The global Automotive Collision Avoidance System market size was valued at USD 62.7 Billion in 2022 and is forecast to a readjusted size of US$ Billion 99.8 Billion by 2030 with a CAGR 6.9% during review period.
According to Global Automotive Collision Avoidance System Market Report, By Device Type:( Adaptive Cruise Control (ACC), Autonomous Emergency Braking (AEB), Blind Spot Detection (BSD), Driver Monitoring System (DMS), Electronic Stability Control (ESC), Lane Departure Warning (LDW), Night Vision (NV), Tire Pressure Monitoring System (TPMS), By Technology Type:( Radar, LiDAR, Camera, Ultrasonic) and By Geography (North America, Europe, Latin America, Asia pacific, Middle east and Africa) as published by coherent market insights.
Collision avoidance system tracks the object of collision risk and accordingly prompts or initiates evasive action to avoid the collision. Increasing installation of sensors in automotive vehicles such as ultrasonic sensors and infrared sensors and the rising installation of autonomous emergency braking systems to reduce collision and electronic stability control systems to reduce the danger of skidding and losing control are some of the major factors that drive the growth of the automotive collision avoidance system market.
Global Automotive Collision Avoidance System Market- Drivers
A Boost in the Number of Cars with Collision Avoidance Sensors
Due to technological advancements, growing safety concerns, and rising consumer demand for luxury and autonomous vehicles, the sale of high-end and mid-range vehicles is increasing globally. Advanced driver assistance features as brake assists, forward collision warning, lane departure warning, automatic emergency braking, pedestrian detection, adaptive cruise control, blind-spot detection, automatic high beams, and backup cameras are all standard in these cutting-edge vehicles. They also have collision avoidance systems that use radar, LiDAR, and ultrasound, among other technologies. Vehicles in the European Union are already required to have automatic emergency braking systems, lane-departure warning systems, electronic stability controls, and automatic brake systems.
Global Automotive Collision Avoidance System Market- Opportunities
Increasing Awareness and Emphasis on Safety:
With the rising concerns about road safety, there is a growing awareness among consumers, governments, and regulatory bodies about the importance of collision avoidance systems. This presents a significant opportunity for companies to introduce advanced safety technologies and capitalize on the increasing demand for these systems. According to coherent market insights, in 16th march 2022,The Indian Ministry of Road, Transport and Highway have issued airbag mandates and electronic monitoring of highways as preventative measures to curb road accidents in it's attempts to strengthen road safety. The safety standards for automobiles are improved in respect of airbags, anti-braking system (ABS), Tyres, crash test, speed limiting devices, comply with fire alarm and protection system, etc.
Europe to Witness High Demand for Vehicle Collision Avoidance Systems by 2030
Europe is set to hold a significant collision avoidance system market share throughout the projection period. The growing need for safety equipment in the automotive sector has led to the expansion of this market in Europe.
Global Automotive Collision Avoidance System Market- Restraints
High cost, limited awareness, and privacy & security are a few factors hampering collision avoidance system sales. It is a costly affair to install collision avoidance technology, particularly in old and small vehicles. Their expensive nature might prevent widespread adoption and restrain market expansion. The use of current collision avoidance technologies is also constrained by technical issues with them such as poor accuracy and erroneous alerts. Various nations and regions are still not able to agree on collision avoidance system standards. It would make it challenging for manufacturers to create new systems that can be sold all over the world. It is complicated to integrate collision avoidance systems with other vehicle systems. Lack of understanding of collision avoidance systems and their advantages, particularly in developing nations, is another factor impeding market expansion.
Global Automotive Collision Avoidance System Market- Trends
An increase in demand for automated vehicles is expected to drive the collision avoidance system market going forward. Automated vehicles refer to vehicles that can sense their surroundings and operate without human intervention. Automated vehicles use collision avoidance systems such as sensors, cameras, emergency braking, lane-keeping, and others to control the car and avoid accidents. For instance, in 2021, Tesla, a US-based automated car manufacturer, sold 93.6 vehicles globally, an 87% increase from 2020. Therefore, increased demand for automated vehicles is driving the collision avoidance system market.
Collision avoidance system demand has increased due to several factors
Rising concerns for road safety, advancements in technology, and government regulations are a few factors. There is an increasing need for cutting-edge safety technologies to reduce collisions due to rising traffic accidents. The performance and dependability of collision avoidance systems have increased with the introduction of sophisticated sensors. These include cameras, radars, and LiDAR, which has led to increasing demand for collision avoidance systems. The need for collision avoidance systems is further increasing as autonomous vehicles gain popularity. The industry is expanding as a result of rising demand for high-end cars with cutting-edge safety technologies. The requirement for collision avoidance systems in new automobiles by several governments has also raised the demand for these systems.
Automotive Collision Avoidance System Market- Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic had a significant impact on the Global Automotive Collision Avoidance System Market Size for Automobile and Transportation industry, with trade restrictions and government lock-downs disrupting the overall supply and demand. Additionally, production was adversely affected due to a shortage of raw materials. The pandemic led to disruptions in the global supply chain due to lockdown measures, restrictions on international trade, and temporary closures of manufacturing facilities. This resulted in a shortage of components and delayed production of automotive collision avoidance systems. Furthermore, due to financial constraints and uncertainty, many vehicle owners postponed their plans to upgrade or retrofit their vehicles with collision avoidance systems. The focus shifted towards essential expenses, leading to a slowdown in the aftermarket segment of the collision avoidance system market.
While the COVID-19 pandemic initially disrupted the automotive collision avoidance system market, the gradual recovery of the automotive industry, increasing focus on safety, and the resumption of vehicle production are expected to support the market's growth in the post-pandemic period.
Global Automotive Collision Avoidance System Market : Competitive Landscape
Key players operating in the global automotive collision avoidance system market are Alstom SA, Autoliv, Inc., Denso Corporation, General Electric Company, Hexagon AB, Honeywell International, Inc., Robert Bosch GmbH, Rockwell Collins, Inc., Siemens AG, and Wabtec Corporation.
To know the latest trends and insights prevalent in this market, click the link below:
Key Takeaways:
Global Automotive Collision Avoidance System Market was valued at US$ 62.7 Billion in 2022 and is estimated to reach US$ 99.8 Billion by 2030 exhibiting a CAGR of 6.9% between 2023 and 2030.
Global Automotive Collision Avoidance System Market- Recent Developments
In January 2021, DENSO, global automotive components manufacturer collaborated with AeCva and brought New LiDAR to the market. Advanced driver assistance systems and autonomous driving depend heavily on LiDAR technology. Currently, the Time of Flight (TOF) approach is used by most LiDAR systems. The technique precisely determines the distance and orientation of objects. It is anticipated to offer high-performance detection. It can also detect the locations of things surrounding a vehicle with high resolution.
In November 2022, Infineon Technologies AG, Germany's largest semiconductor manufacturer announced the expansion of its current sensor portfolio for automotive applications with the new XENSIVTM TLE4971 family. The TLI4971 devices in the 3.3 V range come in four pre-programmed current ranges: 25 A, 50 A, 75 A, and 120 A. They are housed in a TISON package with an integrated rail.
In October 2022, The omnidirectional AMR sensors MRMS591P and MRMS581P were added to Murata Manufacturing Co., Ltd.'s, Japanese manufacturer of electronic components,selection of magnetic sensors. These new products can recognize magnetic fields coming from any angle. These products are already in mass production.
In January 2023, Magna International Inc.,Canadian parts manufacturer for automakers a USA-based company, introduced a driver monitoring system. The driver monitoring system identifies tiredness, exhaustion, and distracted driving.
