Global Automotive Blind Spot Detection Market Size More Than Doubles to Touch USD 10.4 Billion by 2029

Published | 06 March 2023

Global automotive blind spot detection market is flourishing due to an increasing focus on safety features, stringent safety regulations, and a rising demand for comfort while driving.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global automotive blind spot detection market size at USD 4.39 billion in 2022. During the forecast period between 2023 and 2029, the global automotive blind spot detection market size is projected to grow at an impressive CAGR of 13.21% reaching a value of USD 10.39 billion by 2029. Due to rising demand for safety features, stricter safety laws and regulations, and rising consumer demand for comfort while driving, the global market for blind spot detection systems is growing at a robust rate. Also, during the forecast period, technology advancements are expected to present chances for growth. However, the challenges impeding the market's growth are its high initial cost, complex structure, and decreased efficiency in adverse weather.

Global Automotive Blind Spot Detection Market - Overview

Automotive blind spot detection (BSD) is a type of advanced driver assistance system that uses special sensors to detect objects in a driver's blind spot. Image sensors are typically used to relay an image to the display to provide valuable information to the driver. When these sensors detect an object in the blind spot, an alarm is triggered. Blind-spot monitoring and blind-spot information systems are two other names for BSD systems used by various automakers. A blind spot identification system also aims to improve safety by lowering the likelihood of driver-caused collisions and the frequency of accidents.

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Global Automotive Blind Spot Detection Market – By End Use Industry

Global automotive blind spot detection market is segmented into three segments: ultrasound, radar, and camera. During the forecast period, the radar sensor is expected to remain the sensor of choice for automotive blind spot detection systems worldwide while also expanding at the fastest rate. Radar is the most effective sensor for the blind spot detection system because it covers the entire area around the vehicle at 360 degrees.

Impact of COVID-19 on Global Automotive Blind Spot Detection Market   

Due to travel limitations, the COVID-19 pandemic adversely affected the market for blind spot detection systems and harmed the market participants' financial performance. The broader economy has been harmed, and contributors like market players are creating strategic cost-saving initiatives. Global automotive production and sales activities are related to the selling of blind spot detection systems. Yet, a few businesses also unveiled new sensors to improve advanced driver assistance systems (ADAS) in cars during the pandemic era.

Competitive Landscape

Global automotive blind spot detection market is fiercely competitive. Prominent players in the market include Rockwool International, Owenscorning, DowDuPont, Lfhuaneng, Murugappa Morgan, Shanghai ABM Rock Wool, NGP Industries, Goenka Rockwool, Dhanbad Rockwool Insulation, U.P. Twiga Fiberglass, Thermocare Rockwool, Aspen Aerogels, Shree Ceramic Fibers, and Montex Glass Fibre Industries. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the global automotive blind spot detection market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Automotive Blind Spot Detection Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Automotive Blind Spot Detection Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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