Blind Spot Detection System Market to Accrue $13.7 Billion by 2031: Allied Market Research
Allied Market Research
Updated 5 min read
Allied Market Research
High demand for safety features, stringent safety rules and regulations, and rise in demand for comfort while driving have boosted the growth of the global blind spot detection (BSD) system market. Based on region, Europe accounted for the highest share in 2021, contributing to nearly two-fifths of the total market share, and is projected to continue its leadership status by 2031
Portland, OR, Nov. 02, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global blind spot detection system market generated $3.9 billion in 2021, and is estimated to reach $13.7 billion by 2031, witnessing a CAGR of 13.7% from 2022 to 2031. The report provides an in-depth analysis of top segments, changing market trends, value chain, key investment pockets, competitive scenario, and regional landscape. The report is an essential and helpful source of information for leading market players, investors, new entrants, and stakeholders in formulating new strategies for the future and taking steps to strengthen their position in the market.
Technology, Vehicle Type, Vehicle Propulsion, Sales Channel, and Region
Drivers
High demand for safety features
Stringent safety rules and regulations
Rise in demand for comfort while driving
Opportunities
Technological advancements
Restrains
High initial cost and complex structure
Lower efficiency in bad weather conditions
Covid-19 Scenario:
The Covid-19 pandemic has negatively impacted the market due to commute restrictions and weakened the financial performance of market players.
The sales of BSD system is directly associated with automotive production and sales activities across the globe. However, during the pandemic period, few companies introduced new sensors to improve advanced drivers assistance systems (ADAS) in vehicles.
The report offers detailed segmentation of the global blind spot detection (BSD) system market based on technology, vehicle type, vehicle propulsion, sales channel, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps investors, market players, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on technology, the radar segment accounted for the highest share in 2021, contributing to nearly half of the total share, and is expected to maintain its leadership status during the forecast period. However, the camera segment is expected to manifest the highest CAGR of 15.0% from 2022 to 2030.
Based on vehicle type, the passenger cars segment held the largest share in 2021, accounting for more than three-fourths of the market, and is expected to maintain its dominance in terms of revenue by 2031. However, the heavy commercial vehicles segment is estimated to witness the largest CAGR of 16.7% during the forecast period.
On the basis of vehicle propulsion, the ICE segment dominated the market in 2021, accounting for more than 90% of the market, and is projected to maintain its leading position throughout the forecast period. However, the electric segment is estimated to showcase the highest CAGR of 20.7% during the forecast period.
Based on region, Europe accounted for the highest share in 2021, contributing to nearly two-fifths of the total market share, and is projected to continue its leadership status by 2031. However, market across Asia-Pacific is projected to portray the fastest CAGR of 15.7% during the forecast period. The research also analyzes regions including Europe and LAMEA.
Leading players of the global blind spot detection (BSD) system market analyzed in the research include Continental AG, Bosch Mobility Solutions, VBOX Automotive, Hyundai Mobis, Autoliv, Inc., Delphi Technologies, Denso Corporation, Ficosa International SA, Preco Electronics, Valeo Group, Xiamen Autostar Electronics Co., Ltd., Magna International Inc.
The report analyzes these key players in the global blind spot detection (BSD) system market. These players have adopted various strategies such as new product launches, expansion, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments of every market player.
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