The blind spot detection market is projected to be valued at USD 2,464.90 million in 2023. The market research report anticipates a growth of USD 9,058.10 million by 2033. The blind spot detection sales are expected to record a CAGR of 13.90% during the forecast period.
Blind Spot Detection Market Trends and Highlights:
| Attributes | Key Insights |
|---|---|
| Blind Spot Detection Market Estimated Size in 2023 | USD 2,464.90 million |
| Projected Market Value in 2033 | USD 9,058.10 million |
| Value-based CAGR from 2023 to 2033 | 13.90% |
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China, Germany, Japan, the United States, Mexico, and India accounted for a significant portion of global blind spot detection systems demand.
Pedestrian safety is becoming a priority owing to the high incidence of road accidents. With the increasing complexity of traffic and a growing number of vehicles on the road, demand for technologically equipped vehicles with sensors is increasing.
In the near future, passenger and heavy commercial vehicles are expected to be equipped with ADAS systems such as blind-spot detection at a considerable pace. Blind-spot detection (BSD) systems can be a valuable technology for drivers at night or in adverse weather conditions.
BSD systems can provide a wealth of information to drivers, enhancing their overall safety and lowering the risk of accidents. Sales of BSD are expected to grow in the forthcoming years as a significant number of automakers recognize the value of this technology in ensuring pedestrian safety.
| Market Value in 2022 | USD 2,164.10 million |
|---|---|
| Market Value in 2033 | USD 9,058.10 million |
| Countries | Forecast CAGRs from 2023 to 2033 |
|---|---|
| United States | 14.0% |
| Germany | 15.2% |
| India | 13.70% |
| China | 13.40% |
The United States market to account for a CAGR of 14.0% in 2023. The market is expected to be driven by the increasing focus of international firms operating in the United States on mergers, acquisitions, collaborations, and partnerships with start-ups to co-develop technologically advanced ADAS. The government is also enforcing strict regulations to improve traffic management and enhance road safety.
Increased vehicle sales, particularly premium vehicles, and high adoption of safety features per vehicle, contribute to the demand for BSD systems. The United States New Car Assessment Program (USA NCAP), a flagship program of the country's National Highway Traffic Safety Administration (NHTSA), focused on incorporating these safety systems, which may alleviate buyers' safety concerns. Improvements in the rating system are expected to result in a positive change in the vehicle's safety features.
China is one of the most profitable markets for ADAS manufacturers and suppliers. China to account for a CAGR of 13.40% in 2023. China's dominance in the global BSD market is being bolstered by an increasing trend of vehicle electrification.
The market is being further driven by China's growing automotive industry and falling sensor prices, which makes automotive ADAS products more affordable. The government is gradually agreeing that installing and mandating intelligent driving can improve traffic safety.
As per the report, Germany is to account for CAGR of 15.2% by the end of 2023. Among other technology types, camera sensors account for 42.6% of Germany's overall BSD market. Growth is attributable to increasing awareness about BSD system calibration in the country. The European Union has also devised a new plan to eliminate all road deaths by 2050.
The blind spot detection market in India is set to experience huge growth during the period 2023 to 2033. India is expected to account for a CAGR of 13.70% in 2023.
The country's rapidly growing automotive market, increasing middle-class population, and government efforts to improve road safety contributed to the adoption of blind spot detection systems in India. Technological advancements and safety-conscious consumers also drive the market. Awareness of the benefits of ADAS, including blind spot detection, was increasing among Indian consumers. As people became more safety-conscious, they started to demand vehicles equipped with these features.
Many global automobile manufacturers have a significant presence in the Indian market. They have been introducing vehicles with advanced safety features, contributing to the growth of the market.
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| Segment | Camera Sensor by Technology |
|---|---|
| Value Share in 2023 | 41.76% |
Based on technology type, the camera sensor technology segment is estimated to dominate the market over the forecast period, accounting for about 42% of the total market share. According to technology segmentations, camera sensors have emerged as a popular option among its alternatives.
Due to important advantages such as being all-weather, long-range, and natural insulators, sales in this segment are forecast to remain high over the assessment period.
| Segment | OEM by Sales Channel |
|---|---|
| Value Share in 2023 | 92% |
In terms of sales channels, the OEM segment is expected to account for 92% of the total market share by the end of 2032. OEMs are renowned for their rigorous quality control and safety standards. When OEMs install blind spot detection systems, consumers typically have greater confidence in the quality and reliability of these systems.
OEM-installed systems are covered by the vehicle's warranty, offering consumers peace of mind. In the event of a malfunction or issue, vehicle owners can rely on the manufacturer's network of service centers and customer support for assistance, which is often not the case with aftermarket systems.
With multiple big, medium, and small-scale BSD developers, vehicle manufacturers, and service providers, the blind spot detection market is gaining momentum. Established and emerging market players are aiming to improve sales by investing in collaborations with OEMs and other ADAS manufacturers.
| Attributes | Details |
|---|---|
| Estimated Market Size in 2023 | USD 2,464.90 million |
| Projected Market Valuation in 2033 | USD 9,058.10 million |
| Value-based CAGR 2023 to 2033 | 13.9% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | Value in USD million |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East and Africa |
| Key Market Segments Covered | Technology, Sales Channel, Vehicle Type, Region |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
| Key Companies Profiled | Continental AG; ZF Friedrichshafen AG; DENSO Corporation; Mobileye; Aptiv Plc; Veoneer Inc.; Autoliv Inc.; Valeo SA; Magna International; Aisin Seiki Co. Ltd.; NVIDIA Corporation |
The blind spot detection market is expected to reach USD 2,464.90 million in 2023.
The blind spot detection market is set to expand by a CAGR of 13.9% by 2033.
The blind spot detection market is forecast to reach USD 9,058.10 million by 2033.
A significant share of profits will likely come from the Industry in North America.
| Estimated Market Size (2024E) | USD 15.8 billion |
|---|---|
| Projected Market Value (2034F) | USD 45.69 billion |
| Value-based CAGR (2024 to 2034) | 11.3% |
| Market Size, 2024 | USD 64,047.75 million |
|---|---|
| Market Size, 2034 | USD 2,11,710.80 million |
| Value CAGR (2024 to 2034) | 12.7% |
| Market Estimated Size (2023) | USD 8,560.1 million |
|---|---|
| Market Forecasted Size (2033) | USD 18,429.3 million |
| Market CAGR (2023 to 2033) | 8.0% |
| Projected Forecast Value (2023) | USD 30.53 billion |
|---|---|
| Projected Forecast Value (2033) | USD 70.33 billion |
| Growth rate (2023 to 2033) | 8.7% CAGR |
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Blind Spot Detection Market
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