ALBANY, New York, Aug. 19, 2019 /PRNewswire/ -- Transparency Market Research has published a new research report that talks about the global anti-collision sensor market and its overall dynamics. According to the research report, the anti-collision sensory market was initially valued at US$3.8 bn in the year 2015. The market is expected to reach a valuation worth US$18.453 bn by the end of 2024. This growth of the global market is projected to be achieved with a massive CAGR of 19.8% over the course of the given forecast period of 2016 to 2024.
There has been a substantial increase in awareness about vehicular safety and anti-collision. More and more leading companies in the market are putting emphasis on the mentioned issues. With respect to the overall vendor landscape, the leading companies that are producing and selling the anti-collision sensors are projected to dominate the global market over the course of the given forecast period of 2016 to 2024. Majority of the leading players in the global market are expected to be more adventurous in the coming years. They are increasingly adopting aggressive marketing strategies such as mergers, acquisitions, and takeovers to bolster their product portfolio and also enhance their position in the market.
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Some of the key companies in the market include names such as Denso Corporation, Robert Bosch GmbH, Continental AG Corporation, and ZF Friedrichshafen among others. All these companies have a high global reach and thus are more influential in the automotive market.
Integration of Radar and Camera Sensors to Gain More Momentum in Coming Years
From a product point of view, the global anti-collision sensor market is segmented into four key products viz. camera, LiDAR, ultrasonic, and radar. Of these key segments, the global market is primarily dominated by the radar sensors. According to the research report, the radar segment is going to experience steady growth over the course of the given forecast period. A new trend that has been gaining momentum in this segment is the integration of radar sensors with cameras. This trend is expected to generate high revenues for the global market in the coming years.
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From a geographical viewpoint, the global anti-collision sensor market is mainly divided into key regions such as North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Of these, the global market is presently dominated by the Europe region. This dominance of the regional market is mainly due to the huge number of high-end and luxury vehicles that are running on the roads of European nations. Next in line is the Asia Pacific region that is projected to have high growth potential. This high growth rate of the Asia Pacific region is due to the presence of emerging economies such as India and China that have booming industrial sectors.
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Growing Vehicle Demand is Directly Responsible for Market Growth
There are several factors that are responsible for driving the growth of the global anti-collision sensor market. One of the key driving factors for the market growth is the ever-increasing demand for vehicles across the globe. A higher number of vehicles naturally possess a threat of accidents and thus to prevent those, it is imperative to have anti-collision sensors built-in the vehicle. Naturally, increasing demand for vehicles is directly responsible for augmenting the growth of the global anti-collision sensor market. In addition to this, strict government guidelines and regulations in many countries about the production of vehicles has also been a positive influence on the growth of the global anti-collision sensor market.
The information presented in this review is based on a Transparency Market Research report, titled,"Anti-collision Sensor Market (Technology - Radar, Ultrasonic, LiDar, and Camera; Application - Adaptive Cruise Control, Blind Spot Monitor, Forward Collision Warning System, Lane Department Warning System, and Parking Sensor; End User - Automobile, Aerospace and Defense, Industry, Rail, and Maritime) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
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Key Segments of the Global Anti-collision Sensor Market
- Adaptive Cruise Control
- Blind Spot Monitor
- Forward Collision Warning System
- Lane Department Warning System
- Parking Sensor
- Aerospace and Defense
- North America
- Asia Pacific (APAC)
- Middle East & Africa
- Latin America
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