The blind spot monitor global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Blind Spot Monitor Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The blind spot monitor market size has grown rapidly in recent years. It will grow from $14.39 billion in 2023 to $15.93 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to increasing awareness of road safety, rising demand for automated vehicles, rising vehicle production, consumer demand for safety features, and increasing adoption of ADAS technologies.
The blind spot monitor market size is expected to see rapid growth in the next few years. It will grow to $24.10 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to the expansion of autonomous vehicles, increasingly stringent safety regulations, growing preference for connected vehicle, rise in connected vehicles, and increasing focus on road safety initiatives. Major trends in the forecast period include integration with ADAS technologies, adoption of sensor technologies, adoption in autonomous vehicles, advancing automotive safety, AI, and Machine learning integration.
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Scope Of Blind Spot Monitor Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Blind Spot Monitor Market Overview
Market Drivers –
The growing preference for connected vehicles is expected to propel the growth of the blind spot monitor market going forward. Connected vehicles refer to automobiles equipped with internet access and the ability to communicate with other vehicles, infrastructure, and various external devices. The rising demand for connected vehicles is due to convenience and efficiency, enhanced safety features, and smart infrastructure. Connected vehicles integrate advanced safety systems and share real-time data and traffic management systems, enabling blind spot monitors (BSMs) to provide more accurate and timely alerts and improve the overall safety and driving experience. For instance, in June 2022, according to Fleet News, a UK-based website for the UK and European vehicle fleet industries, the proportion of connected vehicles increased from 94% to 97% from 2020 to 2022, respectively. Therefore, the growing preference for connected vehicles is driving the growth of the blind spot monitor market.
Market Trends –
Major companies operating in the blind spot monitor market are focused on developing next-generation detection radar sensors to improve the accuracy and reliability of blind spot monitoring systems and to enhance driver safety by providing better detection of objects and vehicles in blind spots, thereby reducing the risk of accidents. The detection radar sensor uses cutting-edge radar technology to detect things in blind regions, even in inclement weather, to improve driver awareness and reduce the possibility of blind spot incidents in medium- and heavy-duty trucks. For instance, in October 2023, Sensata Technologies, a US-based industrial technology company, launched the PreView Sentry 79. The sensor has a completely customizable detection zone and can detect things at up to 40 meters (131 feet). The breadth of the detection zone can be adjusted to accommodate practically any vehicle type. The PreView Sentry 79 can be implemented without causing significant adjustments or disturbances to current systems. This next-generation system integrates seamlessly with existing vehicle safety features, offering an enhanced level of protection for drivers and passengers alike.
The blind spot monitor market covered in this report is segmented –
1) By Product Type: Blind Spot Detection System, Park Assist System, Backup Camera System, Surround View System
2) By Component Type: Ultrasonic, RADAR, Camera
3) By Vehicle Type: Heavy Commercial Vehicles, Passenger Cars, Light Commercial Vehicles
4) By Vehicle Propulsion: Internal Combustion Engine (ICE), Electric
5) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
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Regional Insights –
Europe was the largest region in the blind spot monitor market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blind spot monitor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the blind spot monitor market are Robert Bosch GmbH, Denso Corporation, ZF Friedrichshafen AG, Continental AG, Hyundai Mobis, Magna International Inc., Valeo SA, Aptiv, Infineon Technologies AG, Autoliv, HELLA GmbH & Co. KGaA, Samsung Electro-Mechanics, Garmin Ltd., Lexus, HL Mando, Pioneer Corporation, Gentex Corporation, Mobileye, VBOX Automotive, Xiamen Autostar Electronics Co.Ltd., SL Corporation
Table of Contents
1. Executive Summary
2. Blind Spot Monitor Market Report Structure
3. Blind Spot Monitor Market Trends And Strategies
4. Blind Spot Monitor Market – Macro Economic Scenario
5. Blind Spot Monitor Market Size And Growth
…..
32. Global Blind Spot Monitor Market Competitive Benchmarking
33. Global Blind Spot Monitor Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Blind Spot Monitor Market
35. Blind Spot Monitor Market Future Outlook and Potential Analysis
36. Appendix
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