasing medical tourism, as well as hospitals and clinics, among other factors.
*Factors affecting the growth of the Blind Spot Alert System Market*
Safety features in cars have become increasingly sought-after as consumers become more concerned with road safety. Blind Spot Alert Systems market are one such safety measure that can help avoid accidents and enhance driving safety on the roads.
· *Government Regulations*: Governments around the world are mandating safety features in automobiles. As a result, Blind Spot Alert System manufacturers are now experiencing an expanded market.
· *Technological Advancements*: Blind Spot Alert Systems have become more accurate and sophisticated due to advances in technology, making them increasingly attractive to customers and stimulating industry growth.
· *Blind spot accidents are becoming more and more frequent:* Blind spot accidents are a leading cause of road accidents, prompting an increase in demand for Blind Spot Alert Systems.
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*Market Growth*
· *Increased Demand for Advanced Safety Features*: As road safety becomes a more pressing concern and accidents occur more frequently, consumers are demanding more advanced safety features in their vehicles. Blind-spot alert systems are one such feature that can help prevent collisions.
· *Increased Adoption of EVs:* With the increasing popularity of electric vehicles, blind-spot alert systems have become an essential feature to enhance their safety. Since electric cars tend to be quieter than traditional models, it may be harder for pedestrians and other drivers to hear them approaching.
· *Government Regulations*: Governments around the world are mandating the installation of blind-spot alert systems in vehicles, with NHTSA mandating that all new cars be equipped with rearview cameras by 2018.
*Regional Analysis*
North America dominates the market with a 29% market share and APAC is projected to witness the fastest growth during the forecasted period. North America dominates the market due to the high adoption rate of advanced automotive technologies in both The US and Canada. Furthermore, there are numerous major automotive manufacturers and suppliers located here which further fuels growth within this region. The European market for blind-spot alert systems is driven by stringent safety regulations and high consumer awareness about automotive safety features. Furthermore, the region boasts a large number of luxury vehicle manufacturers who are early adopters of advanced safety technologies. The Asia-Pacific region is expected to experience the fastest growth in demand for blind-spot alert systems, driven by rising vehicle ownership in countries such as China, India, and Japan.
The region is experiencing rapid urbanization and infrastructure development, driving demand for automotive safety technologies. The Latin American market for blind-spot alert systems is being propelled forward by the growing automotive industry in countries such as Brazil and Mexico. The region is seeing an uptick in demand for premium vehicles equipped with advanced safety features. The Middle East and Africa region is expected to witness steady growth in the blind-spot alert systems market due to rising luxury vehicle sales and increasing awareness regarding automotive safety measures.
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*Scope of the Report*
*Report Attribute* *Details*
Market Value (2022) USD 7.1 Billion
Market Size (2032) USD 21 Billion
CAGR (from 2023 to 2032) 11.7% from 2023 to 2032
North America Revenue Share 29%
Historic Period 2016 to 2022
Base Year 2022
Forecast Year 2023 to 2032
*Market Drivers*· *Technological Advancements:* Blind-spot alert systems are becoming more sophisticated and accurate due to advances in sensor technology, artificial intelligence, and machine learning. This makes the systems more dependable and effective at detecting potential hazards.
· *Increased Adoption of Electric Vehicles:* With the growing popularity of electric vehicles, blind-spot alert systems have become essential features to enhance their safety. Since these cars tend to be quieter than traditional models, it may be harder for pedestrians and other drivers to hear them approaching.
· *Rising Disposable Incomes:* As disposable incomes in emerging economies increase, consumers are increasingly opting for higher-end vehicles with advanced safety features like blind-spot alert systems.
*Market Restraints*
· *High Cost:* Blind-spot alert systems can be expensive to install, especially when retrofitting older vehicles. This may present a barrier for some consumers who may not be willing or able to foot the additional bill.
· *Limited Access:* Unfortunately, blind-spot alert systems are still not standard equipment on all vehicles - particularly entry-level models. This may limit their adoption in certain markets.
· *False Alerts:* These systems may occasionally issue false notifications, which can be distracting for drivers and erode their faith in the system. As a result, drivers may ignore necessary alerts that were actually necessary.
· *Technical Issues:* Blind-spot alert systems rely on various sensors and electronic components that could malfunction or break. This could result in inaccurate or inconsistent alerts, decreasing the efficiency of the system as a whole.
· *Limited Effectiveness:* Blind-spot alert systems may not be effective in all driving conditions, such as heavy traffic or hazardous weather. In such cases, drivers must rely on other safety features like mirrors and turn signals to avoid accidents.
*Market Opportunities*
· *Expansion into Emerging Markets*: With rising disposable incomes in emerging economies, blind-spot alert system manufacturers have an opportunity to expand their services into these locations and potentially boost adoption rates and the size of the market as a whole.
· *Development of Aftermarket Solutions:* Aftermarket companies can design blind-spot alert systems that can be retrofitted onto older vehicles, helping boost adoption rates among consumers who may not have the funds to purchase a brand-new car with this technology. This would increase accessibility for those without access to financing for such upgrades.
· *Partnership with ride-sharing companies:* Blind-spot alert system manufacturers can collaborate with ride-sharing companies to add safety features to their fleet vehicles, potentially increasing adoption rates and giving ride-sharing companies an edge in the competitive marketplace.
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*Report Segmentation of the Blind Spot Alert System Market*
*Product Insight*
Based on the product analysis, the backup camera system dominates the market with a 27% market share. The market is divided into blind spot detection systems, park assist systems, backup camera systems, surround view systems, and other product types. Due to the increasing demand for cars, the backup camera system segment held the largest market share. It is most common in all types of vehicles. Most vehicles have a backup camera or rearview digitizer that assists the driver when parking.
*Technology Analysis*
Based on technology, radar-based system dominates the market with a 34% market share. The market can be divided into Camera-Based Systems, Radar-Based Systems, Ultrasonic-Based Systems, and Other Technologies. As a result of increased vehicle safety regulations, Radar sensors held the largest share in 2017. These sensors send short pulse radio energy to an object while simultaneously listening for its echo with a camera - making them cost-effective solutions.
*Vehicle Type Analysis*
Based on vehicle type, the passenger vehicle segment dominates the market. The market can be divided into passenger vehicles, light commercial vehicles, heavy commercial vehicles, and other vehicles. Due to increasing demand for active safety systems in luxury brands such as BMW, Mercedes-Benz, and Audi, Passenger Cars held the majority share in terms of market share.
*Sales Channel Analysis*
According to sales channel analysis, the OEM segment commands the majority share in the market with 59% market share. The market can be divided into OEM and After Market segments. Due to the increasing demand for BSD systems in luxury vehicles and technological advancements in vehicles designed to enhance their safety features, the OEM segment held the largest share of this market.
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*Market Segmentation*
*Based On Product Type*
· Blind spot detection system
· Park assist system
· Backup camera system
· Surround-view system
· Others
*Based on Technology*
· Camera-based system
· Radar-based system
· Ultrasonic-based system
· Others
*Based on Vehicle Type*
· Passenger vehicle
· Light commercial vehicle
· Heavy commercial vehicle
· Others
*Based On the Sales Channel*
· OEM
· Aftermarket
*By Geography*
· North America
· · The US
· Canada
· Mexico
· Western Europe
· · Germany
· France
· The UK
· Spain
· Italy
· Portugal
· Ireland
· Austria
· Switzerland
· Benelux
· Nordic
· Rest of Western Europe
· *Eastern Europe*
· · Russia
· Poland
· The Czech Republic
· Greece
· Rest of Eastern Europe
· *APAC*
· China
· Japan
· South Korea
· India
· Australia & New Zealand
· Indonesia
· Malaysia
· Philippines
· Singapore
· Thailand
· Vietnam
· Rest of APAC
· *Latin America*
· · Brazil
· Colombia
· Chile
· Argentina
· Costa Rica
· Rest of Latin America
· *Middle East & Africa*
· · Algeria
· Egypt
· Israel
· Kuwait
· Nigeria
· Saudi Arabia
· South Africa
· Turkey
· United Arab Emirates
· Rest of MEA
*Competitive Landscape*
This report on the "Global Blind Spot Monitor Market" provides a valuable perspective, with an emphasis on the global market. Notable players in this space include Bosch, Continental, Magna, Gentex, Denso, ZF Friedrichshafen AG, Ficosa Valeo Autoliv, and Preco Electronics. The competitive landscape section outlines key development strategies, market share analysis, and global ranking analysis for these players.
· Robert Bosch GmbH
· Delphi Automotive LLP
· Continental AG
· ZF Friedrichshafen AG
· Autoliv Inc.
· Denso Corporation
· Valeo SA
· Magna International
· Ficosa Internacional SA
· Aisin Seiki Co.
· NVIDIA Corporation
· Harman International Inc.
· Hitachi
· NXP Semiconductors N.V.
· Other Companies
*Recent Development of the Blind Spot Alert System Market*
· In 2018: Ford, General Motors, and Volvo announced plans to make blind-spot detection systems standard on all new vehicles.
· In 2019: Advanced blind-spot alert systems now utilize multiple cameras along with artificial intelligence algorithms to boost accuracy and reduce false alarms.
· In 2020: The COVID-19 pandemic causes disruptions in the global supply chain and reduces consumer spending on automotive products, such as blind-spot alert systems.
· In 2021: Blind-spot alert systems will become increasingly standard in entry-level vehicles and some manufacturers are beginning to integrate them with other advanced driver assistance features. Furthermore, an increasing trend towards aftermarket solutions that can be retrofitted onto older vehicles is taking shape.
*Browse More Related Reports:*
· Blind spot monitor market The blind spot monitor market is estimated to be USD 10.6 billion in 2019 and is projected to reach USD 28.6 billion by 2027
· Commercial vehicle blind spot detection system market size is set to grow by 961.74 million units from 2021 to 2026
· Blind spot detection systems market The global automotive blind spot detection system market size was valued at USD 3.02 billion in 2018 and is projected to reach USD 6.06 billion by 2026, exhibiting a Compound Annual Growth Rate (CAGR) of 9.2% during the forecast period.
· Automotive digital key market was valued at US$ 1.44 billion in 2022 and expected to grow US$ 7.7 billion Between 2023 and 2032, this market is estimated to register a CAGR of 18.8%.
· Automotive vision systems market Automotive Vision Systems market was valued at USD 15.79 Billion in 2020 and is expected to reach USD 44.69 Billion by the year 2028.
· Automatic Emergency Braking Market accounted for US$ 51.5 Billion in 2022 and is expected to grow by US$ 141.2 billion in 2032. Between 2023 and 2032, this market is estimated to register a CAGR of 10.9%.
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