Blind Spot Monitor Market: Current Analysis and Forecast (2022-2028)

Blind Spot Monitor Market: Current Analysis and Forecast (2022-2028)

The Blind Spot Monitor market is expected to register a CAGR of around 13% over the period of 2022-2028. This is primarily due to the rising Introduction of stringent government programs pertaining to vehicle safety coupled with consumer demand for active safety systems. Vehicle safety systems, radars in conjunction with cameras, infrared, and other technology are used to acquire information about the Vehicles surrounding them. With this information, these systems can determine a driving situation and warn the driver of a potentially dangerous event. It can also command the vehicle on its own and lessen the accident’s severity.

In addition, major players in the market are continuously focusing on strategic measures such as partnerships and collaborations as well as new product launches. For instance, in 2021, SerVision from the ADI Systems Group launched a new system to identify blind spots for drivers– the Baware BSD system. The Baware BSD system is based on radar technology which notifies the driver whenever a vehicle or object emerges from the back of the vehicle.

Some of the major players operating in the market include Robert Bosch GmbH, Continental AG, DENSO Corporation, Valeo SE, Aptiv PLC, Magna International Inc., Autoliv Inc., Hyundai Mobis Co. Ltd., ZF Friedrichshafen AG, and Hella KGaA Hueck & Co.

Insights Presented in the Report
"Amongst product type, backup camera system category to hold prominent share during the forecast period”

Based on the product type, the market is divided into blind spot detection system, park-assist system, backup camera system, and surround-view view system. The backup camera system segment held a significant market share in 2020. In order to prevent collisions and accidents caused by poor sight while parking the car, backup cameras are employed in cars to capture a clear image of the back side of the vehicle. Accidents can be avoided with the use of a backup camera by identifying the back blind spot. The market is expanding as a result of factors such as the rise in accidents, which has led to greater use of backup cameras coupled with the integration of advanced systems such as blind spot monitoring by OEMs in vehicles to address customer concerns about safety and security.
"Amongst sales channel, OEMs category to witness significant growth during the forecast period”

Based on the sales channel, the blind spot monitor market is divided into OEM and aftermarket. The OEM segment is expected to witness the highest growth during the forecast period. Blind-spot monitoring systems offer 360° of electronic coverage around the vehicle. The system warns the driver of the approaching vehicles present in their blind spots area of the Vehicle which is outside the driver’s view. Thus, this technology has significantly encouraged automakers to manufacture vehicles exceeding the minimum federal safety requirement thereby enhancing the adoption of an active safety system such as a blind spot monitoring system by automakers across vehicles.
"North America to hold a significant share in the market”

North America grabbed the leading market share of the global market in 2020, and it is expected to grow with considerable CAGR during the forecast period owing to the growing working population and expanding middle-class population thus creating demand for advanced automotive safety systems including blind-spot monitors.

Furthermore, owing to the increasingly stringent government regulation pertaining to road and vehicular safety and raising awareness of advanced safety features among end consumers. The US always wins the first-mover advantage when it comes to the adoption of any innovative technology. Government regulation imposed by the different North American countries has mandated the integration of advanced safety features across vehicles for road safety. For Instance, the National highway traffic safety administration (NHTSA) regulatory body was incorporated in the U.S. for the safety of motor Vehicles.

Similarly, as per Transport Canada, since May 1st, 2018, all new cars sold in Canada, weighing 4,536 kg or less, must be fitted with a backup camera.

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