Market Research Future (MRFR) presumes the global collision avoidance sensors market size to hit USD 15 billion at a CAGR of 22% from 2020 to 2027 (forecast period).
Multiple Factors to Bolster Market Growth
The number of road accidents has been steadily increasing, resulting in fatalities, vehicle damage, and traffic jams. Although the use of autonomous vehicles is increasing in industrial applications such as moving goods or parts on preset paths, the risk of colliding with people or objects is significant. When such vehicles are outfitted with collision detection or avoidance sensors, they can come to a complete stop before an accident happens. To avoid accidents, major automakers have begun to incorporate collision avoidance sensors into their mass-market product offerings. Toyota Motor Corporation, for example, incorporates innovative technologies in their vehicles to avoid accidents, such as a pre-crash braking system, auto-parking, auto-adjust headlamps, and a vehicle communication system. Thus, one of the primary factors driving the growth of the Collision Avoidance Sensors Market is the increasing sale of utility vehicles, sports utility vehicles (SUVs), and high-end luxury vehicles.
COVID-19 to have Temporary Impact on the Global Market
The spread of COVID-19 has had an impact on the Collision Avoidance Sensors Market. The global spread of the pandemic has prompted lockdowns in a number of countries, disrupting supply chains and shutting down a number of manufacturing plants. The decrease in collision avoidance sensor production has had a significant influence on Collision Avoidance Sensors Market growth.
To survive in the collision avoidance sensors market, industry participants all over the world are focusing on cutting operational costs. The post-lockdown resumption of manufacturing of collision avoidance sensors and related equipment is projected to fuel market expansion. Over the anticipated timeframe, government initiatives and relaxations in lockdowns are expected to raise demand for collision avoidance sensors. As a result of the increasing acceptance of such advanced products in automotive and marine applications to ensure vehicle safety, the demand for collision avoidance sensors and related products is predicted to rise.
The global Collision Avoidance Sensors Market can be segregated on the basis of application, technology, and region.
On the basis of application, the global collision avoidance sensors can be segregated into lane departure warning system (LDWS), blind-spot detection (BSD), adaptive cruise control (ACC), forward collision warning system (FCWS), parking assistance, and others
On the basis of technology, global collision avoidance sensors can be segregated into the camera, radar, LiDAR., and ultrasound.
On the basis of region, the global collision avoidance sensors can be segregated into North America, Europe, Asia-Pacific, the Middle East, and Africa, and Central and South America.
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The regional analysis of North America, Europe, Asia-Pacific, the Middle East, and Africa, and Central and South America has been conducted. As per the analysis. Europe is estimated to hold the largest market share during the forecast period. The region consists of Germany, which has a very stronghold of the established automotive sector. Several crucial players are based in the region, which plays an important role in market expansion. Besides, the initiatives taken by the government for installation of systems such as airborne collision avoidance system (ACAS) has further propelled the market. As per the research, the second position is taken by the North American region. The research projects that North America acquires the second largest collision avoidance sensors market share. The region is developed, and other sectors like mining, construction, and railways are developing, which escalates the market growth during the forecast period. The research states that the APAC region is estimated to be the fastest developing region during the forecast period. The region consists of the fastest developing economies of the world, i.e., India and China. Both countries make a significant contribution to expanding the regional market. However, the outbreak of pandemic coronavirus has affected several regional markets. The constant lockdown observed in several regions has changed the collision avoidance sensors market dynamics.
The forefront players of the global collision avoidance sensors market are Delphi Automotive LLP (Ireland), NXP Semiconductors (Netherlands), Robert Bosch GmbH (Germany), Continental AG (Germany), DENSO CORPORATION (Japan), Infineon Technologies AG (Germany), Texas Instruments (US), Murata Manufacturing Co., Ltd. (Japan), Siemens AG (Germany), ALSTOM (France), and Rockwell Collins (US). Other crucial players of the market are General Electric (US), Panasonic Corporation (Japan), Sensata Technologies, Inc. (US), Honeywell International Inc. (US), Saab AB (Sweden), TRW Automotive (US).
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