Grand View Research believes the global collision avoidance sensors market size will reach $18.97 billion by 2025, displaying a 21.2% CAGR during the forecast period. The company’s research report finds integration of anti-collision systems in mass-market vehicles and updated safety ratings of agencies are expected to fuel market growth over the next few years.
- Increasing consumer awareness and extensive focus on research and development by industry players have been major growth drivers for the market.
- Recent technological developments in sensors are focused on building highly sophisticated devices and augmenting their performance using various components of the vehicle.Anti-collision systems enable automotive OEMs to integrate additional intelligence to accomplish the goal of developing an autonomous vehicle.
- Stringent regulatory and legal standards have mandated the addition of sensors to enhance safety features in vehicles. These are expected to drive demand for collision avoidance sensors over the forecast period. However, high cost of LiDAR-based systems and long-range radars may cause a hindrance to market growth as manufacturers of low-priced cars may refrain from installing sensors to avoid increase overall price of vehicles.
- Integration of collision avoidance systems in vehicles is expected to helpreduce the number of vehicle accidents due to human error; the latter are saidto account for 90% of accidents, according to a 2014 UN Road SafetyCollaboration study
- The radar segment is projected to account for 44.5% of the global marketby 2025. Declining prices of radars have led to their increased adoption byvarious Original Equipment Manufacturers (OEMs) of automobiles
- Due to mandatory government regulations regarding incorporation ofcamera-based collision avoidance systems into vehicles, the camera segment isexpected to witness high growth over the forecast period
- The Forward Collision Warning System (FCWS) segment is expected to accountfor a major market share by 2025 as these systems help in significantlydecreasing rear-end collisions or accidents
- Over the forecast period, Europe isanticipated to retain its position as market leader in the adoption ofcollision avoidance sensors and systems and is anticipated to reach USD 5.80 billion by 2025
- Key market participants include NXP Semiconductors, Continental AG, DelphiAutomotive, Robert Bosch GmbH, and Murata Manufacturing Co., Ltd.
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Grand View Research, Inc.