Overview of Blind Spot Solutions Market – automotive industry has witnessed higher growth in terms of vehicle production in Asia Oceania than in matured markets of Europe & North America. Asia Oceania has emerged as a hub for automotive manufacturing, given nascent stage of the market, state-promoted support, and cost advantages for OEMs.
The demand for semi-autonomous vehicles has increased significantly in the last few years, which has accelerated the growth of the blind spot solutions market. Semi-autonomous vehicles are self-driven vehicles with the ability to sense their environment and navigate to the destination with partial human-based physical input or voice commands.
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The blind spot solutions market is estimated to be USD 10.6 billion in 2019 and is projected to reach USD 28.6 billion by 2027, at a CAGR of 13.2% from 2019 to 2027. The main reason for the increasing adoption of semi-autonomous and autonomous vehicles is increased safety. Therefore, a large number of safety features will be integrated into such vehicles.
Key drivers of blind spot solutions market are increasing adoption rate of advanced technologies by OEMs, the introduction of stringent government programs pertaining to vehicle safety, growing consumer demand for active safety systems, rising adoption of smart mirrors in the automotive industry, and increasing demand for premium vehicles.
- In October 2018, Continental informed announced that it developed a Virtual A-Pillar to help remove forward blind spots, making wide A-pillars virtually see-through. Continental’s Virtual A-Pillar is designed to address the growing problem for vehicles that need widened front pillars to meet mandatory safety testing.
- In September 2018, Ficosa developed the digital rear-view system of the Audi e-Tron. The digital rear-view system uses cameras and displays instead of the traditional external side mirrors and offers a whole new driving experience, which is safer, more efficient, and comfortable.
- Autoliv announced that, together with its software joint venture Zenuity, it had been selected to develop and produce the first Level 3 advanced driver assistance systems for Geely.
- ZF and HELLA entered into a strategic partnership for sensor technology, particularly for front camera systems, imaging, and radar systems.
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Currently, a backup/rearview camera is most commonly used in vehicles. Most of the vehicles are equipped with the rearview digital camera that assists the driver while parking a vehicle. Moreover, the US and Canadian governments have mandated the rearview camera because of its safety benefits.
The break-up of the primaries is as follows:
- By Company Type: Tier-1 – 40%, Tier-2 – 25%, OEM – 35%
- By Designation: C level – 38%, D level – 35%, Others – 27%
- By Region: North America – 20%, Europe – 40%, Asia Oceania – 30%, RoW – 10%
Blind spot solutions market is dominated by a few global players and comprises several regional players. Some of key manufacturers operating in market are Denso (Japan), Continental (Germany), Bosch (Germany), and Magna (Canada). Key strategies adopted by these companies to sustain their market position are new product developments, merger & acquisitions, and expansions.
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The blind spot solutions market has been segmented by technology (camera, radar, and ultrasonic), product type (blind spot solutions market, park assist system, backup camera system, surround view system, and virtual pillar), end market(OE market and aftermarket), electric vehicle type (BEV, HEV, FCEV, and PHEV), vehicle type (passenger car, light commercial vehicles, truck, and bus), and region (Asia Oceania, Europe, North America, and Rest of the World).
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This report contains various levels of analysis including industry analysis, company profiles, and competitive leadership analysis, which discuss the basic views on the emerging and high-growth segments of the blind spot solutions market, competitive landscape, high-growth regions and countries, government initiatives, and market dynamics such as drivers, restraints, opportunities, and challenges.
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