Blind Spot Monitor Market Size & Share, by Product Type (Park Assist, backup Camera, Surround View & Virtual Pillar, BSD); Technology (Ultrasonic Sensor, Radar Sensor); Vehicle Type (Passenger Car, Light Commercial Vehicle, Truck); End-user (OEM, After Market) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4887
  • Published Date: May 01, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Blind Spot Monitor Market size is estimated to cross USD 99.32 Billion by the end of 2035, witnessing around 16.2% CAGR during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of blind spot monitor was USD 16.39 Billion. The growth of the market can be attributed to the increasing number of people getting involved in vehicle crashes. Many automobiles on the road today include driver assistance technology that help to save lives and prevent injuries on our country's roadways. While some driver assistance technologies are intended to notify the person are in danger of a collision. According to the statistics of the United States Department of Transportation, in 2020, 38,824 people die in a motor vehicle crashes in the United States.

In addition to these, factors that are believed to fuel the growth of blind spot monitor market include the growing integration of innovative technologies in the vehicle followed by growing demand for smart assisting features in the car. By 2030, it is projected that globally around 9 out of 10 cars are going to have advanced safety systems. Vehicle partial automation is expected to expand in the future years as advanced driver assistance systems (ADAS) become more popular. Any ADAS must include advanced emergency braking (AEB) and lane-keeping assistance (LKA). Adoption of these features is rapidly increasing, owing primarily to consumer demand for safer vehicles. Other than this, even manufactures are happy to provide the advanced safety features as it directly increases the average selling price of the vehicles.


Blind Spot Monitor Market
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Blind Spot Monitor Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Demand for Safety System in Cars – The blind spot detection (BSD) system can monitor the area, relieving the driver of much of the burden and avoiding potentially dangerous circumstances. In a survey of just over 1,000 adults conducted in America in January 2021, around 80% respondent wanted current vehicle safety systems, such as automatic emergency braking and lane keeping assistance, to work better. Moreover, nearly 58% wanted these systems in their next vehicle.
  • Rising Popularity of Luxury Vehicles–Most of the luxury vehicles are installed with advanced sensor that operates the working of blind spot monitor. Unit sales in the global luxury Cars industry sector are estimated to reach 217,000 cars in 2027.
  • Increasing Instances of Vehicle Crashes – Research indicates that blind spot warnings can prevent drivers from smashing into another car that is travelling in the same directions in an adjacent lane. According to the World Health Organization, every year, 1.35 million people are killed on the world's roads. Every day, about 3,700 people are injured in automobile, bus, motorcycle, bicycle, truck, or pedestrian accidents around the world.
  • Growing Government Initiatives to Secure Road Safety – Rising awareness for vehicle safety is likely to increase the demand for the blind spot monitor market and other sensors. The government of India has suggested establishing the Bharat New Vehicle Safety Assessment Programme - BNVSAP in the draught Road Transport and Safety Bill. Cars would be checked for safety in front-on and side-on crash tests under this programme.
  • Growing Investment in Automotive Technologies–Rising investment in the automotive technologies is likely to advance the technology and give consumer even sharper features. Amazon is working to achieve the objectives set forth in the National Roadway Safety Strategy (NRSS) of the United States Department of Transportation. Amazon is expected to invest USD 200 million investment in modern safety technology.

Challenges

  • High cost and complex components of the blind spot monitor
  • Poor efficiency in bad weather
  • Low reliability of the blind spot monitor- The disadvantages will vary depending on the vehicle, but some systems are not designed to operate efficiently at low speeds. This means the system is limited in usage or altogether ineffective at lower speeds.

Blind Spot Monitor Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~16.2%

Base Year Market Size (2022)

~ USD 16.39 Billion

Forecast Year Market Size (2035)

~ USD 99.32 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

 

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Blind Spot Monitor Segmentation

Product Type (Park Assist, backup Camera, Surround View & Virtual Pillar, BSD)

The blind spot monitor market is segmented and analyzed for demand and supply by product type into park assist, backup camera, surround view & virtual pillar, and BSD. Out of the four types of blind spot monitor, the park assist segment is estimated to gain the largest market share in the year 2035. The growth of the segment can be attributed to the increasing issues faced by people during the simple parking of the car. parking space in big cities has stayed constant or declined due to a growing population of people and vehicles. The problems are more prominent where land is limited and expensive, such as in metropolises, expanding parking demand spaces puts great pressure on it. The market growth is primarily attributed to the rising instances of vehicle collision. Globally, one out of every five car accidents occur in a parking lot or garage. Moreover, every year in the world an estimated more than 50,000 crashes occur in parking lots, resulting in hundreds of deaths and thousands of injuries. Pedestrians account for nearly 40% of all fatalities in parking lot incidents. A reverse parking-assist system, which alerts the driver when objects are in the vehicle's blind spot, can aid in the prevention of such accidents. Furthermore, it is estimated that a reverse parking-assist system might prevent the majority of all reverse and parking accidents.

Technology (Ultrasonic Sensor, Radar Sensor)

The blind spot monitor market is also segmented and analyzed for demand and supply by technology into ultrasonic sensor, radar sensor, and others. Amongst these three segments, the radar sensor segment is expected to garner a significant share in the year 2035. The growth of the segment is expected on the account of demand for advance features in the car and rising benefits of the ADAS radar systems over other types of sensors. The radar sensor is unaffected by weather conditions. Furthermore, it can withstand extreme cold and heat. It works in low-light situations and even in complete darkness.

Our in-depth analysis of the global market includes the following segments:

  By Product Type

  • Park Assist

  • Backup Camera

  • Surround View & Virtual Pillar

  • BSD

  By Technology

  • Ultrasonic Sensor

  • Radar Sensor

  • Others

   By Vehicle Type

  • Passenger Car

  • Light Commercial Vehicle

  • Truck

  • Others

   By End User

  • OEM

  • After Market

 


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Blind Spot Monitor Industry - Regional Synopsis

North American Market Forecast

The market share of blind spot monitor in North America, amongst the market in all the other regions, is projected to be the largest with a share of about 35% by the end of 2035. The growth of the market can be attributed majorly to the increasing demand for the automobiles and luxury vehicles. Unit sales of luxury cars in the United States are predicted to reach 92,000 vehicles in 2027. Moreover, the total new vehicles sold in the United States was around 1 million as of March 2023. This is approximately 9% higher than a year ago, that is March 2022. On the other hand, the market growth is also attributed to growing demand for the automotive safety systems followed by rising cases of vehicle crashes & road accidents.

APAC Market Statistics

The Asia Pacific blind spot monitor market is estimated to be the second largest, registering a share of about ~28% by the end of 2035. The growth of the market can be attributed majorly to the restricted parking space in the region and growing demand for the parking spaces. Indian metropolises are facing a mobility dilemma as a result of fast economic and demographic growth. Today, metropolitan areas experience enormous demand for parking spots, resulting in parking challenges in India such as congested roads, parking accidents, and inappropriate demand and supply. An Indian car is parked for more than 95% of the time and driven for less than 5% of the time. Moreover, a car stands for an average of 8,360 hours each year and is only driven for nearly 400 hours. Furthermore, rising production of vehicles with advances safety features is also attributed to the market growth.

Europe Market Forecast

Further, the market in the Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the rising production of vehicles. Production of vehicles in Germany grew for the eighth month in a row in February, with roughly 382,600 passenger cars rolling off the production units, this approximately 24% rise over the previous year. Moreover, around 700,000 automobiles were produced in January and February 2023, a 26% increase year on year. On the other hand, rising demand for luxury vehicles with advance driving features is also expected to drive the market growth in the region.

Research Nester
Blind Spot Monitor Market Size
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Companies Dominating the Blind Spot Monitor Landscape

top-features-companies
    • Robert Bosch GmbH
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Delphi Powertrain Systems Operations Luxembourg S. à r.l.
    • Continental AG
    • ZF Friedrichafen AG
    • Autoliv Inc.
    • Denso Corporation
    • Texas Instruments Incorporated
    • WABCO Holdings
    • Magna International Inc.
    • Ficosa Internacional SA

In-the-news

In The News

  •  Texas Instruments Incorporated announced the launch of new high resolution 77-Ghz radar sensor that more accurate blind spot monitoring and can detect the objects. It navigates curves and corners efficiently to avoid crashes. It also assists automakers in improving the way advanced driving assistance systems (ADAS) detect things.
  • Wabco Holdings announced the launch of TOOLBOX PLUs.  The package includes OnSide Blind Spot Detection device that monitors the vehicle's passenger side blind spot to assist drivers in avoiding side crashes.

Author Credits:  Harshita Srivastava, Saima Khursheed


  • Report ID: 4887
  • Published Date: May 01, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing incidences of road accidents, rising demand for automobiles and growing awareness for road safety are the major factors driving the market growth.

The market size of blind spot monitor is anticipated to attain a CAGR of 16.2% over the forecast period, i.e., 2023-2035.

Lack of efficiency in extreme weather conditions, and high initial cost of the implementation are estimated to be the growth hindering factors for the market expansion.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are Robert Bosch GmbH, Delphi Powertrain Systems Operations Luxembourg S. à r.l., Continental AG, ZF Friedrichafen AG, Autoliv Inc., Denso Corporation, Texas Instruments Incorporated, WABCO Holdings, Magna International, Inc., and Ficosa Internacional SA

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by vehicle type, product type, technology, end user, and by region

The park assist segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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