The global Collision Avoidance System Market size is expected to value at USD 18.97 billion by 2025. The collision avoidance systems market is subject to witness a substantial growth due to the introduction of advanced technologies in automotive sector such as LiDAR (Light Detection and Ranging), digital camera, radar, and ultrasound technologies.
Luxury
car manufactures are spending substantial amount of money to exploit the use of
high degree systems for their active safety packages. Globally, the collision
avoidance system market is predicted to grow at CAGR of 21.2% in forecast
period, providing numerous opportunities for market players to invest for
research and development in the collision avoidance system industry.
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Robust
growth in automotive industry in North America and Asia pacific region due to
the rising sales of sports, utility and luxury vehicles is anticipated to boost
market growth over the forecast period. Rise in the number of manufactures that
are incorporating the collision avoidance system into their mass-market models
is expected to pave a way for future market developments. For instance,
development of pre-crash braking packages, auto-parking feature, auto-adjust
headlamp, and vehicle communication devices by Toyota has gained widespread
popularity among consumers.
Increasing
adoption of collision avoidance system allows the sharp decline in the number
of road accidents. Additionally, mitigating the impact on vehicle occupants and
pedestrians, in a case of an accident. These factors are expected to fuel the
growth of collision avoidance systems market over the next seven years.
Moreover,
rising awareness among consumers, higher approval rate, coupled with
substantial investment by industry participants for extensive research &development
are propelling market expansion, in the recent years. Introduction of automatic
emergency braking by the U.S. National Highway Traffic Safety Administration
(NHTSA) to limit crashes and reduce the loss of life is estimated to rocket
market growth in the upcoming years.
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A
collision avoidance system is also termed as a pre-crash system, or forward
collision warning system, or collision-mitigating system, is largely adopted in
luxury cars to prevent or reduce the severity of a collision. Addition of GPS
sensors that can detect fixed dangers such as approaching stop signs via a
location database are some of the exclusive features of the system. The
collision avoidance system works very well with pre-charge the brakes and an
automatic braking or emergency brake assist system, thus positively impacting
market growth further.
The
collision avoidance system is broadly categorized into five major segments
based on the system application type such as Adaptive Cruise Control (ACC),
Blind Spot Detection (BSD), Forward Collision Warning System (FCWS), Lane
Departure Warning System (LDWS) and Parking Assistance.
The
parking assistance system is considered as one of the fastest growing segment
in the collision avoidance system with substantial revenue generation in the
last few years. Growing popularity of the parking assistance system segment is
attributed to the increasing demand in luxury vehicles. The blind spot
detection and lane departure warning setup segments have also witnessed
substantial growth owing to the introduction of advanced cameras and radar.
The
collision avoidance system is divided by region as North America, Europe,
Asia-Pacific, Latin America and Africa. North America has shown major growth in
recent years owing to the rise in the implementation of latest technologies in
automotive sector, favorable laws & regulations, increase in the number of
research & development activities in the region, and existence of
well-established infrastructure.
Asia-Pacific
region is predicted to hold major market share in the collision avoidance
system with massive growth in forecast period. Countries such as India, China
and Singapore are leading the Asia-Pacific market with robust growth of
automotive sector, increasing demand for luxury vehicles, strong economic
growth, rising purchasing power of consumers, and significant investment by
leading industry players considering potential growth opportunities in the
region. The key players in the collision avoidance system are Continental AG,
Bosch SE, TRW automotive Co., Delphi Automotive, Inc., and Denso Co.
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