Blind Spot Monitor Market Analysis

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: