Published Date : Dec 26, 2016
ALBANY, NY, Dec 26, 2016: According to a new study, the global market for automotive blind spot detection is estimated to expand at a healthy CAGR of 24.22% over the period from 2016 to 2020.
The report is titled “Global Automotive Blind Spot Detection Market 2016–2020” and it discusses the current and future scenarios in this market on the basis of prominent trends, key driving forces, obstacles, opportunities, challenges, and the growth rate.
As per the research report, the surged uptake of automotive safety systems by automobile manufacturers is the key factor behind the substantial growth of the global market for automotive blind spot detection. The increasing implementation of stringent government rules and regulations intended for passengers’ safety is also anticipated to boost the demand for automotive blind spot detection systems across the world, notes the market study.
In this study, the global market for automotive blind spot detection has been assessed on the basis of the type of vehicle, end user, and the geography. Based on the type of vehicle, the market has been classified into luxury vehicles, entry level vehicles, midmarket vehicles, HCVs, and LCVs. The luxury vehicle segment has been leading this market and is expected to continue doing so during the period of forecast on account of the growing number of auto electronics in the luxury vehicles sector.
Based on the end user, the worldwide automotive blind spot detection market has been categorized into OEM and aftermarket. As the market is still in a budding phase, the OEM segment has acquired the lead in terms of suppliers. However, the entry of new aftermarket service vendors and the escalating need for the deployment of vehicle blind spot detection systems in entry-level vehicles is expected to increase the share of the aftermarket segment in the overall market over the next few years, states the research report.
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On the geographical front, the report has segmented the global automotive blind spot detection market into Asia Pacific (APAC), Europe, the Middle East, and Africa (EMEA), and the Americas. Although the market is dominated by the Americas at present, the existence of a large pool of automotive safety system suppliers, the extensive rise of the automotive industry, and the enforcement of strict policies concerning passengers’ safety in Europe are projected to bolster the growth prospects of the EMEA market for automotive blind spot detection in the forth coming years.
Bosch, Autoliv, Continental, Denso, Siemens, Delphi, and Harman are some of the leading manufacturers of automotive blind spot detection systems across the world, reports the research study.
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