PUNE, India, November 27, 2015 /PRNewswire/ --
The report "Collision Avoidance System Market by Device, Technology, Application (Automotive, Aerospace, Railway, Marine, and Construction & Mining), and Region (North America, Europe, Asia-Pacific, and RoW) - Global Trend & Forecast to 2020", published by MarketsandMarkets, is expected to grow from USD 31.19 Billion in 2014 to USD 50.38 Billion by 2020 at a CAGR of 7.74% between 2015 and 2020.
Browse 79 market data Tables and 72 Figures spread through 179 Pages and in-depth TOC on "Collision Avoidance System Market".
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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 with installed collision avoidance systems.
The collision avoidance system market is application driven; the application in the automotive sector accounted for the largest share in 2014
The global collision avoidance system market is application driven; it has been segmented into automotive, aerospace, railway, marine, and construction & mining. The automotive collision avoidance system accounted for the largest share of the global collision avoidance system market in 2014; this market is expected to grow at a significant rate between 2015 and 2020, 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 with installed collision avoidance systems. In developed regions, such as North America and Europe, growth in the automotive collision avoidance system market is expected to be driven by rise in commercial vehicles while, in developing regions, such as Asia-Pacific and RoW, it is likely to be driven by the rise in passenger cars during the forecast period.
Collision avoidance systems are used in the construction & mining sector and this market is expected to witness rapid growth during the forecast period
However, acceptance and installation rates of collision avoidance systems in construction & mining equipment sector are high. The market for collision avoidance systems used in the construction & mining sector is expected to grow considerably during the forecast period. The growth of collision avoidance system market in other applications is expected to be rapid due to the significant demand for new fleet (aircraft, ships, and trains including rail network).
North America is expected to hold a large share of the collision avoidance system market by 2020
Europe was the largest market in 2014, followed by North America and Asia-Pacific. Regulations have driven the market for collision avoidance systems to reduce the collisions and mitigate the effects of imminent collisions (accidents). Europe was the early adopter which has resulted in a large market for collision avoidance systems in 2014. However, with the expected increase in regulations related to safety systems in other regions, such as North America, Asia-Pacific, and RoW, coupled with a growing focus on safety systems, these regions are expected to develop potential growth opportunities for this market during the forecast period. The collision avoidance system market in North America is expected to surpass that of Europe by 2016 and hold a large market share through 2020.
The major companies in the global collision avoidance system market that have been included 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.
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The report describes market dynamics that include key drivers, restraints, challenges, and opportunities with respect to the collision avoidance system market and forecasts the same till 2020. This global report provides a detailed view of the market based on device, technology, and region. The report also profiles the prominent players in the market along with their key growth strategies. The competitive landscape of the market analyzes a large number of players with their market share. The market is witnessing numerous collaborations and partnerships across the value chain, to cater to various industries in different regions.
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