Market Research Future (MRFR’s) recent study finds that the global collision avoidance sensors market is set to grow at 22% CAGR between 2019 and 2025. The market is likely to touch a valuation of USD 15 Bn by the end of the forecast period. Increased incidences of road mishaps coupled with enforcement of stricter safety regulations is necessitating the development of superior safety systems.
Collision avoidance sensor is a highly advanced safety technology that is witnessing a quick uptake in vehicles and aircrafts. The rising vehicle parc worldwide, development of fast-lane highways and infrastructure are some of factors that are influencing the automotive sector.
Disruptive technologies continue to impact the automotive sector in different ways. With lines becoming more blurred between industries, dramatic changes are visible in the end outcome. Sectors such as automotive and aerospace are entering a phase where cross-verticals initiatives are increasing substantially. Such industry trends are opening new widows of opportunities for collision avoidance sensors. Automotive companies are collaborating with OEMs that specialize in sensor technology. Substantial investments are being made is developing innovative collision avoidance sensor technology. This allowing carmakers to introduce innovative safety systems such as auto-parking, vehicle communication system, pre-crash braking system, and auto-adjust headlamp.
The global collision avoidance sensors market is also benefiting from increased sale of utility vehicles, high-end luxury vehicles, sport s utility vehicles (SUVs) is fast-developing countries. Apart from the automotive sector, collision avoidance sensors are also finding application in other industrial vertical such as aircraft manufacturing, mining, railways, etc. In terms of application, drones offer attractive application opportunities to collision avoidance sensors market. Increase popularity of drones in expected to have a positive impact on the market growth. Nonetheless, the high cost of sensor production undermines the market prospect to certain extent.
Global Collision Avoidance Sensors Market: Segmental Analysis
The segmental analysis of the market has been conducted bases on application, technology and region.
Based on application, the market has been segmented into blind spot detection (BSD), lane departure warning system (LDWS), adaptive cruise control (ACC), parking assistance, forward collision warning system (FCWS) and others. Based on application, the market has been segmented into ultrasound, camera, radar, LiDAR and other.
Global Collision Avoidance Sensors Market: Regional Analysis
Key regions covered in the study include Europe, North America, the Middle East & Africa (MEA), Central and South America, and Asia Pacific (APAC). Of these, Europe currently accounts for the most attractive share of the global collision avoidance sensors market. The existence of a vast automotive industry in the region contributes to the market growth. In addition, introduction of stricter regulation on vehicular safety is prompting the adoption of advanced collision prevention technologies such as collision avoidance systems (ACAS) across two wheelers, four wheeler and aircrafts. In terms of value, North America holds a second position is the global collision avoidance sensors market. Increased emphasis on safety in sectors such as railways, road transport, mining and construction is providing an impetus to the market in North America. Meanwhile, the APAC collision avoidance sensors market is set to exhibit the fastest growth during the assessment period.
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