Automotive Collision Avoidance Systems Estimated To Witness High Growth Owing To Government Regulations
The automotive collision avoidance system market is estimated to be valued at US$ 62.7 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The automotive collision avoidance system assists in avoiding accidents by alerting drivers upon danger detection and applying brakes automatically if needed. It uses ultrawide band radar, lidar, and cameras to detect objects and prevent collisions. These advanced driver assistance systems are becoming increasingly popular to enhance vehicle and road safety.
Market Dynamics:
Government regulations mandating safety features - Several countries have made collision avoidance and mitigation systems mandatory in new vehicles to reduce road accidents. For instance, the European Union passed a law in 2019 making Intelligent Speed Assistance (ISA) and automatic emergency braking (AEB) compulsory in new cars. Such regulations are fueling market growth.
Technological advancements - OEMs are focusing on developing more advanced systems with improved sensors, autonomous emergency braking, blind spot detection, lane keeping assist and other features. The integration of AI, 5G connectivity and vehicle-to-everything (V2X) technology is further enhancing the capabilities of these systems. This is positively impacting the adoption of automotive collision avoidance systems.
SWOT Analysis
Strengths:
- Automotive collision avoidance systems help reduce the number and severity of crashes by alerting drivers and applying brakes when needed. This improves road safety.
- Advanced technologies such as radar, camera, and ultrasonic sensors provide reliable real-time detection of potential collisions. This helps avoid accidents.
- Integration of collision avoidance features with infotainment systems through connectivity enables over-the-air updates and new functionality upgrades.
Weaknesses:
- High purchase and installation costs of advanced collision avoidance systems are prohibitive for many private vehicle owners and fleet operators.
- Sensor detection capability can be limited in severe weather or low visibility conditions affecting functionality.
Opportunities:
- Growing demand for active safety features and autonomous driving technologies is driving automakers to increasingly adopt collision avoidance as standard.
- Government mandates and regulations in several countries requiring collision avoidance on new vehicles will boost future sales.
Threats:
- Rapid changes in technologies may lead to quicker obsolescence requiring additional upgrade costs over vehicle lifetime.
- Legal and ethical issues around autonomous vehicles could hamper demand growth if unaddressed.
Key Takeaways
The Global Automotive Collision Avoidance System Market Demand is expected to witness high growth, exhibiting a CAGR of 6.9% over the forecast period, due to increasing demand for advanced driver assistance systems (ADAS) and autonomous vehicle technologies.
Regional analysis:
North America dominates the global market currently accounting for over 35% share due to presence of major automakers and tech companies. Asia Pacific is growing at the fastest pace led by China, owing to rising vehicle production and sales and government initiatives for road safety. Japan and Western European countries also have significant market presence.
Key players:
Key players operating in the automotive collision avoidance system market are Alstom SA, Autoliv, Inc., Denso Corporation, General Electric Company, Hexagon AB, Honeywell International, Inc., Robert Bosch GmbH, Rockwell Collins, Inc., Siemens AG, and Wabtec Corporation. These manufacturers are focusing on new technology development through partnerships and M&A activities to strengthen product portfolios.
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