Market Study on Collision Avoidance Systems: Government Policies to Mitigate Road Accidents to Call for Driver Assistance Solutions!
New York, March 16, 2023 (GLOBE NEWSWIRE) — In 2022, the market for collision avoidance systems was valued at US$ 9.5 billion. Through 2032, it would flourish at a CAGR of 17.9%. By 2032, the Collision Avoidance System Market would be valued at about US$ 49.0 billion.
Vehicle collision avoidance systems adapt their behavior in response to external stimuli in order to avoid impending crashes. They take over the wheel and do tasks that are difficult for drivers to complete in hazardous situations.
Sensors and cameras collect data, which controller units subsequently process. These systems broadcast information to drivers to alert them about any problems with their own or other drivers’ driving.
Several government projects aim to improve car safety systems. They are recognized as important growth contributors.
For instance, the National Transportation Safety Board of the USA released a list of the top 10 transportation safety improvements at the beginning of 2021. The list recommends adding tools that can be utilized in cars to increase passenger safety.
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Demand for auto collision prevention systems is expanding alongside sales of autonomous vehicles. Nevertheless, high installation costs might prevent the market from rising.
It is a good policy to have a backup plan in case something goes wrong. More technology integration in automobiles will also allow manufacturers of collision avoidance systems to broaden their businesses.
By 2032, it is projected that the market for advanced driver assistance systems (ADAS) would surge dramatically. Increasing safety measures by various organizations and original equipment manufacturers are mostly to blame for increasing public awareness of automobile safety.
Demand for vehicles with advanced safety features and autonomous driving capabilities is rising as awareness grows. Government policies and guidelines are also boosting ADAS sales.
Installation of automotive emergency braking systems and accident prevention systems is now obligatory for all passenger cars and commercial vehicles. In the beginning, high-tech safety features were exclusively found in pricey luxury cars.
The trend is, however, increasingly waning in both industrialized and emerging nations. In all automotive segments, standardized safety features are being fitted extensively.
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Key Takeaways from Collision Avoidance System Market
- Sales of collision avoidance systems in the USA would surge at a CAGR of around 16.6% from 2022 to 2032.
- China collision avoidance system market would expand at a CAGR of around 19.0% from 2022 to 2032.
- By technology, the LiDAR segment is predicted to expand to around 17.8% from 2022 to 2032.
- South Korea collision avoidance system market witnessed a CAGR of 22.6% from 2017 to 2021.
- Japan collision avoidance system market is likely to be worth US$ 3.5 billion by 2032.
“Original equipment manufacturers’ awareness of the importance of vehicle safety would drive sales. Government regulations are changing rapidly. Development of sophisticated vehicle evaluation algorithms would further help push the demand.” – Says a lead analyst.
Competitive Landscape: Collision Avoidance System Market
Leading industry participants are continually coming up with new ideas for how to produce high-quality products. They also want to patent their innovations in order to diversify their product lines. Businesses in the collision avoidance system industry, which currently only have a small share, are always trying to expand it.
- Continental AG
- BorgWarner Inc.
- DENSO CORPORATION
- Analog Devices, Inc.
- Infineon Technologies AG
- Panasonic Corporation
- Robert Bosch GmbH
- General Electric Company
- Honeywell International Inc
- Siemens AG and many more
For instance,
- In May 2021, ZF was chosen by Toyota to develop driver assistance systems for multiple vehicles. Following the deal, ZF will also provide its Gen21 mid-range radar. It will be in charge of integrating the two systems in Toyota cars.
Get More Exclusive Insights into Collision Avoidance System Market Study
Persistence Market Research (PMR), in its new offering, presents an unbiased analysis of the collision avoidance system market, presenting historical market data (2017 to 2021) and forecast statistics for the period of 2023 to 2032.
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The study reveals extensive growth in the collision avoidance system market in terms of
- Technology (LiDAR, radar, ultrasound, camera)
- Application (adaptive cruise control, blind spot detection, forward collision warning system, lane departure warning system, parking assistance),
- Regions ( North America, Latin America, Europe, Asia Pacific, Middle East and Africa)
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