The blind spot monitor market has experienced rapid growth, increasing from $14.39 billion in 2023 to $15.93 billion in 2024, with a compound annual growth rate (CAGR) of 10.7%. This growth is attributed to greater awareness of road safety, rising demand for automated vehicles, growing vehicle production, consumer demand for safety features, and increased adoption of advanced driver-assistance systems (ADAS). The market is anticipated to reach $24.10 billion by 2028, with a CAGR of 10.9%. Future expansion is driven by the rise of autonomous vehicles, stricter safety regulations, growing preference for connected vehicles, and intensified road safety initiatives. Major trends include integration with ADAS technologies, adoption of sensor technologies, implementation in autonomous vehicles, advancements in automotive safety, and the use of AI and machine learning technologies.
Major Driver In The Blind Spot Monitor Market
The rising preference for connected vehicles is expected to accelerate the growth of the blind spot monitor market. Connected vehicles, which feature internet connectivity and communication capabilities with other vehicles and infrastructure, are gaining traction for their convenience, efficiency, and advanced safety features. These vehicles use real-time data to enhance the precision of blind spot monitors, improving safety and driving experience. Fleet News reported that the proportion of connected vehicles increased from 94% in 2020 to 97% in 2022. This growing adoption of connected vehicles is driving the blind spot monitor market forward.
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Blind Spot Monitor Market Competitive Landscape
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
Key Blind Spot Monitor Market Trend
The blind spot monitor market is seeing advancements in detection radar sensors to improve safety and accuracy. Next-generation sensors enhance the detection of objects in blind spots, even in adverse weather conditions. For instance, Sensata Technologies, a US-based industrial technology firm, launched the PreView Sentry 79 in October 2023. This sensor features a customizable detection zone and can identify objects up to 40 meters (131 feet) away, integrating seamlessly with existing vehicle safety systems.
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Blind Spot Monitor Market Segmentation
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
By Geography:The regions covered in the blind spot monitor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
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 Blind Spot Monitor Global Market Report 2024 furnishes information about the global blind spot monitor market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
