Market Challenges And Opportunities

Global Automotive Collision Avoidance System Market- Drivers

Growing Consumer Demand for Safety Features:

With rising awareness about road safety, consumers are increasingly prioritizing safety features when purchasing vehicles. Collision avoidance systems, such as forward collision warning, lane departure warning, and blind spot detection, are becoming popular among car buyers, driving the demand for these systems. For instance, various initiatives by government of different countries to improve the safety systems onboard a car are being considered major growth factors. For instance, the National Transportation Safety Board (NTSB) of the United States released a list of the 10 most wanted transportation safety improvements at the beginning of 2021. This list suggests incorporating technologies that can be equipped to the vehicles for passenger safety.

Increasing Adoption of Autonomous Vehicles:

The development and deployment of autonomous vehicles are on the rise, and collision avoidance systems are a critical component of their safety systems. As autonomous driving technology progresses, collision avoidance systems will play an even more significant role in ensuring the safety of both passengers and pedestrians.However,many companies are investing in autonomous cars and vehicles,for instance,In September 2021, General Motors Co's venture capital arm announced an investment in a startup Oculii based in the US. Which develops software for radar sensors for Autonomous / Self-driving cars . This investment will allow GM to use Oculli's low-cost software to boost the resolution of radars and scale up its partially automated vehicles and fully Autonomous / Self-driving cars .

Overall, the global Global Automotive Collision Avoidance System Market is primarily driven by the need for improved road safety, consumer demand for safety features, technological advancements, and the growth of autonomous vehicles, insurance incentives, increasing accidents, and cost-effectiveness. These factors are expected to continue shaping the market and driving its expansion in the coming years.

Global Automotive Collision Avoidance System Market- Opportunities

Growing Demand for Connected Cars:

The increasing popularity of connected cars and the Internet of Things (IoT) in the automotive industry create opportunities for collision avoidance systems. Connected cars can leverage real-time data from various sources such as other vehicles, traffic infrastructure, and cloud-based platforms to enhance collision detection and prevention capabilities. For instance, HARMAN, audio electronics company has announced HARMAN Savari MECWAVE, an ultra low-latency edge-based compute platform for turn-key connectivity. MECWAVE speeds up the deployment of vehicle-to-everything (V2X) communications, such as hazard alerts, and highthroughput connectivity experiences like interactive infotainment and video streaming. MECWAVE also extends V2X capabilities to vehicles and devices that are not V2X capable, such as bikes and scooters, as well as mobile and wearable devices.

Expansion in Emerging Markets:

Emerging economies, such as China, India, and Brazil, are witnessing a rapid increase in vehicle sales. As the automotive market in these regions grows, there is a significant opportunity for collision avoidance system manufacturers to expand their presence and tap into the rising demand for advanced safety technologies.

In May 2022, Toyota Group, automotive company revealed plans to invest INR 48 billion (USD 624 million) in India to manufacture electric vehicle components.

Overall, the global Global Automotive Collision Avoidance System Market offers numerous opportunities driven by increasing safety awareness, regulatory support, technological advancements, the growth of connected cars and autonomous vehicles, expansion in emerging markets, and collaboration among industry players. Companies that can capitalize on these opportunities are likely to experience substantial growth in the market. The market for collision avoidance systems would also expand as premium cars and sports utility sales rise. Improvement of vehicle safety systems is a goal of several government projects.

Global Automotive Collision Avoidance System Market- Restraints

Sales of collision avoidance systems are being hampered by a number of issues, including high cost, poor awareness, privacy concerns, and security. Installing collision avoidance technology is expensive, especially in old and small cars. Their high cost could limit market growth and prevent widespread adoption. Technical problems with them, such as poor accuracy and false alerts, limit the use of current collision avoidance technologies. Standards for collision avoidance systems still cannot be agreed upon by various countries and regions. It would be difficult for manufacturers to design new systems that can be sold everywhere. Integrating collision avoidance systems with other vehicle systems is challenging. Another barrier to market expansion is a lack of knowledge about collision avoidance systems and their benefits, particularly in developing countries.