New York, NY -- (SBWIRE) -- 11/18/2016 -- Collision Avoidance System Market: Overview
Increasing number of severe accidents had elevated the need of a system to avoid collisions. The collision avoidance system is helpful to avoid imminent collisions amongst objects such as automobiles, aircrafts, railways, marine and others. The increasing application of collision avoidance system in construction and mining industries are boosting the global collision avoidance system market. Based upon its applications there are various collision avoidance system such as airborne collision avoidance system (ACAS), traffic collision avoidance system (TCAS), ground proximity warning system (GPWS), obstacle collision avoidance system. Collision avoidance system works on the principle of avoiding the collision by warning the operator of the threat or by taking an autonomous avoidance movement. The automobile giants such as Fusion, General Motors and Ford Explorer are having a pre-collision system installed in their cars. These pre-collision system uses radar to detect the approaching obstacles and alerts the drivers accordingly, or even the system will brake the vehicle. Currently the global collision avoidance system market is in billions and is anticipated to witness a modest CAGR growth in the forecasted period.
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Collision Avoidance System Market: Drivers and Restraints
Automotive industry is having the largest share in the global collision avoidance market and due to the increasing concern of travellers and vehicle safety the global collision avoidance system market is anticipated to boost in the forecasted period. Further, stringent government regulations, and lower insurance premium of vehicles with collision avoidance system is driving the global collision avoidance system market. Increased awareness amongst governments of different regions is leading to the installation of collision avoidance system in railways, aircrafts and submarines, resulting in the growth of global collision avoidance system market.
The expensive nature of collision avoidance system restricts its usage in the middle level and lower level segment vehicles. In some cases the collision avoidance system only warns the drivers and does not perform any autonomous avoidance movement, and ignorance of drivers might lead to the collision. The above factors can slowdown the global collision avoidance system market.
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Collision Avoidance System Market: Region Wise Outlook
The global collision avoidance system market can be divided into seven regions, namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan and Middle East and Africa .Europe is the leader in terms of market share in global collision avoidance system market owing to the flourishing automotive sector in this region. Also in this region there are stringent government regulations for installing some basic systems such as tire pressure monitoring system in automotive and ACAS system in aircrafts for seating capacity above a specific number. North America is another significant contributor in global collision avoidance system market due to its increasing construction, railways and mining sectors. Asia Pacific is anticipated to be a potential market in the global collision avoidance system market in near future. India and China are the countries that would witness a decent growth in the construction and mining, automotive sectors. Latin America and Japan are at a nascent stage in the global collision avoidance system market. Middle East and Africa are anticipated to have a slowdown collision avoidance system market in the forecasted period.
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