Increasing Number of Road Crash Causalities and Rising Road Safety Awareness Among People are Stimulating the Growth of the Blind Spot Monitor Market | UnivDatos Market Insights

NOIDA, India, Oct. 17, 2022 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, the Blind Spot Monitor Market was valued at more than USD 11 billion in 2020 and is expected to grow at a CAGR of around 13% from 2022-2028. The analysis has been segmented into Technology (Camera-Based Systems, Radar-Based Systems, and Ultrasonic-Based Systems); Product Type (Blind Spot Detection Systems, Park-Assist Systems, Backup Camera Systems, and Surround-View View Systems); Sales Channel (OEMs and Aftermarket); Region/Country.

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The Blind Spot Monitor market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Blind Spot Monitor market. The Blind Spot Monitor market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Blind Spot Monitor market at the global and regional levels.

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Market Overview

Blind-spot monitors offer 360° of electronic coverage around the vehicle and warn the driver of the approaching vehicles present in their blind spots area of the vehicle which is outside the driver's view. It uses multiple sensors to detect one or more vehicles in adjacent lanes that may not be directly visible to the driver. This technology has significantly encouraged automakers to manufacture vehicles as per federal safety requirements thus enhancing the adoption of blind spot monitor safety systems by original equipment manufacturers (OEMs). Additionally, the increasing number of road crash causalities and rising road safety awareness among people are stimulating the growth of the market.

Some of the major players operating in the market include Robert Bosch GmbH, Continental AG, DENSO Corporation, Valeo SE, Aptiv PLC, Magna International Inc., Autoliv Inc., Hyundai Mobis Co. Ltd., ZF Friedrichshafen AG, and Hella KGaA Hueck & Co.

COVID-19 Impact

The global breakout of the COVID-19 epidemic hindered the expansion of the autonomous vehicle and advance safety system industry. For the first two quarters of 2020, the market size was limited by the global economic crisis and financial instabilities. During this time, severe effects on the automobile industry hampered the automotive blind spot monitor system market as well. Furthermore, the global economic crisis has impacted consumers, resulting in a drop in car sales.

In addition, motor vehicle manufacturers and suppliers are facing a dramatic shortage of microchips globally. This shortage was caused by a massive increase in demand for computers, mobile phones, and other consumer electronics during the COVID-19 pandemic that surpassed the current supply of semiconductors. All new cars are built with a plethora of microchips onboard to control everything from window motors to all kinds of autonomous systems present in new-age vehicles. The auto manufacturing industry has been hard-hit as chip shortages have caused production slowdowns. This has affected the global blind spot monitor market negatively.

However, government rules throughout the world have mandated the installation of advanced safety systems in vehicles, which is expected to drive the market for blind spot monitors at a strong rate during the forecast period, globally.

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The global Blind Spot Monitor market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

• Based on technology, the market is bifurcated into camera-based systems, radar-based systems, and ultrasonic-based systems. The radar-based system is expected to witness a significant growth rate in market share during the forecast period. Significant advancement in short & medium-range sensors has significantly increased the demand for sensor technology across automotive brands. The radar technology is more economical in comparison to other sensor technology which is an imperative factor for the development of this sector. Additionally, the European new car assessment program (Euro NCAP) is developing a new role in assessing the safety aspect of vehicles by integrating several ADAS technology including blind spot monitor across vehicles to improve provide safety ratings.
• Based on product type, the market is categorized into blind spot detection systems, park-assist systems, backup camera systems, and surround-view view systems. In 2020, backup camera systems accounted for a majority share in the market. Governments across the world are more proactive towards initiatives related to vehicle safety features which is a major driving factor of the industry growth. The backup camera for vehicles has grown in popularity across the world due to the higher number of accidents that occur during vehicle reversal, followed by the number of deaths and infrastructure damage. Backup cameras can also provide a view of the vehicle's blind area on the back side, which has aided the growth of automobile backup cameras.
• Based on sales channel, the market is segmented into OEMs and aftermarket. OEM owns the major share as the OEMs are moving towards adopting to provide better safety features across vehicle variants and price points. Furthermore, continuous advancements in blind spot detection technology coupled with the integration of these systems as a standard feature in many vehicles by major OEMs is projected to create humongous demand for these systems.

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Blind Spot Monitor Market Geographical Segmentation Includes:

• North America (United States, Canada, and Rest of North America)
• Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
• Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
• Rest of the World

North America grabbed the leading market share of the global market in 2020. However, APAC is expected to witness the fastest growth during the forecast period owing to the increasing contribution of emerging economies such as India and China in the global luxury & premium car markets. Furthermore, it is anticipated that high automotive production and sales would lead to an incremental rise in the demand for advanced vehicular technology to meet customer expectations on cost, quality, and features. The innovations which are more likely to be in demand are advanced driver assistance systems (ADAS) including blind spot detection systems, among others. In addition, rising stringent government regulations pertaining to road safety and increasing adoption of ADAS technology across vehicles are the key catalyst factors behind the growth of the market.

The major players targeting the market include

• Robert Bosch GmbH
• Continental AG
• DENSO Corporation
• Valeo SE
• Aptiv PLC
• Magna International Inc.
• Autoliv Inc.
• Hyundai Mobis Co. Ltd.
• ZF Friedrichshafen AG
• Hella KGaA Hueck & Co.

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Blind Spot Monitor market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the Blind Spot Monitor market?
• Which factors are influencing the Blind Spot Monitor market over the forecast period?
• What are the global challenges, threats, and risks in the Blind Spot Monitor market?
• Which factors are propelling and restraining the Blind Spot Monitor market?
• What are the demanding global regions of the Blind Spot Monitor market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?

We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.

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Blind Spot Monitor Market Report Coverage

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UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.

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