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.
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. Ã 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.