NEW YORK, March 22, 2016 /PRNewswire/ -- The global market for collision avoidance systems is expected to grow at a CAGR of 7.74% between 2015 and 2020 from USD 31.19 billion in 2014 to USD 50.38 billion by 2020. The market is expected to be driven by the growing focus of consumers and OEMs on safety features of vehicles, government regulations, influence of the New Car Assessment Programs (NCAPs), and encouragement from insurance companies by reducing the premium for vehicles installed with collision avoidance systems.
The market in the construction & mining sector is expected to grow rapidly
The application in the automotive sector accounted for the largest share of the collision avoidance systems market in 2014 and this trend is expected to continue during the forecast period. However, the increasing installations of collision avoidance systems in the construction & mining sector would provide rapid growth between 2015 and 2020, especially in RoW and Asia-Pacific regions.
RoW and Asia-Pacific to be the fastest-growing markets
Europe accounted for the largest share of the global collision avoidance system market in 2014 due to strict regulations mandating the installation of certain collision avoidance systems in various applications. North America accounted for the second largest collision avoidance system market in 2014 and is expected to surpass Europe by 2016. RoW and Asia-Pacific regions are expected to offer high growth potential for the collision avoidance systems during the forecast period in the automotive and construction & mining sectors.
In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews of key opinion leaders in the collision avoidance system market were conducted. The break-up of primary participants for the report is shown below:
- By Company Type – Tier 1– 60%, Tier 2 – 25%, and Tier 3 – 15%
- By Designation – C-level – 40%, Manager level – 35%, and others – 25%
- By Region – North America – 45%, Europe – 35%, Asia-Pacific – 15%, and RoW – 5%
The report profiles key players in the collision avoidance system market with their respective market share analysis. The prominent players profiled in this report are Robert Bosch GmbH (Germany), Delphi Automotive PLC (U.K.), Autoliv, Inc. (Sweden), Denso Corporation (Japan), Mobileye N.V. (Israel), Becker Mining Systems AG (Germany), Hexagon AB (Sweden), Wabtec Corporation (U.S.), Rockwell Collins, Inc. (U.S.), Aviation Communication & Surveillance Systems, LLC (U.S.), Honeywell International, Inc. (U.S.), Saab AB (Sweden), General Electric Company (U.S.), Alstom SA (France), and Siemens AG (Germany), and others.
The report will help leaders/new entrants in this market in the following ways:
1. This report segments the collision avoidance system market comprehensively and provides the closest approximations of the size of the overall market and its sub-segments across verticals and regions.
2. The report helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders better understand a competitor and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, and strategic developments.
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