The automotive blind spot monitors market is likely to record a promising CAGR 13% during the forecast period. The market is currently valued at US$ 15.38 Bn and is likely to reach US$ 46.94 Bn by 2032.
| Attributes | Details |
| Automotive Blind Spot Monitors Market CAGR (2022-2032) | 13% |
| Automotive Blind Spot Monitors Market Value (2022) | US$ 15.38 Bn |
| Automotive Blind Spot Monitors Market Value (2032) | US$ 46.94 Bn |
An automotive blind spot monitor is a system that displays any vehicles approaching from any side of the radius of the vehicle during an overtake or turn. The automotive blind spot makes it easier for the driver to identify the threat and give a warning to the driver. This makes it necessary to be in the system, increasing the demand for automotive blind-spot monitors.
NHTSA (National Highway Traffic Safety Administration) states that around 750000 automotive blind spot-related accidents happened. Around 350 to 400 of those accidents are severe. This again increases the demand for automotive blind-spot monitors.
These systems are optimized in multiple vehicles like aircraft, motorboats, cars, sailboats, and trucks. The use of advanced equipment in automotive blind-spot monitors that align the function with other systems and ensure the safety of the passenger increases the sales of automotive blind-spot monitors.
With increasing consumer demand for safety components, the demand for the automotive blind spot monitor system is increasing gradually over the last decade.
Furthermore, the growing awareness and government standards about road safety are anticipated to boost the demand for blind spot monitor. Apart from this, growing sales of the passenger cars, as well as for commercial vehicles, in turn is projected to boost the sales of automotive blind spot monitor systems.
However, low awareness of the product in developing countries coupled with high cost of technology has restrained the demand of blind spot monitor to some extent. In spite of this restraint, the growing concerns related to passenger security and availability of cost-effective sensors will provide further growth prospects to blind spot monitor system market in new regions.
Additionally, global manufactures are installing advanced prototypes of automotive blind spot monitors in self-driving vehicles that will further create more prospective for the automotive blind spot monitor market.
The Western and Eastern Europe region holds a major share in the automotive blind spot monitor system market, followed by other regions. Countries like France, Germany, and the UK are the main countries in the Western Europe region that have inculcated the use of automotive blind spot monitor systems owing to substantial sales of premium and luxury vehicles.
Apart from this, the increasing popularity of automotive blind spot monitor systems has resulted in increased adoption of the automotive blind spot monitor system market.
In terms of revenue, the Asia Pacific and North America are considered as the next prominent leading regions.
The Asia-Pacific region is expected to grow at a significant CAGR during the forecast period. The growth in this region is mainly attributed to The Insurance Institute of Highway Safety in the US recently released a study that presented the probabilities of causalities in a crash in a late-model vehicle have fallen by one-third in the short span of three years.
In fact, technological advances in safety components have reduced the accident rates by such a significant margin that vehicles being purchased today offer meaningfully better safety components than even those introduced past five years ago.
The key players of the automotive blind spot monitors market are focusing on enhancing and adopting strategies like mergers, new approvals, product launches and acquisitions to thrive business. This is driving the sales of automotive blind spot monitors.
Key players in automotive blind spot monitors market include Continental, Bosch, Magna, Ficosa, Valeo, ZF and Denso.
| Report Attribute | Details |
| Growth Rate | CAGR of 13% from 2022 to 2032 |
| Base year for estimation | 2021 |
| Historical data | 2015 - 2020 |
| Forecast period | 2022 - 2032 |
| Quantitative units | Revenue in USD billion, volume in kilotons, and CAGR from 2022 to 2032 |
| Report coverage | Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis, |
| Segments covered | Component Type, Vehicle, Region |
| Regional scope | North America; Western Europe, Eastern Europe, Middle East, Africa, ASEAN, South Asia, Rest of Asia, Australia and New Zealand |
| Country scope | U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Spain; Russia; Belgium; Poland; Czech Republic; China; India; Japan; Australia; Brazil; Argentina; Colombia; Saudi Arabia; UAE; Iran; South Africa |
| Key companies profiled | Bosch (Germany), Continental (Germany), Magna (Canada), Gentex (US), ZF (Germany), Ficosa (Spain), Denso (Japan) and Valeo (France) |
| Customization scope | Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. |
RADAR-based system is the biggest segment in the automotive blind spot monitors market by component and is expected to hold a big portion of the market in the forecast period. The leading factor is the high frequency radio energy that makes it more accurate. This leads to the high demand for automotive blind spot monitors in developing countries.
Key competitors holding substantial automotive blind spot monitors market share include Continental, Bosch, Magna, Ficosa, Valeo and Denso
Demand for automotive blind spot monitors is likely to rise with the increased number of accidents related to automotive blind spot monitors. That is going to increase the sales of automotive blind spot monitors.
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Automotive Blind Spot Monitors Market
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