CHICAGO, June 5, 2019 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets™, the Blind Spot Solutions Market is projected to grow from USD 10.6 billion in 2019 to reach USD 28.6 billion by 2027, at a CAGR of 13.2% during the forecast period.
Browse in-depth TOC on "Blind Spot Solutions Market"
95 – Tables
54 – Figures
177 – Pages
Europe is anticipated to lead the market during the forecast period
The automotive sector is one of the key industries in Europe. As per the European Commission, there are approximately 180 automobile facilities across the European Union, and the automobile industry is the largest investor in research & development. Europe is a hub for automotive giants and premium vehicles. The major drivers for the Blind Spot Solutions Market in Europe are the high focus on road safety, rising demand for electric and luxury vehicles, as well as the decreasing display prices, high production volume, and integration with software technologies. The region is home to leading automotive manufacturers like BMW, Audi, Mercedes-Benz, Scania, Volvo, and Volkswagen. These manufacturers are focusing their R&D activities on developing robust electric vehicles and autonomous vehicle technologies, which will boost the demand for blind spot solutions in the region. For instance, Mercedes-Benz is developing "Concept EQ," an all-electric autonomous vehicle.
Download PDF Brochure:
Truck segment is projected to be the fastest growing Blind Spot Solutions Market, by vehicle type
Trucks are predominantly used for transportation of goods. For instance, as per the US Bureau of Transportation Statistics, in 2017, the trucking industry contributed to about 8.9% of the country's GDP. China, the US, and India are the major markets for trucks. Increase in GDP, continuous development of road infrastructure, growing truck fleets, and the developing freight transport industry are the primary drivers for increasing production of trucks. In the freight transportation industry, driver safety and comfort in trucks are critical. Therefore, there will be an increasing adoption of luxury and safety features, including blind spot solutions, especially in North America and Europe. The blind spot solutions requirement in trucks is more than LCV and passenger car. This creates the need for blind spot solutions for safe trucking. Furthermore, advanced technologies such as truck platooning, electric trucks, semi-autonomous, and autonomous trucks will provide opportunities for the growth of the Blind Spot Solutions Market for trucks.
Surround view system is projected to be the fastest growing product type
The consistent improvement in driver assistance safety features because of substantial investments in R&D by OEMs has led to an increase in the camera-based safety features in vehicles. This factor has driven the vehicle manufacturers to use multiple cameras to increase the safety and integrate the driver assist features into a single unit. This has resulted in the inception of the surround view system capable of providing several drivers assist safety features for automobiles to enhance vehicle safety. The growth in semi-autonomous and autonomous levels has led to the growth of the surround view system in developed countries, while in BRIC countries, the technology is in an introductory phase.
Request for Sample Pages:
The Blind Spot Solutions Market is dominated by global few suppliers and comprises several regional players. Some of the key vendors operating in the market are Magna (Canada), Continental (Germany), Denso (Japan), ZF Friedrichshafen (Germany), and Bosch (Germany).
Browse Related Reports:
ADAS Market - Global Forecast to 2025
By System (ACC, AFL, DMS, NVS, IPA, PDS, TJA, FCW, CTA, RSR, LDWS, AEB, & BSD), Component (Radar, LiDAR, Ultrasonic, and Camera Unit), Vehicle (PC, LCV, Buses, & Trucks), Offering (Hardware, Software), EV, and Region
Automotive Camera Market - Global Forecast to 2025
By Application (ADAS & Park Assist), View Type (Single View System & Multi-Camera System), Technology (Thermal, Infrared & Digital), Vehicle Type & Class, Electric Vehicle Type, and Region - Global Forecast to 2025
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Shelly Singh
630 Dundee Road
Northbrook, IL 60062
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/blind-spot-solution-market.asp
Visit Our Website: https://www.marketsandmarkets.com