What Is The Scope Of The Global Collision Avoidance Sensors Market?
Collision avoidance sensors are devices designed to detect obstacles or hazards in the path of a moving vehicle and provide warnings or take corrective actions to prevent collisions. They are crucial for enhancing safety by continuously monitoring the vehicle's surroundings and alerting drivers or autonomous systems to potential dangers, thereby helping to avoid accidents.
Collision Avoidance Sensors Global Market Report 2024 provides data on the global collision avoidance sensors market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The collision avoidance sensors 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 Collision Avoidance Sensors Sector?
The collision avoidance sensors market has grown rapidly, increasing from $4.80 billion in 2023 to $5.34 billion in 2024 at a CAGR of 11.3%. Historical growth was driven by advancements in radar technology, heightened safety regulations, and rising vehicle sales. The market is expected to reach $8.28 billion by 2028 at a CAGR of 11.6%. Future growth will be fueled by the adoption of autonomous vehicles, new car safety programs, and technological advancements in sensor capabilities. Key trends include the integration of LiDAR and radar technologies, IoT connectivity, and applications in automotive and transportation industries.
Which Factors Are Boosting Growth In The Collision Avoidance Sensors Market?
The demand for autonomous vehicles is expected to propel the collision avoidance sensors market. Autonomous vehicles, leveraging advanced sensors and AI, offer enhanced safety and efficiency. Collision avoidance sensors enable these vehicles to navigate safely, reducing accidents and improving road safety. The National Association of Insurance Commissioners reported in December 2022 that 3.5 million autonomous vehicles are expected on U.S. roads by 2025, increasing to 4.5 million by 2030. This growth underscores the essential role of collision avoidance sensors in the autonomous vehicle industry.
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What Key Areas Define The Segmentation Of The Global Collision Avoidance Sensors Market?
The collision avoidance sensors market covered in this report is segmented –
1) By Technology: Radar, Camera, Ultrasound, LIDAR
2) By Applications: Lane Departure Warning System , Blind Spot Detection, Adaptive Cruise Control, Parking Assistance , Forward Collision Warning System , Autonomous Emergency Braking, Other Applications
3) By End Users: Aerospace And Defense, Automotive, Marine, Other End Users
How Are Emerging Trends Reshaping The Dynamics Of The Collision Avoidance Sensors Market?
Companies in the collision avoidance sensor market are developing advanced products like lightweight Lidar systems to improve vehicle safety and enable their integration into various vehicles, including autonomous models. These compact systems use Lidar technology for precise measurements and 3D mapping. For instance, in June 2021, Velodyne Lidar, a US-based automotive technology company, launched the Velabit sensor. This lightweight, compact sensor enhances advanced driver-assistance systems (ADAS) and autonomous vehicle functions, offering a wide field of view, high resolution, and long-range detection.
Which Region Has The Fastest Expansion In The Collision Avoidance Sensors Market?
North America was the largest region in the collision avoidance sensor Market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the collision avoidance sensors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
