Collision Avoidance Sensors Market Size, Expanding Current Industry Status and Forecast to 2027
Collision Avoidance Sensors Market Analysis
The Collision Avoidance Sensors Market Size will touch USD 15 billion at a 22% CAGR during the forecast period 2020- 2027, states the latest Market Research Future (MRFR) analysis. Collision avoidance sensors system, simply put, is a warning or safety awareness system that has been designed for reducing the severity of a collision. These systems are widely used in mining and automobile sectors to avoid accidents. It is also referred as collision mitigating system, forward collision warning system, or pre-crash system. This helps in detecting the imminent strike, and alerting the driver regarding any collision.
Various factors are fuelling the global Collision Avoidance Sensors Market Size growth. As per the recent MRFR market estimates, such factors include increasing need for automated vehicles, improved visibility, enhanced safety supplements, increase in automotive safety norms and electronic integration in automotive, growing adoption from luxury automobile manufacturers, increasing sale of luxury vehicles, growing awareness regarding vehicle security, technological advances, development of sensors, increasing adoption of these sensors in military and defense sectors, increasing consumer awareness, and an extensive focus on R&D by industry players.
On the contrary, the COVID-19 impact, high installation cost and high cost associated with sensors may limit the global collision avoidance sensors market growth over the forecast period.
Key Players
The eminent players profiled in the global collision avoidance sensors market report include ALSTOM (France), Rockwell Collins (US), Siemens AG (Germany), Texas Instruments (US), Murata Manufacturing Co., Ltd. (Japan), Infineon Technologies AG (Germany), Continental AG (Germany), DENSO CORPORATION (Japan), Robert Bosch GmbH (Germany), Delphi Automotive LLP (Ireland), and NXP Semiconductors (Netherlands), among others. The other players include Autoliv Inc. (Sweden), Wabtec Corporation (US), Takata Corporation (Japan), Sensata Technologies, Inc. (US), Panasonic Corporation (Japan), Becker Mining Systems AG (Germany), TRW Automotive (US), Saab AB (Sweden), Honeywell International Inc. (US), and General Electric (US), among others.
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global collision avoidance sensors market based on application and technology.
By technology, the global collision avoidance sensors market is segmented into LiDAR, ultrasound, camera, and radar. Of these, the radar technology segment will lead the market over the forecast period.
By application, the global collision avoidance sensors market is segmented into parking assistance, lane departure warning system (LDWS), forward collision warning system (FCWS), blind spot detection (BSD), adaptive cruise control (ACC), and others.
Regional Analysis
By region, the global collision avoidance sensors market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, Central and South America, & the Middle East and Africa (MEA). Of these, Europe will spearhead the market over the forecast period. The existence of a massive automotive industry in Germany, certain government regulations for the installation of systems like airborne collision avoidance system (ACAS) in aircraft for seating capacity, and pressure monitoring system in automobiles, the presence of prominent market players, and growing demand from automobile sector are adding to the global collision avoidance sensors market growth in the region.
In North America, the global collision avoidance sensors market is predicted to hold the second-largest share over the forecast period. Growing advances in specific sectors such as mining, construction, and railways, rise in sales of high-end luxury vehicles, sports utility vehicles (SUVs), and utility vehicles, the presence of manufacturing units in emerging economies, and strict government regulations related to vehicle safety are adding to the global collision avoidance sensors market growth in the region.
In the APAC region, the global collision avoidance sensors market is predicted to develop at a fast pace in the forecast period for increasing sales of premium cars and growing focus on implementation of stringent road safety rules are adding to the global collision avoidance sensors market growth in the region.
In the MEA, the global collision avoidance sensors market is predicted to have sound growth over the forecast period for rising investments in new technology by the government.
In South America and Central America, the global collision avoidance sensors market is predicted to have sound growth over the forecast period.
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Regional Analysis
The regional analysis of North America, Europe, Asia-Pacific, the Middle East, and Africa, and Central and South America has been conducted. As per the analysis. Europe is estimated to hold the largest market share during the forecast period. The region consists of Germany, which has a very stronghold of the established automotive sector. Several crucial players are based in the region, which plays an important role in market expansion. Besides, the initiatives taken by the government for installation of systems such as airborne collision avoidance system (ACAS) has further propelled the market. As per the research, the second position is taken by the North American region. The research projects that North America acquires the second largest collision avoidance sensors market share. The region is developed, and other sectors like mining, construction, and railways are developing, which escalates the market growth during the forecast period. The research states that the APAC region is estimated to be the fastest developing region during the forecast period. The region consists of the fastest developing economies of the world, i.e., India and China. Both countries make a significant contribution to expanding the regional market. However, the outbreak of pandemic coronavirus has affected several regional markets. The constant lockdown observed in several regions has changed the collision avoidance sensors market dynamics.
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