Boasting the presence of several large companies and ample representation from local players, the competitive scenario in the global automotive blind spot detection market is likely to get tougher in the coming years. Some of the existing market players already enjoy the perks of being early entrants, making terrains extremely difficult for the entry of newer vendors. Besides this, the established players are aiming to score high on the back of their widespread regional footprint and extensive product portfolio. This could make the contention of newer vendors even weaker, finds Transparency Market Research (TMR) in a new study.
TMR has forecast the global automotive blind spot detection market to reach US$11.67 bn by the end of 2025, as against US$3.42 bn, its valuation in 2016, exhibiting an impressive 14.59% CAGR between 2017 and 2025. Accounting for nearly 40% of the global market, North America emerged dominant in 2016 and is expected to remain rooted at the fore through the report’s forecast period. Based on component, RADAR sensors held lead in the global market with a whopping 67.4% share in 2016.
Positive Outcome Likely from Demand for Efficient Technologies to Curb Accidents
Various factors have been supporting the market’s expansion globally. For starters, the escalating occurrence of accidents reported worldwide and soaring traffic flow call for advanced technologies to implement improved road safety. These, coupled with stringent government directives, have compelled automakers to implement advanced safety systems, subsequently giving impetus to the global automotive blind spot detection market. Blind spot detection is considered imperative to ensure passengers’ and driver’s safety. “Because customers are willing to spend on innovative safety features, experts predict a positive outlook for the global automotive blind spot detection market,” said a lead TMR analyst. Meanwhile, persistent research and development efforts on part of manufacturers to create a niche will bode well for the overall market. In doing so, the automakers are redefining their products and basking in the glory of winning competitive edge over their rivals. Innovations also aid the product differentiation strategies of various market players. Given the scenario, customers can expect several advances in the automotive blind spot detection technology in the forthcoming years.
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In cohesion with this, the rising use of sensors as a result of recent technological advancements will enable the global automotive blind spot detection market gain significant momentum in the coming years. Also government initiatives will prove a key support to the market. Stringent regulations implemented to ascertain road safety have encouraged manufacturers to integrate advanced systems in compliance with the novel rules. Considering this, it is highly possible that over the next couple of years the blind spot safety systems could be mandated on all vehicles. Such measures can in turn mitigate the soaring accidents and fatalities witnessed across the globe.
On the downside, the efficiency of blind spot detection systems are compromised with in regions witnessing adverse weather conditions. For instance, continuous snowfall and rainfall can impair the vigilance of these safety systems, making them less efficient in tracking or monitoring objects around them. This is one of the key factors behind the reluctance of car owners of such regions from investing in advanced blind spot detection systems. Such instances could well hinder the market’s trajectory in certain regions. Also, with leading manufacturers pitting against each other on the back of product differentiation could confuse car owners, making their purchase decisions even difficult. This could pose threat on the overall automotive blind spot detection market.