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The Automotive Collision Avoidance System Market Is Estimated To Witness High Growth Owing To Increasing Demand For Advanced Driver Assistance Systems

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ashwinicmi
The Automotive Collision Avoidance System Market Is Estimated To Witness High Growth Owing To Increasing Demand For Advanced Driver Assistance Systems

The automotive collision avoidance system market is estimated to be valued at US$ 62.7 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The automotive collision avoidance system market consists of systems that detect potential collision and automatically engage emergency braking or alert the driver to take preventive actions. These systems incorporate technologies such as adaptive cruise control, forward collision warning, emergency braking, blind spot monitoring, lane departure warning, and others. Collision avoidance systems help to prevent accidents and enhance road safety.

Market key trends:

One of the major trend fueling the growth of automotive collision avoidance system market is the increasing demand for advanced driver assistance systems from consumers. Advanced driver assistance systems provide safety features beyond basic functions such as cruise control and serve as semi-autonomous driving systems. The growing awareness about benefits of advanced driver assistance systems among consumers along with the availability of affordable systems is driving their demand. Furthermore, regulatory mandates by countries regarding incorporation of collision avoidance and warning systems in new vehicles are also contributing to the market growth. For instance, the European Union has mandated fitment of advanced emergency braking and lane departure warning systems in new vehicles from 2022.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the automotive collision avoidance system market is low as it requires massive investments for research and development. Bargaining power of buyers: Buyers have moderate bargaining power in the automotive collision avoidance system market as there are several established players offering similar systems. Bargaining power of suppliers: Suppliers have moderate bargaining power due to limited availability of raw materials and components required for manufacturing automotive collision avoidance systems. Threat of new substitutes: There is low threat from substitutes as automotive collision avoidance systems do not have close substitutes that can perform the same functionality. Competitive rivalry: High due to presence of many international players.

SWOT Analysis

Strength: Automotive collision avoidance systems offer safety features that reduce accidents. Weakness: High product and maintenance costs of these systems. Opportunity: Growing demand for advanced driver-assisted systems and autonomous vehicles. Threat: Technical issues and software glitches can reduce reliability.

Key Takeaways

The Global Automotive Collision Avoidance System Market Demand is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing road accidents globally. North America dominates the market currently due to strict safety regulations and growing demand for advanced safety features in the US and Canada. Asia Pacific is expected to grow at the fastest pace due to increasing vehicle production and sales in China and India.

Regional analysis

The Asia Pacific region is expected to grow at the highest CAGR during the forecast period due to increasing demand from China and India. China dominates the Asia Pacific automotive collision avoidance system market owing to the large production of passenger and commercial vehicles in the country.

Key players

Key players operating in the automotive collision avoidance system market are Alstom SA, Autoliv, Inc., Denso Corporation, General Electric Company, Hexagon AB, Honeywell International, Inc., Robert Bosch GmbH, Rockwell Collins, Inc., Siemens AG, and Wabtec Corporation.

Read More:

https://www.pressreleasebulletin.com/automotive-collision-avoidance-system-market-insight-trends-and-demand/

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