Collision Avoidance System Market Outlook 2031:
The global collision avoidance system market size was valued at USD 56.90 Billion in 2022 and is projected to reach USD 124.60 Billion by 2031, expanding at a CAGR of 9.1% during the forecast period 2023 - 2031. The growth of the market is attributed to the high degree of development in the field of ultrasound technologies, LiDAR, radar, and camera.
Collision avoidance system is a warning system or a safety awareness designed to reduce the severity of a collision. As soon as collision is detected, the system warns the driver with the help of light or sound to avoid the collision. Some of these system uses Artificial Intelligence machine vision technology or sensors and some of them use dash cams for images and GPS for location information.
The system offer benefits in automobile and mining sector to avoid accidents. According to Insurance Institute for Highway Safety, a U.S. based non-profit organization stated that 62% of drivers gave keen attention to the street and used turn signals more regularly when a collision avoidance system was implemented in their vehicle.
The COVID-19 pandemic outbreak had negative impact on the market. During pandemic, the sales of automotive is significantly reduced, which affected the demand of collision avoidance system.
Additionally, lockdown imposed by government bodies resulted in halt in R&D activities and manufacturing of the system. The market is expected to recover soon as the emergency lockdown is gradually lifted and manufacturing plants are resuming their operations across the globe due to the sharp decline in the number of the COVID cases in many countries.
Collision Avoidance System Market Trends, Drivers, Restraints, and Opportunities
- Increasing initiative of government regarding safety on road in many countries is one of the key factors driving the market growth.
- Rising integration of collision avoidance system in their models by automakers is projected to boost the market during the forecast period.
- Escalating cost of installation for collision avoidance system acts as a major challenge that can restrict the market growth in the coming years.
- Sometimes these system only warns the drivers and does not perform any autonomous avoidance movement is expected to hamper the market growth during the projected timeline.
- Growing electronic integration in vehicles is anticipated to create significant growth opportunities for the market.
Scope of the Collision Avoidance System Market Report
The report on the global collision avoidance system market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Collision Avoidance System Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Applications (Parking Assistance, Forward Collision Warning System, Adaptive Cruise Control, Lane Departure Warning System, Blind Spot Detection, and Others), and Technology (Ultrasound, Radar, LiDAR, and Camera)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Bosch; Delphi Automotive; Continental AG; Denso Corp.; and TRW automotive Holdings Corp.
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Collision Avoidance System Market Segment Insights
BSD and LDWS segment to expand at robust growth rate
Based on applications, the global collision avoidance system market is segmented into parking assistance, forward collision warning system (FCWS), adaptive cruise control (ACC), lane departure warning system (LDWS), blind spot detection (BSD), and others.
The BSD and LDWS segment is estimated to expand at robust growth rate during the forecast period due to these systems which are cost effective in nature compared to any other system.
Moreover, BSD and LDWS uses camera as well as radar technology to detect collision, which is driving the segment growth further. However, the ACC segment is anticipated to expand at a substantial CAGR in the coming years attributed to these system automatically controls the vehicle speed by using short, medium, and long range radars.
Preferred setup drives the radar segment
On the basis of technology, the market is segregated into ultrasound, radar, LiDAR, and camera. The radar segment is projected to register at high CAGR in the projected timeline owing to the preferred setup for detection of distance and location of obstacle.
On the other hand, the ultrasound segment is anticipated to register a substantial CAGR during the forecast period attributed to the ultrasound detect obstacle at short distance. Additionally, ultrasound is inexpensive and mostly used in parking assistance is major driver of the segment.
North America is to constitute a key market share
In terms of region, the global collision avoidance system market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key share of the market during the projected period owing to stringent government regulations about road safety in the region.
However, the market of Asia Pacific is anticipated to grow at a rapid pace during the forecast period due to the increased spending capacity, sale of premium cars, and increased emphasis on the implementation of rigorous safety rules.
Segments
The global collision avoidance system market has been segmented on the basis of
Applications
- Parking Assistance
- Forward Collision Warning System
- Adaptive Cruise Control
- Lane Departure Warning System
- Blind Spot Detection
- Others
Technology
- Ultrasound
- Radar
- LiDAR
- Camera
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global collision avoidance system market are Bosch; Delphi Automotive; Continental AG; Denso Corp.; and TRW automotive Holdings Corp. Companies are focusing on development of 360-degree system surveillance system for enhanced safety.
Furthermore, companies have been widely engaged in strategic partnership, merger & acquisition, new product launch, and collaborations to boost their market share and acquiring new buyers.
For instance, in May 2021, Toyota Motor Corp. is Japanese multinational automotive manufacturer announced a partnership agreement with ZF and Mobileye to develop advanced driver assistance systems (ADAS).
The newly developed system is aimed to use in forthcoming multiple vehicle platforms for the Toyota Group. In August 2020, Continental AG manufactured 30 million radar sensors for collision avoidance systems to support the worldwide efforts in making driving safer.
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