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
Northbrook, IL -- (SBWIRE) -- 07/11/2019 -- The blind spot solutions market is estimated to be USD 10.6 billion in 2019 and is projected to reach USD 28.6 billion by 2027, at a CAGR of 13.2% from 2019 to 2027. The key drivers of the market are increasing adoption rate of advanced technologies by OEMs, the introduction of stringent government programs pertaining to vehicle safety, growing consumer demand for active safety systems, rising adoption of smart mirrors in the automotive industry, and increasing demand for premium vehicles.
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The backup camera system is estimated to account for the largest market size during the forecast period
Currently, a backup/rearview camera is most commonly used in vehicles. Most of the vehicles are equipped with the rearview digital camera that assists the driver while parking a vehicle. Moreover, the US and Canadian governments have mandated the rearview camera because of its safety benefits. Canada has made rearview camera systems mandatory in new cars since May 2018. In line with government mandates related to backup cameras in North America, the governments in BRIC countries and Europe may issue mandates supporting backup/rearview camera functions soon which is likely to drive the market for backup cameras in the respective geographies.
Radar-based system segment system is projected to be the fastest growing market during the forecast period
Pulse-doppler radar is the most commonly used variant of radar sensors used in the present active safety systems and ADAS. It functions by sending short pulses of radio energy and concurrently listens for the echo from objects using the same antenna. There are three types of radars, namely, short range, mid-range, and long-range used in the automotive industry as per functional requirements. As the name suggests, short-range radar can be used for detecting nearby objects in systems such as park assist. Mid-range radar can be used in a blind spot detection system for object detection in the vehicle's blind spot. Generally, more than one radars are fitted in a vehicle to overcome its narrow field of view and reduced angular resolution. Many sensor manufacturers are focusing their developments on reducing the cost of radars so that it would be cost-effective to fit four radars in a vehicle to provide all-around object detection. These
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1. How will vehicle sales trends impact the market in the long term?
2. How will the industry cope with the challenge of the high cost of blind spot solutions?
3. How do you see the impact of government regulations on the market?
4. What are the upcoming trends in the market? What impact would they make post 2025?
5. What are the key strategies adopted by top players to increase their revenue?
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