According to a research report released by Transparency Market Research, the global anti-collision sensor market was calculated to be valued at US4.36 bn by the end of 2016. The market's revenue is expected to expand at a CAGR of 19.8% from 2016 to 2024 and is likely to account for a total revenue of US$18.54 bn at the end of 2024. The global anti-collision sensor market is expected to expand at a CAGR of 23.3% from 2016 to 2024 on the basis of volume.
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Growing Vehicle Count Prompts Better Car Safety Equipment Production
"The leading factor promoting the global anti-collision sensor market today, is the staggering volume of vehicles coming on the roads. The high vehicle count, coupled with human error and unpredictable circumstances, is increasing the count of accidents across the world. This is more prevalent in emerging economies, where road planning is low and stringency of traffic rules is needed. Developed economies such as the U.S. hold several strict regulations when it comes to vehicle and driver safety. One such initiative was the New Car Assessment Program, where car makers are given a set of guidelines to follow when building new cars. Today, these regulations are creating a solid ground for manufacturers of anti-collision sensors to rise on," states a TMR analyst.
The global anti-collision sensor market is also being driven by the swift rate of advancements being made in sensor technology. These improvements are making today's sensors cheaper, more reliable, stronger, and capable of working in a large array of conditions. These factors are making it increasingly appealing for car makers to incorporate state of the art anti-collision sensors to their newer models. The same can be said for automotive manufacturers in defense and agriculture, where the growing use of UAVs is driving the demand for advanced anti-collision sensors.
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High Costs Still Deter Large-scale Use of Anti-collision Sensors in Numerous Regions
Although advancements are creating space for cost reduction in modern sensor technologies, their commercial use is still not completely viable for small and medium scale car makers, as well as the companies based in emerging economies. This is a significant loss to the global anti-collision sensor market as the emerging economies are where the current boom in automobile demand is emanating from.
"The cost deterrent is expected to ease up over the coming years. Buyers from emerging economies are expected to show a greater demand for high-end luxury cars due to growing disposable incomes and a higher exposure to premium brands. Car makers are also savvy to this change and are setting up manufacturing facilities in regions such as Asia Pacific and Latin America. This is expected to generate a large scope of opportunities for the global anti-collision sensor market over the coming years," adds the analyst.
The information presented in this review is based on a Transparency Market Research report, titled, "Anti-collision Sensor Market (Technology - Radar, Ultrasonic, LiDar, and Camera; Application - Adaptive Cruise Control, Blind Spot Monitor, Forward Collision Warning System, Lane Department Warning System, and Parking Sensor; End User - Automobile, Aerospace and Defense, Industry, Rail, and Maritime) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 - 2024."
Key segments of the Global Anti-collision Sensor Market
Global Anti-collision Sensor Market, 2016 - 2024: By Technology
Global Anti-collision Sensor Market, 2016 - 2024: By Application
- Adaptive Cruise Control
- Blind Spot Monitor
- Forward Collision Warning System
- Lane Department Warning System
- Parking Sensor
Global Anti-collision Sensor Market, 2016 - 2024: By End Users
- Aerospace and Defense
Global Anti-collision Sensor Market, 2016 - 2024: By Geography
- North America
- Asia Pacific (APAC)
- Middle East & Africa
- Latin America
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