What Is The Overview Of The Global Blind Spot Monitor Market?
A blind spot monitor (BSM) is a vehicle safety feature that helps drivers identify cars approaching or in their blind spots. It often utilizes sensors to identify objects in adjacent lanes that may not be visible through the side and rearview mirrors. Blind spot monitors improve driver awareness and lessen the risk of vehicle collisions by displaying visual indicators in the side mirrors.
Blind Spot Monitor Global Market Report 2024 provides data on the global blind spot monitor market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The blind spot monitor market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Expected Annual Growth Rates And Market Size Estimates For The Global Blind Spot Monitor Sector?
The blind spot monitor market has expanded quickly, increasing from $14.39 billion in 2023 to $15.93 billion in 2024 at a CAGR of 10.7%. Growth has been driven by road safety awareness, demand for automated vehicles, rising vehicle production, consumer interest in safety features, and the adoption of ADAS technologies. The market is projected to grow to $24.10 billion in 2028 at a CAGR of 10.9%, fueled by the expansion of autonomous vehicles, stricter safety regulations, connected vehicle adoption, and road safety initiatives. Trends include advanced sensor integration, ADAS integration, applications in autonomous vehicles, AI and machine learning, and enhanced automotive safety.
Which Factors Are Boosting Growth In The Blind Spot Monitor Market?
The increasing preference for connected vehicles is expected to drive growth in the blind spot monitor market. Connected vehicles are equipped with internet connectivity and can communicate with other vehicles, infrastructure, and devices, offering enhanced safety and convenience. The demand for connected vehicles is rising due to their integration of advanced safety features. Blind spot monitors in connected vehicles provide more accurate and timely alerts, improving driving safety. According to Fleet News, the proportion of connected vehicles increased from 94% in 2020 to 97% in 2022. Consequently, the growing preference for connected vehicles is driving the blind spot monitor market.
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What Key Areas Define The Segmentation Of The Global Blind Spot Monitor Market?
The blind spot monitor market covered in this report is segmented –
1) By Product Type: Blind Spot Detection System, Park Assist System, Backup Camera System, Surround View System
2) By Component Type: Ultrasonic, RADAR, Camera
3) By Vehicle Type: Heavy Commercial Vehicles, Passenger Cars, Light Commercial Vehicles
4) By Vehicle Propulsion: Internal Combustion Engine (ICE), Electric
5) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
How Are Emerging Trends Reshaping The Dynamics Of The Blind Spot Monitor Market?
Companies in the blind spot monitor market are introducing next-generation detection radar sensors to improve blind spot detection accuracy and reliability, reducing accident risks. These sensors use advanced radar technology to detect objects in blind spots, even under adverse weather conditions. In October 2023, Sensata Technologies, a US-based industrial technology firm, launched the PreView Sentry 79 detection radar sensor. This sensor offers a customizable detection zone, adjustable to different vehicle types, and detects objects up to 40 meters. Its seamless integration with existing vehicle safety systems enhances driver and passenger protection.
Which Region Has The Fastest Expansion In The Blind Spot Monitor Market?
Europe was the largest region in the blind spot monitor market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blind spot monitor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
