The blind spot monitor market is projected to grow from USD 10.6 billion in 2019 to reach USD 28.6 billion by 2027, at a CAGR of 13.2% during the forecast period.
Increasing customer desire for active safety systems, expanding acceptance of smart mirrors in the automotive sector, the introduction of strict government programs pertaining to vehicle safety, and rising demand for high-end automobiles are anticipated to boost the Blind Spot Monitor market.
Europe is anticipated to lead the market during the forecast period
One of the major industries in Europe is the automobile one. According to the European Commission, there are about 180 automotive facilities in the European Union, and this sector is the biggest investor in R&D. The largest automakers and most expensive cars are based in Europe. The high priority placed on road safety, growing demand for electrified and premium vehicles, as well as the declining display prices, high manufacturing volume, and integration with software technologies, are the main market drivers for blind spot monitors in Europe. Leading automakers like BMW, Audi, Mercedes-Benz, Scania, Volvo, and Volkswagen are based in the region. These manufacturers are concentrating their research and development efforts on creating durable electric vehicles and technologies for autonomous vehicles, which will increase the need for Blind Spot Monitor in the area. Mercedes-Benz is creating “Concept EQ,” an autonomous all-electric vehicle.
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Truck segment is projected to be the fastest growing blind spot monitor market, by vehicle type
The majority of items are transported via trucks. For instance, the US Bureau of Transportation Statistics estimates that in 2017, the trucking sector made up around 8.9% of the GDP of the nation. The main markets for trucks are the US, China, and India. The main factors driving up truck manufacturing include an increase in GDP, ongoing improvements to the road network, expanding truck fleets, and a burgeoning freight transportation sector. Driver comfort and safety in trucks are essential in the freight transportation sector. As a result, more people will adopt luxurious and safety features, such as blind spot remedies, particularly in North America and Europe. Trucks must have blind spot monitors in addition to LCVs and passenger cars. Due to this, a blind spot monitor is required for safe transportation. Additionally, cutting-edge truck technologies like truck platooning, electrified trucks, semi-autonomous trucks, and autonomous trucks will create growth prospects for the truck blind spot monitor industry.
Surround view system is projected to be the fastest growing product type
The number of camera-based safety features in automobiles has increased as a result of the continuous improvement in driver assistance safety features brought on by OEMs’ significant investments in R&D. Because of this, automakers now combine driver assistance technologies into a single device and employ several cameras to boost safety. This led to the development of the surround view system, which can offer many drivers assistance safety features for cars to improve vehicle safety. In wealthy nations, the rise of semi-autonomous and autonomous levels has fueled the development of the surround view system, while in the BRIC nations, the technology is still in its infancy.
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Key Market Players
The blind spot monitor market is dominated by global few suppliers and comprises several regional players. Some of the key vendors operating in the market are Magna (Canada), Continental (Germany), Denso (Japan), ZF Friedrichshafen (Germany), and Bosch (Germany).
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