Blind Spot Monitor Market

Blind Spot Monitor Market Outlook 2024 to 2034

The global Blind Spot Monitor Market is estimated to reach a valuation of USD 21.2 billion in 2024 and is projected to be worth USD 65.8 billion by 2034, reflecting a CAGR of 12% over the assessment period.

Blind Spot Monitor Market Trends and Highlights

• Cluster of factors like constant demand for premium vehicles, rising government investments, and increasing integration of automation and active safety systems in vehicles.
• An increase in concerns regarding road safety, accelerating deployment of sensor technology, and rising development of multi-camera systems are projected to raise sales of blind spot detection systems.
• Leading automakers are installing advanced prototypes of blind spot monitors in self-driving vehicles.

Attributes	Key Insights
Estimated Global Blind Spot Monitor Market Size (2024E)	USD 21.2 billion
Projected Blind Spot Monitor Market Value (2034F)	USD 65.8 billion
Value-based CAGR (2024 to 2034)	12%

Emerging Opportunities in the Blind Spot Monitor Market

• Growing preference for connected vehicle technology, which offers real-time information about nearby vehicles to avoid blind spot accidents, is improving the blind spot monitoring system.
• Strict government laws to ensure vehicle safety have been increasing the uptake of blind spot monitors.
• Increasing consumer demand for vehicles equipped with blind spot monitors in Asia Pacific and other regions.

Adjacent Markets Overview

This segment presents a gist of different safety-centered markets in the automotive sector that are vying for consumer attention. As governments tighten their laws for effective traffic control and safety, companies offering blind spot monitors, automotive active safety systems, automotive ADAS (advanced driver assistance system), and others are experiencing significant sales.

The purchase rate of automotive ADAS is comparatively higher than the other two markets, i.e., 12.7% CAGR, which are listed in the following table. This indicates manufacturers of automotive ADAS are continuously increasing their efforts in system innovation to maintain its relevancy through the forecast period.

Blind Spot Monitor Market:

Attributes	Blind Spot Monitor Market
CAGR (2024 to 2034)	12%
Growth Factor	Increasing government regulations that mandate the use of safety features in automobiles
Opportunity	Premium vehicles emerging as a lucrative segment for blind spot monitor makers
Key Trends	Rising government investments in the automotive sector

Automotive Active Safety System Market:

Attributes	Automotive Active Safety System Market
CAGR (2024 to 2034)	11.2%
Growth Factor	Increasing sales of electric vehicles (EVs) is increasing the application scope of automotive active safety systems
Opportunity	Growing focus on the integration of safer and smarter safety systems into vehicles
Key Trends	Surging technological advancements

Automotive ADAS (Advanced Driver Assistance System) Market:

Attributes	Automotive ADAS (Advanced Driver Assistance System) Market
CAGR (2024 to 2034)	12.7%
Growth Factor	ADAS solutions are gaining traction among automobile manufacturers owing to their adaptive light control
Opportunity	Increasing government mandates on the use of ADAS systems on newly manufactured vehicles
Key Trends	Advancements in artificial intelligence (AI) and machine learning (ML) resulting in the development of advanced driver-assistance systems

Blind Spot Monitor Industry Analysis by Country

Companies offering blind spot monitor systems are observing growth opportunities in every other country. For instance, the United States exhibits a 12.30% CAGR at the lower end, and South Korea displays an estimated growth of 14% CAGR at the higher end.

With a slight difference in growth rate in the top 5 countries, investments in blind spot monitors in the top consuming markets appear to be a profitable venture.

Countries	Forecasted CAGR (2024 to 2034)
The United States	12.30%
The United Kingdom	13.30%
China	12.50%
Japan	13.50%
South Korea	14.00%

Manufacturers are Thriving in the United States as Government Initiatives Encourage Road Safety

Revenue generation from the sales of blind spot monitors in the United States is forecasted to be worth USD 11.9 billion by 2034. Throughout this period, the market is expected to exhibit a growth rate of 12.3% CAGR. Given below are the market dynamics that are catapulting sales of blind spot monitors in the country:

• Surging focus of foreign companies operating in the United States on acquisitions, mergers, partnerships, and collaborations with start-ups to co-develop future-forward ADAS technology.
• Increasing government focus on enforcing strict policies that ensure better road safety and traffic management.
• Mounting annual sales of vehicles, especially premium vehicles, as well as rising demand for safety features per vehicle, are catalyzing significant demand for blind spot monitor systems.
• The market is also increasing in size, thanks to the established United States New Car Assessment Program (US NCAP), which encourages manufacturers to develop safer vehicles.

All these factors point to a bright scope for manufacturers who are willing to go the extra mile to develop blind spot monitors with up-to-date technology.

Manufacturers Position Themselves for Success in the United Kingdom

The blind spot monitor system installations in the United Kingdom are increasing at a pace of 13.3% CAGR through 2034. By 2034 end, the country is slated to achieve USD 2.7 billion. Key factors that are motivating such dynamics are:

• Running trend of integrating safety features in the vehicle.
• Leading automakers are investing a portion of their turnover in research and development activities to introduce advanced safety features in their latest models or offerings.
• Advanced infrastructure within the country provides a conducive environment for the growth of blind spot monitor manufacturers.
• Growing consumer awareness about vehicle safety is playing a key role in the demand for such systems.

China’s Focus on Vehicle Electrification to Attract Blind Spot Monitor Industry Players

The recent analysis revealed that the industry in China is estimated to account for USD 10.2 billion by 2034. Throughout this course, the market is projected to record an impressive CAGR of 12.5%.

• The emerging trend of vehicle electrification is giving a boost to the sales of blind spot monitors.
• The expanding automotive industry and dropping sensor prices are making automotive ADAS products pocket-friendly. Thus increasing its purchase rate.
• The government is on the same page with leading market players that installing and mandating smart driving can result in better traffic safety.

Japan Leaves Behind Leading Markets With Respect To Growth

The market share of blind spot monitors in Japan is anticipated to attain USD 7.2 billion by 2034. The demand for blind spot monitors is set to expand at a CAGR of 13.5% through 2034.

• Growing demand for feature-rich vehicles and more efficient safety and technology systems are projected to propel product sales.
• Expansion in safety-conscious consumers is also a vital factor that is complementing market growth.
• The concentration of leading automotive companies in Japan, like Toyota and Honda, is also benefitting the blind spot monitor market.

Profitable Prospects in South Korea Attracting Manufacturers

The sales of blind spot monitors in South Korea are projected to accumulate USD 4.2 billion by 2034. The market is anticipated to register a CAGR of 14% through 2034.

• The rising density of blind spot monitor manufacturers in South Korea.
• Increasing advancements in blind spot monitors with the help of advanced technologies.
• Market players are also strategizing to increase their sales by making collaborative efforts with OEMs and other ADAS manufacturers.

Category-wise Insights

Passenger Cars is the Top Performer in the Vehicle Type Category

Attributes	Details
Top Vehicle Type	Passenger Cars
Market Share in 2024	11.6%

The passenger cars segment holds a prominent share of the blind spot monitor market. Key factors that favor such a growth are:

• Stringent laws have been introduced by several governments to outfit vehicles with driver assistance systems to increase vehicle safety.
• Surging passenger car production and demand is also raising the segment size.
• Rising investments in research and development and constant technological advancements by automakers have been instrumental in making automotive blind spot detection systems more cost-effective and convenient to use in different vehicle models.

Ultrasonic to Record a Stellar Growth Rate

Attributes	Details
Top Component Type	Ultrasonic
Market Share in 2024	11.8%

The ultrasonic segment is estimated to register a CAGR of 11.8% through 2034, declining from its earlier staggering CAGR of 17.6% from 2019 to 2023. Key factors that are driving the segment growth are:

• The higher cost-effectiveness of ultrasonic components than the other components like cameras and RADAR is increasing its appeal among manufacturers.
• Growing demand for durable automotive components like ultrasonic that work well even in changing weather conditions, like fog, snow, and rain.
• Easy integration of ultrasonic in the existing vehicle systems is also a key factor that is compelling its sales.

Competitive Landscape

The blind spot monitor market is significantly competitive. Established giants are wielding their recognition power, which has been built over many years. Entrants can be seen trying different techniques to raise the sales of blind spot monitors. Given below are some strategic ideas to gain hold of more market space:

• Market players can partner with leading automakers to gain contracts worth significant amounts and achieve extensive OEM adoption of their blind spot monitors.
• Industry participants can collaborate with tech firms on AI algorithms, sensor fusion, and data analytics to increase system performance and build next-generation solutions.
• Active companies can present aftermarket blind spot monitor kits to serve the present vehicles and gain a wider customer base.
• Key players can highlight the role of blind spot monitors in lowering the accident rate and increasing road safety to capture safety-conscious consumers.
• Industry contenders can focus their marketing efforts on high-growth segments like SUVs, luxury vehicles, and fleets, where demand for superior safety features is substantial.

Blind Spot Monitor Manufacturers in the News

• Porsche revealed in May 2023 that it is partnering with Mobileye, an Israel-based company, for the integration of advanced driver assistance technology. Under the agreement, Porsche is expected to include Mobileye’s latest SuperVision driver assistance system in its future models.
• In February 2023, Tata Motors announced the new dark version of the compact SUV called Safari and Harrier for sale in the Indian market. The Safari and Harrier dark editions are equipped with ADAS. The system consists of features like forward collision warning, blind spot detection, etc.
• NXP Semiconductors launched a complex automotive 28nm RFCMOS radar-on-chip family in January 2023. This launch is going to be used in next-generation autonomous driving systems. The radar facilitates safety-critical ADAS applications like blind spot detection and automatic emergency braking.
• GILLIG LLC and RR.AI signed an agreement in January 2022 to build SAE Level 4 Autonomous Vehicle (AV) and ADAS technology to be used in GILLIG transit buses in North America. These companies decided to develop and test safety features like blind spot monitors, automatic emergency braking, and pedestrian avoidance.
• MG launched an advanced 2022 MG ZS EV in the United Kingdom in three trim levels in November 2021. All the variants contain ADAS features like blind spot detection and cross-traffic alert.

Notable Blind Spot Monitor Companies

• Continental AG
• ZF Friedrichshafen AG
• DENSO Corporation
• Mobileye
• Aptiv Plc
• Veoneer Inc.
• Autoliv Inc.
• Valeo SA
• Magna International
• Aisin Seiki Co. Ltd.
• NVIDIA Corporation
• Others

Blind Spot Monitor Market by Category

By Component Type:

• Ultrasonic
• RADAR
• Camera

By Sales Channel:

• Original Equipment Manufacturer (OEM)
• Aftermarket

By Vehicle Type:

• Passenger Vehicle
• Commercial Vehicle

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• South Asia and Pacific
• East Asia
• Middle East and Africa

Frequently Asked Questions

How Big is the Blind Spot Monitor Market in 2024?

The market is estimated to account for USD 21.2 billion in 2024.

At What Rate Is the Blind Spot Monitor Industry Estimated to Grow?

Throughout the forecast period, the blind spot monitor industry is projected to register a CAGR of 12%.

What is the Expected Value of the Blind Spot Monitor Market by 2034?

By 2034, the blind spot monitor industry is expected to be worth USD 65.8 billion.

Which Country Has the Significant Contribution in the Blind Spot Monitor Market?

The United States is a substantial contributor to the blind spot monitor industry.

Which Vehicle Type is Expanding at a Vigorous Rate?

Passenger cars are the top performers, showing an impressive growth rate through 2034.

Who are the Leading Companies in the Blind Spot Monitor Market?

Some of the key players in the market include Mobileye, Aptiv Plc, and Veoneer Inc.