Research Nester has released a report titled “Pedestrian Detection System Market – Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the pedestrian detection system market in terms of market segmentation by type, by component and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The pedestrian detection system market is segmented by component into sensors, cameras, radars, and others, out of which, sensors and cameras segment is anticipated to hold largest market share on the back of growing trend for aftermarket pedestrian detection systems and the lack of presence of such a system in low and mid-range passenger vehicles. The growth in sales of aftermarket rear parking sensors and cameras is also inducing OEMs to deploy such systems in low and mid-range vehicles, which is contributing significantly towards the growth of the pedestrian detection system market.
The pedestrian detection system market is anticipated to record a significant CAGR during the forecast period, i.e. 2019-2027. Increasing concerns for the rising pedestrian and pedalcyclists fatalities in traffic or non-traffic incidents coupled with the rising emphasis for passenger and pedestrian safety is estimated to promote the demand for pedestrian detection system market throughout the forecast period. In the statistics by National Highway Traffic Safety Administration (NHTSA), United States Department of Transportation, in the year 2018, pedestrians killed in traffic crashes were 6283 in number, which was 3.4% additional change to 6075 pedestrians in the year 2017.
Regionally, the pedestrian detection system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, Europe is expected to have largest market share on account of implementation mandate for advanced driver-assistance systems (ADAS) as a measure of safety equipment, rising stringent norms, and the government’s strict initiative to adhere to various goals associated to the EU road safety regulations. In the statistical report by the European Commission, pedestrian fatalities in the year concluded 21% of all fatalities on roads, which was around 5320 in numbers.
Growing Awareness For Road Safety
In a statistical report by the NHTSA, there was an increased change of 6% from 14% in 2009 to 20% in 2018, in the comparison of fatality composition of nonoccupant fatalities as a proportion of overall traffic fatalities.
Rising number of accidents and road fatalities, added with the loss of lives and properties around the globe is raising the concern amongst government of various economies to focus on road safety norms and adherence to various safety regulations. With the implementation of various safety goals to mitigate such accidents and minimize the number of fatalities, governments across nations are also creating various awareness amongst consumers for greater safety habits and road safety systems, for instance, advanced driver-assistance systems (ADAS), pedestrian detection system, and others.
OEMs are deploying advanced safety systems into vehicles, and so are the aftermarket players. OEMs are further improving their focus towards research and developments for continuous advancements in safety features of vehicles, one such being the pedestrian detection system. All of these factors are expected to contribute significantly towards the growth of the pedestrian detection system market.
However, concerns observed with the technicalities in detecting pedestrians, often during bad weather conditions, as well as bad artificial intelligence, and others, all of these factors are expected to operate as key restraints to the growth of the pedestrian detection system market during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the pedestrian detection system market, which includes company profiling of Panasonic Corporation (TYO: 6752), FLIR® Systems, Inc. (NASDAQ: FLIR), Toyota Motor Sales, U.S.A., Inc., DENSO CORPORATION (TYO: 6902), Continental AG (ETR: CON), Mobileye, Aptiv (NYSE: APTV), Robert Bosch GmbH, AUDI AG (ETR: NSU), and Daimler AG (ETR: DAI). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the pedestrian detection system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.