How Has the Blind Spot Monitor Market Evolved Historically and What is its Current Size?
The blind spot monitor market has seen considerable growth due to a variety of factors.
• The blind spot monitor market has grown rapidly in recent years. It will grow from $15.93 billion in 2024 to $17.69 billion in 2025, at a CAGR of 11.0%.
This expansion is driven by heightened awareness of road safety, rising demand for automated vehicles, higher vehicle production, consumer interest in safety features, and the growing adoption of ADAS technologies.
What is the Forecasted Market Size and CAGR for the Blind Spot Monitor Market?
The blind spot monitor market is expected to maintain its strong growth trajectory in upcoming years.
• The blind spot monitor market is expected to grow rapidly, reaching $26.74 billion by 2029, with a CAGR of 10.9%.
This growth is fueled by the rise of autonomous vehicles, stricter safety regulations, growing preference for connected vehicles, and an increased focus on road safety. Key trends include the integration with ADAS technologies, sensor technology adoption, autonomous vehicle integration, advancements in automotive safety, and AI and machine learning integration.
What Key Factors and Trends Are Driving The Growth Blind Spot Monitor Market?
The growing preference for connected vehicles is expected to propel the growth of the blind spot monitor market. Connected vehicles, which can communicate with other vehicles and infrastructure, are becoming more popular due to enhanced safety features and convenience. These vehicles integrate advanced safety systems that improve blind spot monitoring, enhancing driving safety. For example, Fleet News reported in June 2022 that the proportion of connected vehicles in the UK increased from 94% in 2020 to 97% in 2022, driving demand for blind spot monitoring technology.
What Are The Market Segments In The 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
Subsegments:
1) By Blind Spot Detection System: Radar-Based Blind Spot Detection, Camera-Based Blind Spot Detection, Ultrasonic-Based Blind Spot Detection
2) By Park Assist System: Ultrasonic Sensors For Parking Assistance, Camera-Based Park Assist System, Sensor And Camera Integrated Park Assist
3) By Backup Camera System: Wired Backup Camera, Wireless Backup Camera, Integrated Dashboard Backup Camera
4) By Surround View System: 360-Degree Camera System, Four-Camera Surround View System, Virtual 360-Degree System
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What New Trends Are Influencing The Blind Spot Monitor Market?
Companies in the blind spot monitor market are introducing next-generation radar sensors to enhance driver safety by improving the accuracy of blind spot monitoring systems. Sensata Technologies launched the PreView Sentry 79 sensor in October 2023, which offers customizable detection zones and can detect objects up to 40 meters away. This radar sensor improves awareness in blind spots and enhances the safety of medium- and heavy-duty trucks.
Who Are the Key Players In The Blind Spot Monitor Market?
Major companies operating in the blind spot monitor market are:
• Robert Bosch GmbH
• Denso Corporation
• ZF Friedrichshafen AG
• Continental AG
• Hyundai Mobis
• Magna International Inc.
• Valeo SA
• Aptiv
• Infineon Technologies AG
• Autoliv
• HELLA GmbH & Co. KGaA
• Samsung Electro-Mechanics
• Garmin Ltd.
• Lexus
• HL Mando
• Pioneer Corporation
• Gentex Corporation
• Mobileye
• VBOX Automotive
• Xiamen Autostar Electronics Co. Ltd.
• SL Corporation
What Are The Regional Insights Into 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.
