Collision Avoidance Sensors Market Analysis
Market Research Future (MRFR) presumes the global collision avoidance sensors market size to hit USD 15 billion at a CAGR of 22% from 2020 to 2027 (forecast period).
Collision Avoidance Sensors Market Key Players
The key players in the global collision avoidance sensors market are NXP Semiconductors (Netherlands), Delphi Automotive LLP (Ireland), Robert Bosch GmbH (Germany), DENSO CORPORATION (Japan), Continental AG (Germany), Infineon Technologies AG (Germany), Murata Manufacturing Co., Ltd. (Japan), Texas Instruments (US), Siemens AG (Germany), Rockwell Collins (US), and ALSTOM (France).
Other prominent players studied for the collision avoidance sensors market are General Electric (US), Honeywell International Inc. (US), Saab AB (Sweden), TRW Automotive (US), Becker Mining Systems AG (Germany), Panasonic Corporation (Japan), Sensata Technologies, Inc. (US), Takata Corporation (Japan), Wabtec Corporation (US), Autoliv Inc. (Sweden), among others.
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Multiple Factors to Bolster Market Growth
The number of road accidents has been steadily increasing, resulting in fatalities, vehicle damage, and traffic jams. Although the use of autonomous vehicles is increasing in industrial applications such as moving goods or parts on preset paths, the risk of colliding with people or objects is significant. When such vehicles are outfitted with collision detection or avoidance sensors, they can come to a complete stop before an accident happens. To avoid accidents, major automakers have begun to incorporate collision avoidance sensors into their mass-market product offerings. Toyota Motor Corporation, for example, incorporates innovative technologies in their vehicles to avoid accidents, such as a pre-crash braking system, auto-parking, auto-adjust headlamps, and a vehicle communication system. Thus, one of the primary factors driving the growth of the collision avoidance sensors market is the increasing sale of utility vehicles, sports utility vehicles (SUVs), and high-end luxury vehicles
COVID-19 to have Temporary Impact on the Global Market
The spread of COVID-19 has had an impact on the market for collision avoidance sensors. The global spread of the pandemic has prompted lockdowns in a number of countries, disrupting supply chains and shutting down a number of manufacturing plants. The decrease in collision avoidance sensor production has had a significant influence on market growth.
To survive in the collision avoidance sensors market, industry participants all over the world are focusing on cutting operational costs. The post-lockdown resumption of manufacturing of collision avoidance sensors and related equipment is projected to fuel market expansion. Over the anticipated timeframe, government initiatives and relaxations in lockdowns are expected to raise demand for collision avoidance sensors. As a result of the increasing acceptance of such advanced products in automotive and marine applications to ensure vehicle safety, the demand for collision avoidance sensors and related products is predicted to rise.
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Collision Avoidance Sensors Market Segmentation
The global collision avoidance sensors industry has been segmented on the basis of technology and application.
On the basis of technology, the global collision avoidance sensors market has been segmented into radar, camera, ultrasound, and LiDAR.
By application, the global collision avoidance sensors market has been segmented into adaptive cruise control (ACC), blind-spot detection (BSD), forward collision warning system (FCWS), lane departure warning system (LDWS), parking assistance, and others.
Collision Avoidance Sensors Market Regional Analysis
Europe to Dominate the Global Market
Due to the presence of a sizable automotive sector in Germany, Europe has the greatest market share in the worldwide collision avoidance sensors market. Furthermore, specific government rules exist in Europe for the installation of devices such as airborne collision avoidance systems (ACAS) in aircraft for seating capacity and tire pressure monitoring systems in automobiles.
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