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Global Automotive Blind Spot Detection Market to Grow at a CAGR of 9.3% During 2022-2027, Aided by the Increased Demand for Safety in Vehicles

According to a new report by EMR titled, ‘Global Automotive Blind Spot Detection Market Report and Forecast 2022-2027’, the market attained USD 3.9 billion in 2021. The market is further expected to witness a healthy growth in the forecast period, growing at a CAGR of 9.3% between 2022 and 2027 to reach USD 6.7 billion by 2027.

The global automotive blind spot detection industry has been driven by the increased demand for passenger safety in vehicles. The rising demand for passenger vehicles, fuelled by the rising disposable income and improved living standards of consumers, is expected to propel the market growth in the forecast period. Moreover, the rapid technological advancements such as the development of driverless vehicles are also expected to aid the market growth in the coming years. Furthermore, the growing capital expenditure by the leading market players in the development of advanced automotive blind spot detection mechanisms is anticipated to further propel the market growth in the forecast period.

The increasing demand for efficient and advanced driver assistance systems is leading to increased research and development activities by manufacturers to enhance their automotive blind spot detection system offerings. For instance, in February 2020, Continental AG (OTCMKTS: CTTAY) announced the construction of its new plant in New Braunfels, Texas for the production of radar sensors to be used in the manufacturing of advanced driver assistance systems, which includes blind spot monitoring for passenger cars with trailers. Meanwhile, another leading vendor of automotive blind spot detection solutions, Aptiv plc (NYSE: APTV), in December 2019, unveiled its open platform advanced technology known as Smart Vehicle Architecture (SVA), which is a flexible and cost-effective system that uses cloud technology. Such developments are expected to positively impact the growth of the automotive blind spot detection industry in the forecast period.

Market Breakup by Vehicle Type, Component Type, and Region:

  • The market is divided based on vehicle type into passenger car and commercial vehicle.
  • The industry is segmented, on the basis of component type, into ultrasonic, RADAR, and cameras.
  • Region-wise, the global market for automotive blind spot detection can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for automotive blind spot detection is being driven by the increased demand for vehicle safety.
  • The rising demand for automotive blind spot detection systems in commercial vehicles has significantly contributed to the market expansion. 
  • The increasing consumer demand for passenger vehicles is also aiding the growth of the automotive blind spot detection industry. 
  • The rapid technological advancements are expected to further propel the market growth in the coming years.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for automotive blind spot detection for the periods (2017-2021) and (2022-2027). 
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the vehicle types, component types, and major regions of automotive blind spot detection.
  • 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.

The major players in the global automotive blind spot detection market are Delphi Automotive LLP, Continental AG, Robert Bosch GmBH, ZF Friedrichafen AG, Autoliv, Denso Corporation, and Valeo, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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