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Global Blind Spot Solutions Market to Grow at a CAGR of 11% in the Forecast Period of 2021-2026.

According to a new EMR report titled ‘Global Blind Spot Solutions Market Report and Forecast 2021-2026’, the global blind spot solutions market attained a value of USD 9.79 billion in 2020. The market is expected to grow at a CAGR of 11% between 2021 and 2026.

The growth of the global blind spot solutions market can be attributed to factors such as increasing awareness about road safety, rising demand for enhanced surveillance, and strict government mandates pertaining to road safety. Europe is expected to be a leading blind spot solutions market due to the presence of major automotive manufacturers and key players in the blind spot solutions industry. Germany and the United Kingdom are some of the significant regional markets within Europe due to the rising demand for these solutions. While the penetration of blind spot solutions remains comparatively low in Russia, the rate of adoption of the technology is expected to witness a robust growth in the coming years due to a greater awareness of road safety.

The market is being propelled forward by the integration of advanced driver assistant systems within a wide array of vehicles. In 2018, Aptiv (NYSE: APTV), a key player in the industry, introduced its advanced driver assistant system (ADAS) for heavy-duty and medium-duty trucks, which included autonomous emergency braking and lane departure warning, along with blind spot detection. More recently, in 2020, Kawasaki Heavy Industries, Ltd, a leading motorcycle manufacturer, announced that it will be integrating ADAS technology developed by Bosch into its Kawasaki motorcycle lines from 2021. The system is expected to include ACC (adaptive cruise control), forward collision warning, and blind spot detection. Such developments are expected to influence the global blind spot solutions market positively.

Market Analysis by Product Type, Technology, End Market, Electric Vehicle Type, Vehicle Type, and Region:

  • Based on product type, the market is classified as blind spot detection systems, park assist systems, backup camera systems, surround view systems, and virtual pillars.
  • The market for blind spot solutions can be segmented into camera-based systems, radar-based systems, and ultrasonic-based systems on the basis of technology.
  • The market is divided based on its end market into OE market and aftermarket.
  • By electric vehicle types, the market is segmented into BEV, FCEV, HEV, and PHEV.
  • On the basis of vehicle type, the market is divided into passenger car, light commercial vehicle (LCV), truck, and bus. 
  • Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The blind spot solutions market is being driven by the increasing awareness about road safety among consumers.
  • The rising demand for improved safety and convenience by consumers is expected to boost the blind spot solution market.
  • The implementation of strict government policies on vehicle safety is a major factor aiding the market growth. 
  • The market is also expected to be driven by the rising vehicular automation and the growing adoption of electric and hybrid vehicles.

Key Offerings of the Report:

  • The EMR report presents an overview of the global blind spot solutions market for the periods 2016-2020 and 2021-2026.
  • The report also offers the historical (2016-2020) and forecast (2021-2026) market information for the product types, technologies, end markets, electric vehicle types, vehicle types, and major regions of blind spot solutions.  
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

Bosch, Continental, Denso, Valeo, Aptiv, Magna, Autoliv, Ficosa, ZF Friedrichshafen, and Gentex, among others, are the key players in the global blind spot solutions market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.

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