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Press Release: Automotive Collision Avoidance System Market to Generate a Revenue of US$ 30.9 Billion by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Automotive Collision Avoidance System Market- Insights
Vehicular accidents reported worldwide can be effectively curbed by the implementation of efficient safety systems such as collision avoidance systems. These systems are increasingly being deployed in various applications such as aerospace, marine, industrial robotics, and unmanned autonomous vehicles to ensure enhanced safety. Collision avoidance system primarily integrates radar, rear and front-mounted cameras, and ultrasonic sensors to constantly monitor the vehicular traffic ahead and behind the vehicle immediately. The system constantly scans the immediate surroundings of the vehicle and alerts the driver if it detects any impending collision or if the vehicle veers off the road. If the driver fails to respond, it may deploy emergency brakes in order to avert a collision. Increasing installation of sensor technology in automotive vehicles and increasing road accidents are some of the major factors driving growth of the global automotive collision avoidance system market. According to the World Health Organization’s Global Status Report on Road Safety 2018, over 1.35 million people die due to road accidents each year and 90% of the deaths occur in middle income and low income economies.
Moreover, increasing government initiatives towards road safety is compelling OEMs to come up with advanced systems such as Autonomous Emergency Braking (AEB), Lane Departure Warning (LDW), Tire Pressure Monitoring System (TPMS), and Blind Spot Detection (BSD) in their product portfolio. For instance, according to the TREAD Act, as of November 1, 2012, the European Union mandated TPMS in every passenger car models. In April 2008, NHTSA mandated the use of TPMS system in all newly manufactured or imported U.S. cars. Such regulations boosted growth of the automotive collision avoidance system market. Moreover, rising demand for semi-autonomous and autonomous vehicles is expected to propel the automotive collision avoidance system market growth in the near future. However, the high cost of long range radar and LiDAR-based technology might hinder the market growth. The collision avoidance system is still in introductory phase in emerging economies such as India, Brazil, and China. The high cost of radar and LiDAR-based technology may affect growth of automotive collision avoidance system market in these countries.
Installation of autonomous emergency braking system is expected to drive growth of the automotive collision avoidance system market over the forecast period
Autonomous emergency braking systems are deployed in advanced collision avoidance systems. Autonomous emergency braking system automatically apply the brakes, in order to prevent a collision. The system applies either partial or full braking force according to alerts detected by the sensors. In addition, the government regulation for mandatory installation of autonomous emergency braking system in vehicles have also accelerated the market growth. For instance, in 2016, the U.S. Department of Transportation's National Highway Traffic Safety Administration officially announced that automakers in the U.S. have to make the autonomous emergency braking system a standard feature for all cars and trucks by 2022.
Figure 1. Global Automotive Collision Avoidance System Market Share (%), By Technology, 2018
Source: Coherent Market Insights Analysis
Europe held dominant position in 2018 in the automotive collision avoidance system market
Europe held dominant position in the market in 2018 and is projected to retain its dominance over the forecast period, followed by North America and Asia Pacific. Germany, France, Italy, Spain, and the U.K. are some of the major growth engines of the automotive collision avoidance system market in this region. According to European Commission, in 2018, over 40 percent of fatalities reported in the region were due to road accidents. This increases the demand for collision avoidance systems in this region.
Asia Pacific automotive collision avoidance system market is projected to exhibit the highest CAGR over the forecast period. India, China, and Japan are the key growth engines of the automotive collision avoidance system market in this region. The government regulations for safety concern and to reduce road accidents is one of the major factors for the market growth in Asia Pacific region. For instance, in 2018, the Ministry of Road Transport & Highways in India mandated OEMs to install anti-locking brake system (ABS) in vehicles.
Some of the major players operating in the global automotive collision avoidance system market include 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.
Figure 2. Global Automotive Collision Avoidance System Market Share (%), by Region, (2018)
Source: Coherent Market Insights Analysis
Collision avoidance system tracks the object of collision risk and accordingly prompts or initiates evasive action to avoid collision. Increasing installation of sensors in automotive vehicles such as ultrasonic sensors and infrared sensors and rising installation of autonomous emergency braking system to reduce collision and electronic stability control system to reduce danger of skidding and losing control are some of the major factors that drives growth of the automotive collision avoidance system market.
Market Dynamics
Increasing government regulations to enhance vehicle safety plays a major role in driving growth of the automotive collision avoidance system market. For instance, in 2018, the Ministry of Road Transport & Highways in India made it mandatory for the OEMs to install anti-locking brake system in heavy vehicles. Similarly, in 2014, the European Transport Safety Council announced that it is mandatory for OEMs to install anti-lock braking systems, electronic stability control, and seat-belt reminders in new vehicles. Moreover, increasing number of road accidents have increased the demand for collision avoidance system, globally. For instance, according to the Ministry of Road Transport & Highways, India, in 2018, around 149,000 people died due to road accidents. Similarly, according to NHTSA data, in 2017, 37,133 lives were lost in the U.S. due to road accidents.
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