Blind Spot Solutions Market is Dominated by Global Players Magna (Canada), Continental (Germany), Denso (Japan).
The report "Blind Spot Solutions Market by
Product Type (BSD, Park Assist, Backup Camera, Surround View & Virtual
Pillar), Technology (Camera, radar & Ultrasonic), End Market (OE &
Aftermarket), Electric Vehicle, Vehicle Type and Region - Global Forecast to
2027" The blind spot solutions market is projected to grow from USD 10.6
billion in 2019 to reach USD 28.6 billion by 2027, at a CAGR of 13.2% during
the forecast period
Browse 95 market data Tables and 54 Figures spread
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Europe is anticipated to lead the market during the
forecast period
The automotive sector is one of the key industries in
Europe. As per the European Commission, there are approximately 180 automobile
facilities across the European Union, and the automobile industry is the
largest investor in research & development. Europe is a hub for automotive
giants and premium vehicles. The major drivers for the blind spot solutions
market in Europe are the high focus on road safety, rising demand for electric
and luxury vehicles, as well as the decreasing display prices, high production
volume, and integration with software technologies. The region is home to
leading automotive manufacturers like BMW, Audi, Mercedes-Benz, Scania, Volvo,
and Volkswagen. These manufacturers are focusing their R&D activities on
developing robust electric vehicles and autonomous vehicle technologies, which
will boost the demand for blind spot solutions in the region. For instance,
Mercedes-Benz is developing “Concept EQ,” an all-electric autonomous vehicle.
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Truck segment is projected to be the fastest growing
blind spot solutions market, by vehicle type
Trucks are predominantly used for transportation of goods.
For instance, as per the US Bureau of Transportation Statistics, in 2017, the
trucking industry contributed to about 8.9% of the country’s GDP. China, the
US, and India are the major markets for trucks. Increase in GDP, continuous
development of road infrastructure, growing truck fleets, and the developing
freight transport industry are the primary drivers for increasing production of
trucks. In the freight transportation industry, driver safety and comfort in
trucks are critical. Therefore, there will be an increasing adoption of luxury
and safety features, including blind spot solutions, especially in North
America and Europe. The blind spot solutions requirement in trucks is more than
LCV and passenger car. This creates the need for blind spot solutions for safe
trucking. Furthermore, advanced technologies such as truck platooning, electric
trucks, semi-autonomous, and autonomous trucks will provide opportunities for
the growth of the blind spot solutions market for trucks.
Surround view system is projected to be the fastest
growing product type
The consistent improvement in driver assistance safety
features because of substantial investments in R&D by OEMs has led to an
increase in the camera-based safety features in vehicles. This factor has
driven the vehicle manufacturers to use multiple cameras to increase the safety
and integrate the driver assist features into a single unit. This has resulted
in the inception of the surround view system capable of providing several
drivers assist safety features for automobiles to enhance vehicle safety. The
growth in semi-autonomous and autonomous levels has led to the growth of the
surround view system in developed countries, while in BRIC countries, the
technology is in an introductory phase.
The blind spot solutions market is dominated by global few
suppliers and comprises several regional players. Some of the key vendors
operating in the market are Magna (Canada), Continental (Germany), Denso
(Japan), ZF Friedrichshafen (Germany), and Bosch (Germany).
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