Blind Spot Monitor Market size was over USD 22.05 billion in 2024 and is projected to reach USD 153.54 billion by 2037, witnessing around 16.1% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of blind spot monitor is assessed at USD 24.89 billion. The growth of the market can be attributed to the increasing number of people getting involved in vehicle crashes. Many automobiles on the road today include driver assistance technology that help to save lives and prevent injuries on our country's roadways. While some driver assistance technologies are intended to notify the person are in danger of a collision. According to the statistics of the United States Department of Transportation, in 2020, 38,824 people die in a motor vehicle crashes in the United States.
In addition to these, factors that are believed to fuel the growth of blind spot monitor market include the growing integration of innovative technologies in the vehicle followed by growing demand for smart assisting features in the car. By 2030, it is projected that globally around 9 out of 10 cars are going to have advanced safety systems. Vehicle partial automation is expected to expand in the future years as advanced driver assistance systems (ADAS) become more popular. Any ADAS must include advanced emergency braking (AEB) and lane-keeping assistance (LKA). Adoption of these features is rapidly increasing, owing primarily to consumer demand for safer vehicles. Other than this, even manufactures are happy to provide the advanced safety features as it directly increases the average selling price of the vehicles.
Growth Drivers
Challenges
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
16.1% |
|
Base Year Market Size (2024) |
USD 22.05 billion |
|
Forecast Year Market Size (2037) |
USD 153.54 billion |
|
Regional Scope |
|
Product Type (Park Assist, backup Camera, Surround View & Virtual Pillar, BSD)
The blind spot monitor market is segmented and analyzed for demand and supply by product type into park assist, backup camera, surround view & virtual pillar, and BSD. Out of the four types of blind spot monitor, the park assist segment is estimated to gain the largest market share in the year 2037. The growth of the segment can be attributed to the increasing issues faced by people during the simple parking of the car. parking space in big cities has stayed constant or declined due to a growing population of people and vehicles. The problems are more prominent where land is limited and expensive, such as in metropolises, expanding parking demand spaces puts great pressure on it. The market growth is primarily attributed to the rising instances of vehicle collision. Globally, one out of every five car accidents occur in a parking lot or garage. Moreover, every year in the world an estimated more than 50,000 crashes occur in parking lots, resulting in hundreds of deaths and thousands of injuries. Pedestrians account for nearly 40% of all fatalities in parking lot incidents. A reverse parking-assist system, which alerts the driver when objects are in the vehicle's blind spot, can aid in the prevention of such accidents. Furthermore, it is estimated that a reverse parking-assist system might prevent the majority of all reverse and parking accidents.
Technology (Ultrasonic Sensor, Radar Sensor)
The blind spot monitor market is also segmented and analyzed for demand and supply by technology into ultrasonic sensor, radar sensor, and others. Amongst these three segments, the radar sensor segment is expected to garner a significant share in the year 2037. The growth of the segment is expected on the account of demand for advance features in the car and rising benefits of the ADAS radar systems over other types of sensors. The radar sensor is unaffected by weather conditions. Furthermore, it can withstand extreme cold and heat. It works in low-light situations and even in complete darkness.
Our in-depth analysis of the global market includes the following segments:
|
By Product Type |
|
|
By Technology |
|
|
By Vehicle Type |
|
|
By End User |
|
North American Market Forecast
The market share of blind spot monitor in North America, amongst the market in all the other regions, is projected to be the largest with a share of about 35% by the end of 2037. The growth of the market can be attributed majorly to the increasing demand for the automobiles and luxury vehicles. Unit sales of luxury cars in the United States are predicted to reach 92,000 vehicles in 2027. Moreover, the total new vehicles sold in the United States was around 1 million as of March 2023. This is approximately 9% higher than a year ago, that is March 2022. On the other hand, the market growth is also attributed to growing demand for the automotive safety systems followed by rising cases of vehicle crashes & road accidents.
APAC Market Statistics
The Asia Pacific blind spot monitor market is estimated to be the second largest, registering a share of about 28% by the end of 2037. The growth of the market can be attributed majorly to the restricted parking space in the region and growing demand for the parking spaces. Indian metropolises are facing a mobility dilemma as a result of fast economic and demographic growth. Today, metropolitan areas experience enormous demand for parking spots, resulting in parking challenges in India such as congested roads, parking accidents, and inappropriate demand and supply. An Indian car is parked for more than 95% of the time and driven for less than 5% of the time. Moreover, a car stands for an average of 8,360 hours each year and is only driven for nearly 400 hours. Furthermore, rising production of vehicles with advances safety features is also attributed to the market growth.
Europe Market Forecast
Further, the market in the Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2037. The growth of the market can be attributed majorly to the rising production of vehicles. Production of vehicles in Germany grew for the eighth month in a row in February, with roughly 382,600 passenger cars rolling off the production units, this approximately 24% rise over the previous year. Moreover, around 700,000 automobiles were produced in January and February 2023, a 26% increase year on year. On the other hand, rising demand for luxury vehicles with advance driving features is also expected to drive the market growth in the region.
Author Credits: Saima Khursheed
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?