Growing Interest Among Manufacturers to Boost Blind Spot Object Detection System Market

 

Overview:

 

The global blind spot object detection system market is slated to impact the market during the forecast period of 2018 to 2023, with a CAGR of 17.5%. Market Research Future (MRFR) predicts that the market will benefit from several aspects like the growing demand for passenger safety and comfort, interests shown by manufacturers, government regulations regarding safety, better funding for the research and development sector, and others are expected to bolster the market growth. However, these systems can increase the price of the end product, which can act as a market deterrent.

 

Segmentation:

 

The global report on the blind spot object detection system market was studied by MRFR analysts who segmented it on the basis of vehicle types, functioning, and technology. This understanding of the market is expected to bolster strategies that can then yield better results. 

 

By technology, the report on the blind spot object detection system market includes segments like radar sensors and cameras.The radar sensors segment has better market coverage and it will continue to retain its dominance during the forecast period.

 

By functioning, the global report on the blind spot object detection system market includes studies on automatic and manual. 

 

By vehicle type, the blind spot object detection system market includes segments like passenger vehicles and commercial vehicles. The passenger vehicles segment had the highest market share in 2016.

 

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Regional Analysis:

 

In North America and Europe, this market will benefit from the presence of top players, fund support, customer’s preference for such system, infrastructure, regulations, and others. In Asia Pacific, growing disposable income could change the market equation.

 

Competitive Landscape:

 

Denso Corporation (Japan), Robert Bosch (Germany), Autoliv Inc (Sweden), Continental AG (Germany), Mercedes (Germany), Delphi (UK), Mobileye (Israel), Magna International (Canada), Hitachi Automotive Systems (Japan), Nissan (Japan), and ZF Friedrichshafen AG (Germany) are major market players who are impacting the market by getting involved in various strategic discussions and dealings. These companies had invested a lot in research and development, and marketing strategies to ensure they can strengthen their presence in the market. These steps would also help in bringing in strategic reforms.

 

Industry News:

 

In August 2020, Pioneer Electronics (USA) Inc. declared that it had launched Blind Spot Detection (BSD) System lineup that includes SDA-BS900, SDA-BS100, and SDA-BS1. This lineup is the first one from the company in the US market and is an initiative to provide consumers with an aftermarket solution. This would also include technology to assist drivers with a state-of-the-art notification system to make them aware of the vehicle entering a blind spot zone.

 

During the drive, the Pioneer BSD System can detect the presence of other cars to the rear and in lanes on both sides. The system uses a flashing light as a signal to alert the driver about the direction of the detection and if the driver is about to take a turn on that same side, it will produce an audible buzzer warning. This device is expected to prove its efficiency not just on the lanes but in parking spots as well, where it will ensure proper assistance.

 

Due to the COVID-19 pandemic, the automotive sector has witnessed significant loss but the industry is trying to bounce back. In several countries, governments have provided financial aid to the sector, which will help the automotive sector in retracing its trajectory. This would also help the blind spot object detection system market.

 

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Key Questions Addressed by the Report

• What was the historic market size?
• Which segmentation (Product/ Capacity) is driving market?
• What will be the growth rate?
• How are the key players in this market?
• What are the strategies adopted by key players?

TABLE OF CONTENTS

 

1 EXECUTIVE SUMMARY

 

2 SCOPE OF THE REPORT

2.1 MARKET DEFINITION

2.2 SCOPE OF THE STUDY

2.2.1 DEFINITION

2.2.2 RESEARCH OBJECTIVE

2.2.3 ASSUMPTIONS

2.2.4 LIMITATIONS

2.3 RESEARCH PROCESS

2.3.1 PRIMARY RESEARCH

2.3.2 SECONDARY RESEARCH

2.4 MARKET SIZE ESTIMATION

2.5 FORECAST MODEL

 

3 MARKET LANDSCAPE

3.1.1 THREAT OF NEW ENTRANTS

3.1.2 BARGAINING POWER OF BUYERS

3.1.3 THREAT OF SUBSTITUTES

3.1.4 SEGMENT RIVALRY

3.1.5 BARGAINING POWER OF BUYERS

3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS

 

4 MARKET DYNAMICS

4.1 INTRODUCTION

4.2 MARKET DRIVERS

4.3 MARKET RESTRAINTS

4.4 MARKET OPPORTUNITIES

4.5 MARKET TRENDS

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