Blind Spot Monitor Market Analysis by Product Type (Park Assist, backup Camera, Surround View & Virtual Pillar, and BSD); by Technology (Ultrasonic Sensor, Radar Sensor, and Others); by Vehicle Type (Passenger Car, Light Commercial Vehicle, Truck, and Others); and by End User (OEM, and After Market) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035
Buy Now Report ID: 4887 | Published Date: May 01, 2023
Blind Spot Monitor Market size is estimated to reach ~USD 99.32 Billion by the end of 2035 by growing at a CAGR of ~16.2% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market 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.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~16.2% |
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Base Year Market Size (2022) |
~ USD 16.39 Billion |
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Forecast Year Market Size (2035) |
~ USD 99.32 Billion |
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Regional Scope |
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Growth Drivers
Challenges
The global 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.
The global 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 blind spot monitor market includes the following segments:
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By Product Type |
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By Technology |
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By Vehicle Type |
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By End User |
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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.
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.
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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Harshita Srivastava, Saima Khursheed
Ans: Increasing incidences of road accidents, rising demand for automobiles and growing awareness for road safety are the major factors driving the market growth.
Ans: The market size of blind spot monitor is anticipated to attain a CAGR of ~16.20% over the forecast period, i.e., 2023 – 2035.
Ans: 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.
Ans: 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.
Ans: 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
Ans: 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.
Ans: The market is segmented by vehicle type, product type, technology, end user, and by region
Ans: 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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