Global Anti-Collision Sensor Market Growth
Overview and Scope
Anti-collision sensors detect an object in the path of a moving vehicle, allowing the driver or the vehicle’s autonomous system to intervene to avoid a collision. A reverse sensor is the most popular car feature, similar sensors are also ubiquitous in automated guided vehicles in factories and warehouses. It is one of the modern innovations that aid in avoiding collisions between automobiles.
Sizing and Forecast
The anti-collision sensor market size has grown rapidly in recent years. It will grow from $12.4 billion in 2023 to $14.78 billion in 2024 at a compound annual growth rate (CAGR) of 19.1%. The growth in the historic period can be attributed to stringent safety regulations, rising road traffic accidents, automotive industry growth, consumer awareness, urbanization and congestion, insurance industry incentives.
The anti-collision sensor market size is expected to see rapid growth in the next few years. It will grow to $30.33 billion in 2028 at a compound annual growth rate (CAGR) of 19.7%. The growth in the forecast period can be attributed to autonomous and semi-autonomous vehicles, pedestrian and cyclist safety, government initiatives for road safety, electric vehicle market growth, demand for efficient transportation. Major trends in the forecast period include advancements in lidar technology, integration of radar and camera systems, adoption of v2x communication, miniaturization and integration in smartphones, cybersecurity considerations..
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Segmentation & Regional Insights
The anti-collision sensor market covered in this report is segmented –
1) By Vehicle Type: Passenger Cars, Commercial Vehicles
2) By Technology: Camera Sensor, Lidar Sensor, Radar Sensor, Ultrasonic Sensor
3) By Application: Forward Collision Warning System, Blind Spot Monitor, Lane Department Warning System, Parking Sensor, Other Applications
4) By End-User: Aerospace And Defense, Automotive, Industrial, Rail, Other End Users
Asia-Pacific was the largest region in the anti-collision sensors market in 2023. The regions covered in the anti-collision sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
An increase in road accidents is expected to propel the growth of the anti-collision sensor market going forward. A road accident is an accident involving at least one vehicle on a public road in which at least one person is wounded or killed. An anti-collision sensor system is a safety system that uses radar, lasers, cameras, GPS, and artificial intelligence to warn, alert, or assist drivers in avoiding impending crashes and reducing the likelihood of mishaps. Additionally, the rise in traffic congestion has boosted the rate of road accidents. For instance, in August 2022, according to the National Highway Traffic Safety Administration (NHTSA), a US-based agency for the Department of Transportation, the fatality rate for the first quarter of 2022 increased to 1.27 fatalities per 100 million vehicle miles traveled, up from 1.25 fatalities per 100 million vehicle miles in the first quarter of 2021. Furthermore, according to a June 2022 report published by the World Health Organization (WHO), a Swiss-based agency responsible for international public health, every year over 1.3 million individuals are killed in road traffic accidents. Therefore, the increase in road accidents will drive the anti-collision sensor market.
Key Industry Players
Major companies operating in the anti-collision sensor market are increasing their focus on introducing AI-driven anti-collision devices to gain a competitive edge in the market. An AI-driven anti-collision device is a safety technology that utilizes artificial intelligence algorithms to analyze real-time data from sensors, cameras, and other sources to detect potential collisions or hazards in various environments. For instance, in September 2021, the Central Road Research Institute (CRRI), an India-based organization, launched a new AI-driven anti-collision device in India called iRASTE (Intelligent Solutions for Road Safety through Technology and Engineering). The aim of the iRASTE project is to detect potential accident-causing scenarios while driving and alert drivers using the Advanced Driver Assistance System (ADAS). The device is designed to enhance road safety by identifying risks and preventing accidents.
The anti-collision sensor market report table of contents includes:
1. Executive Summary
2. Anti-Collision Sensor Market Characteristics
3. Anti-Collision Sensor Market Trends And Strategies
4. Anti-Collision Sensor Market – Macro Economic Scenario
5. Global Anti-Collision Sensor Market Size and Growth
…..
31. Global Anti-Collision Sensor Market Competitive Benchmarking
32. Global Anti-Collision Sensor Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Anti-Collision Sensor Market
34. Anti-Collision Sensor Market Future Outlook and Potential Analysis
35. Appendix
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