Blind Spot Monitor Market Forecast With Trends, Challenges & Drivers and Key Players 2023-2035

Bysham ambhore

Research Nester’s recent market research analysis on “Blind Spot Monitor Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global blind spot monitor market in terms of market segmentation by vehicle type, product type, technology, end user, and by region

Growing Concern for the Road Safety to Promote Global Market Share of Blind Spot Monitor

The global blind spot monitor market is estimated to grow majorly on account of the rising instances of the road accidents followed by rising issues of the parking and others. A car in India is parked more than 95% of the time and driven only 5% of the time. Furthermore, an automobile sits for an average of 8,360 hours every year and is only driven for approximately 400 hours. Moreover, every year, 1.35 million people are killed on the world’s roadways, according to the World Health Organization. Every day, around 3,700 persons are injured in car, bus, motorcycle, bicycle, truck, or pedestrian accidents worldwide. Numerous vehicles on the road today have driver assistance technology, which aids in the saving of lives and the prevention of injuries on our nation’s highways. While certain driver aid technologies are designed to warn you if you are about to collide.  Moreover, blind spot warnings can help drivers avoid colliding with another car driving in the same way in an adjacent lane or parked in a constricted parking space.

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Besides this, the rising demand for the vehicles and its higher production is also expected to boost the market growth. In 2027, unit sales in the luxury cars market segment are expected to reach 217,000 vehicles. Furthermore, vehicle production in Germany increased for the ninth month in a row in February 2023, with nearly 382,600 passenger cars rolling off the assembly lines. In addition to this, around 700,000 autos were produced in January and February 2023, representing a 26% rise year on year.

Some of the major growth factors and challenges that are associated with the growth of the global blind spot monitor market are:

Growth Drivers:

  • Surge Incidences of Vehicle Crashes
  • Rising Need for Advanced Safety Systems

Challenges:

The blind spot monitor’s high cost and sophisticated components increases the cost of the overall vehicles, as well as its poor performance in inclement weather are some of the major factors anticipated to hamper the global market size of blind spot monitor. In a camera-based sensor, sometimes the visibility of obstruction is compromise due to bad weather, such as rain and fog. Thus, makes reduces the efficiency of the camera sensors. On the other hand, blind spot monitors are not always 100% accurate and reliable which is also a primary concern and is expected to impede the market growth. The efficiency of the blind spot monitor varies with different vehicles. In some vehicles it is designed to respond at only high speed and it dies not detect other vehicle about to collide the stationary or slow speed vehicles. Moreover, sometimes these sensors activate and make noises even in slight inconvenience. Therefore, these factors restrict the popularity of the blind spot monitors.

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By product type, the global blind spot monitor market is segmented into park assist, backup camera, surround view & virtual pillar, and BSD.  The park assist segment is to garner a highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The segment’s growth can be expected on the account of the rising difficulties consumers confront when just parking their cars.  Parking issues are more prevalent in areas where land is scarce and expensive, such as in cities, where increasing parking demand places a strain on available space. It is also projected that a reverse parking-assist system might avert the majority of all reverse and parking accidents. The increased number of automobile collisions is primarily responsible for market growth. One out of every five car accidents occur in a parking lot or garage around the world. Furthermore, an estimated 50,000+ crashes occur in parking lots worldwide each year, resulting in hundreds of deaths and thousands of injuries. Pedestrians account for roughly 40% of all parking lot fatalities.

By region, the North America blind spot monitor market is to generate the highest revenue by the end of 2035. The market’s expansion can be expected mostly to the rising demand for autos and luxury vehicles. Luxury car unit sales in the United States are expected to reach 92,000 vehicles by 2027. Furthermore, as of March 2023, the total number of new vehicles sold in the United States was around 1 million. This is around 9% greater than a year ago, in March 2022. On the other side, increased incidence of automobile crashes and traffic accidents are ascribed to market expansion. In 2021, an estimated 43,000 people will be killed in traffic accidents, an 11% increase from the 38,824 fatalities in 2020 and the highest rate since 2005.

This report also provides the existing competitive scenario of some of the key players of the global blind spot monitor market which includes company profiling of Robert Bosch GmbH, Delphi Powertrain Systems Operations Luxembourg S. à r.l., Continental AG, ZF Friedrichafen AG, Autoliv Inc., Denso Corporation, Texas Instruments Incorporated, WABCO Holdings, Magna International, Inc., and Ficosa Internacional SA

 

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