Global Blind Spot Monitor Market Size is projected to reach USD 34.14 billion by 2031, growing at a CAGR of 10.9%: Straits Research

According to Straits Research, “The global blind spot monitor market size was valued at USD 14.92 billion in 2023 and is projected to reach USD 34.14 billion by 2031, registering a CAGR of 10.9% during the forecast period (2023 to 2031).”

New York, United States, March 20, 2024 (GLOBE NEWSWIRE) — Blind-spot monitors are modern automobile safety systems that assist drivers in identifying vehicles or things outside their field of view, specifically in the blind spots around them. These systems use a range of sensors and technologies to warn drivers of the danger of an accident while changing lanes or merging. 

The global blind spot detection system market share is expanding due to rising demand for safety features, stringent safety laws and regulations, and an increased requirement for driving comfort. However, the market’s growth is limited by high start-up costs, a complex structure, and lower efficiency in inclement weather. Furthermore, technological advancements are expected to give growth opportunities during the forecast period.

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Rising Concerns About Road Safety Accelerates the Market Growth

Blind spot accidents are a major concern on American roadways, driving interest in blind spot monitors. The Federal Highway Administration (FHWA) reports 840,000 blind spot-related incidents in the US annually, with over 300 deaths and tens of thousands of injuries. These incidents often occur during lane changes or merging, when drivers have a decreased visibility of nearby vehicles. Lane-changing collisions, where a blind spot monitor could have helped, account for a significant percentage of crashes, according to NHTSA statistics. Over 500,000 lane-changing events happen in the US annually, causing injuries and deaths. This study stresses the importance of blind spot sensors in reducing such incidents. Blind spot monitors also reduce accident claims, which US insurers increasingly recognize. Some insurance companies offer discounts to drivers who install blind spot monitoring devices, encouraging more to do so.

Increasing Adoption of Advanced Driver Assistance Systems Creates Tremendous Opportunities

The market for blind spot monitoring devices is expected to grow rapidly as automakers focus on safety and convenience. Blind spot monitoring systems are now standard in many luxury cars and even some intermediate and entry-level models. Ford’s Co-Pilot360 technology in Ford and Lincoln cars includes blind-spot information systems. Automakers’ proactive approach to blind spot monitoring shows the market’s growing importance of this safety technology. Consumers’ rising awareness of blind spot monitoring systems’ safety benefits is the main cause for this increase.

Competitive Landscape

The key players in the global Blind Spot Monitor market are Preco Electronics, VBOX Automotive, Continental AG, Ficosa International SA, Delphi Technologies, Denso Corporation, Magna International Inc., Hyundai Mobis, Autoliv, Inc., Valeo Group, Xiamen Autostar Electronics Co., Ltd., Bosch Mobility Solutions and Others.

Regional Insights

Europe is the largest market for blind-spot monitors due to automakers and suppliers. Germany will have 25.7% of the European market in 2022. Germany’s BSD market is 42.6% camera sensors and other technology. BSD system calibration knowledge has helped the country prosper. The EU has a new plan to end traffic fatalities by 2050. Safety research accounts for over one-third of most German automakers’ income. Modern infrastructure is expected to give Germany the largest market share in the area throughout the projected period.

Important regional enterprises and consumer knowledge of car safety are expected to drive regional expansion. Modern car safety systems have increased due to tight safety regulations in the region. Luxury and premium car sales will also enhance the European blind spot monitor market during the projection period.

The U.S. and Canada are North America’s main blind-spot monitor markets. The U.S. dominates this region due to its many car manufacturers and suppliers. The country’s rigorous safety standards have increased car safety system adoption. BSD systems are in demand due to rising car sales, especially premium cars, and extensive safety features. U.S. New Car Assessment Programme (US NCAP), a flagship National Highway Traffic Safety Administration (NHTSA) program, focuses on installing safety systems to reassure buyers. Grading system improvements are expected to improve vehicle safety. Luxury and premium vehicles are also expected to drive the North American blind spot monitor market.

Key Highlights

  • Ultrasound, Radar, and Camera technologies are further subdivided. The radar controls the majority of the market.
  • Heavy, Passenger, and Light Commercial Vehicles are the three vehicle types. Passenger cars are the market’s largest contributor.
  • Vehicle propulsion is further subdivided into ICE and EV. ICE was the market leader.
  • Sales channels further subdivide the segment into OEM and Aftermarket. OEMs have the most revenue in the market.
  • Depending on the region, the market is analyzed in North America, Asia-Pacific, Europe, and LAMEA. Europe dominates the global market.

Market News

  • In August 2023, Continental’s ContiConnect Live digital system provides real-time remote tire monitoring for trailers.
  • In April 2023, Ficosa, a global leader in the automotive industry, expects to sell more than 7 million cameras by 2023.
  • In March 2023, Delphi Technologies expanded its brake offering by introducing premium Bi-metallic brake discs.

Global Blind Spot Monitor Market: Segmentation

By Technology

  • Ultrasound
  • Radar
  • Camera

By Vehicle Type

  • Heavy Commercial Vehicles
  • Passenger Cars
  • Light Commercial Vehicles

By Vehicle Propulsion

  • ICE
  • Electric

By Sales Channel

  • OEM
  • Aftermarket

By Region

  • North America
  • Asia-Pacific
  • Europe
  • The Middle East and Africa
  • Latin America

Get Detailed Market Segmentation @ https://straitsresearch.com/report/blind-spot-monitor-market/segmentation

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