The global collision avoidance sensors market is expected to reach USD 18.97 billion by 2025, according to a new study conducted by Grand View Research, Inc. The updated ratings of safety agencies and incorporation of anti-collision sensors in mass-market models are expected to propel the market growth over the next six years.
The increasing awareness among consumers and extensive R&D by market players have fueled the market growth. Collision avoidance sensors enable vehicles to carry out semi-autonomous and autonomous decision-making. The rising need for security from consumers and governments is also expected to drive the collision avoidance sensors market growth.
The recent developments in the sensor technology are oriented toward making highly sophisticated devices and augmenting them with various parts of an automobile. Anti-collision sensors enable automotive OEMs to integrate additional intelligence to achieve the goal of an autonomous car.
Strict legal and regulatory standards have mandated the inclusion of sensors in motor vehicles. This is further estimated to drive the collision avoidance sensors market. However, the high costs of long-range radars and LiDAR-based sensors may restrain the market growth as low-price carmakers may abstain from adding onto the cost of vehicles.
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Further key findings from the study suggest:
- Radar-based sensors accounted for over 41% of the global market in 2015. The segment is further expected to gain market share over the forecast period.
- The reducing prices of radars have led to the increased adoption of the technology by various automotive OEMs
- Camera-based collision avoidance sensors are expected to witness high growth, owing to the government regulations mandating their incorporation into vehicles
- Adaptive cruise control accounted for a major market share in 2015. Such systems rely on long-range and medium and short-range radar sensors to automatically adjust a vehicle’s speed.
- Technological innovations may mandate the incorporation of sensors in vehicles to counter the threat of accidents due to human errors, which account for 90% of accidents, according to 2014 UN Road Safety Collaboration study
- Europe is expected to continue to lead the market over the forecast period. It accounted for over 33% of the market in 2015.
- The key industry participants include Bosch, Continental, Delphi, Denso, Autoliv, and TRW, among others
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.