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Global Collision Avoidance Systems Market to Grow at a CAGR of 22.0% During 2022-2027, Aided by the Increasing Awareness Regarding Road Safety

According to a new report by EMR titled, ‘Global Collision Avoidance Systems Market Report and Forecast 2022-2027’, the market attained a value of more than USD 7.8 billion in 2021. The industry is further expected to grow at a CAGR of 22.0% between 2022 and 2027 to reach over USD 23.5 billion by 2027.

The collision avoidance systems industry is driven by the rising demand for commercial vehicles, owing to the expansion of the transportation sector, especially in emerging economies of the world. As an accident can cause loss of life, the safety of driver and passengers is of utmost importance. Over the forecast period, the rapid technological advancements in the automotive industry in order to bolster the safety and security of passengers are likely to be a major driving factor in the market. Moreover, the market is anticipated to be aided by factors such as the high traffic congestion, increasing number of vehicles on the road, emergence of high-speed cars, and increasing sales of electric vehicles.

In July 2019, Lockheed Martin Corporation (NYSE: LMT) announced the integration of ground collision avoidance system (Auto-GCAS) in F-35A. With this integration, F-35 fleet, having Auto-GCAS is estimated to prevent more than 26 ground collisions from happening.

In terms of region, the Asia Pacific is likely to account for a significant share in the market, owing to rising cases of car accidents due to heavy traffic congestion in countries like India and China. Furthermore, the growing demand for automated vehicles, owing to rising disposable incomes and increasing inclination towards travel and leisure activities, is likely to provide lucrative opportunities to the market in the region. The market will further be aided by the favourable government regulations towards augmenting passenger safety in the region.

Market Breakup by Technology, Application, and Region:

  • The market is segmented based on technology into LiDAR, radar, ultrasound, and camera.
  • The major applications include adaptive cruise control (ACC), blind spot detection (BSD), forward collision warning system (FCWS), lane departure warning system (LDWS), and parking assistance (PA), among others.  
  • Region-wise, the global market for collision avoidance systems 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 collision avoidance systems is being driven by the growing concerns about passenger safety owing to the rising incidences of road accidents. 
  • The growing popularity of automated vehicles owing to rising disposable incomes and technological advancements is likely to augment the market growth.
  • The market is anticipated to be aided by the stringent government regulations aimed towards curbing the cases of road accidents. 
  • The market is expected to be aided by the rising investments by major automotive manufacturers towards augmenting the safety and security of passengers.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for collision avoidance systems for the periods (2017-2021) and (2022-2027). 
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the      technologies, applications, and major regions of collision avoidance systems.
  • 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 collision avoidance systems market are Continental AG, BorgWarner Inc., DENSO CORPORATION, Analog Devices, Inc., Infineon Technologies AG, and Panasonic Corporation, 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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