Blind Spot Monitor Market Share

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.