The global blind spot detection system and adaptive cruise control system market was valued at USD 9.37 billion in 2023 and is anticipated to reach a valuation of USD 10.91 billion in 2024 from USD 36.90 billion by 2032, growing at a CAGR of 16.45% from 2024 to 2032.
The Blind Spot Detection System (BSD) is a sensor-based system that is adapted to identify vehicles at the back and on the driver's side. These systems generate tactile, audible, vibratory, or visual warnings. They also assist the driver in parking lots when other vehicles are approaching from the sides. Adaptive Cruise control (ACC) is like traditional journey control in that it keeps up the vehicle's preset speed. However, unlike conventional cruise control, this new system can automatically adjust speed to maintain adequate distance between vehicles in the same lane. BSD systems create information about different objects that are beyond the line of sight of the driver with the use of cameras and various sensors. If the leading vehicle slows down or another object is detected, the system sends a signal to the engine or brake system to slow down. At that point, when the street is clear, the framework will quicken the vehicle back to the set speed.
The main factors driving the demand for automotive blind spot detection and adaptive cruise control system are increased safety awareness, the growth of the premium car market, and affordability institutions such as the New Car Assessment Program (NCAP) which assigns safety ratings to cars based on safety performance.
The increasing number of accidents due to augmented traffic flow is one of the main reasons that are contributing to the growth of the global BSD and ACC systems market. The implementation of such safety systems by the automotive industry has grown rapidly. Since BSD and ACC systems guarantee passenger safety, customers are often looking for such advanced security features and are also willing to pay. Another factor contributing to the growth of this market is stiff competition among car manufacturers. Manufacturers continually improve their models to meet the huge demand for innovative security devices that can be used for various applications. Another factor that is contributing to the growth of this market is the increasing use of sensors due to technological advances. The sensors are integrated with the BSD and ACC systems to increase engine performance by reducing carbon emissions. Government initiatives for fuel efficiency and vehicle safety attributes encourage manufacturers to implement integrated systems that can ensure safety and comply with these regulations.
However, the BSD and ACC systems are not effective in areas with adverse weather conditions. Regions with continuous snowfall and rainfall make these security systems ineffective in tracking and monitoring surrounding objects. This makes the owners of these regions reluctant to implement these systems. Another challenge for the growth of this market is the standardization of these systems. As each manufacturer competes to offer unique security features, each manufacturer incorporates high-tech sensors with different applications. Such integrations make it difficult and confusing for car owners to understand the exact operating procedures for different car models. Therefore, due to the technicality involved, car owners are reluctant to install innovative security systems.
The Coronavirus pandemic is happening around the world, affecting operations in several end-user sectors including automobiles. The automotive industry has witnessed one of its worst days with the sudden outbreak of this virus. The slump in this business had a direct impact on its associated industries like the BSD and ACC systems. The strict lockdown conditions implemented by the governments to avoid the transmission of this virus has resulted in the temporary closure of the production units and sales channels for almost six months. This has resulted in declining revenue and sales in the worldwide market. Although the lockdown has been lifted in all the countries, it is estimated that it will some time to bring back consumer confidence and cover incurred losses during the COVID-19 period.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2032 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2032 |
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CAGR |
16.45% |
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Segments Covered |
By Application, Type, and Region. |
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Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Denso, Bosch, Continental, Delphi, TRW, Aisin, Autoliv, Valeo, Hella, GNSD, and Others. |
SUV is a vague term that traditionally covers a wide range of four-wheel drive vehicles that can be taken off-road and have the feel of a lighter truck.
An ultrasonic sensor is an electronic gadget that gauges the distance to an objective article by transmitting ultrasonic sound waves and converting the reflected sound into an electrical sign. Ultrasonic waves travel quicker than the speed of perceptible sound. The radar sensor allows you to measure the distance of objects at great distances. In addition to distance measurements, it is also possible to measure the relative speed of the detected object.
Germany, the UK, and the US are expected to be the largest markets for blind spot detection and adaptive cruise control system for automobiles. In the Asia-Pacific and ROW regions, the BSD and ACC systems are developing at a significant growth rate, due to their increasing purchasing power, high standard of living and GDP growth, and the boom in the premium car market. Developing countries such as China, Russia, Brazil, and Mexico are expected to experience a high rate of growth in demand for BSD and ACC automotive systems from 2020 to 2025.
lDenso, Bosch, Continental, Delphi, TRW, Aisin, Autoliv, Valeo, Hella, GNSD. These are the market players that are dominating the global blind spot detection system and adaptive cruise control system market.
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