Collision Avoidance System Market Trends

Growth Drivers

• Increasing Road Collisions– There is a rise in the number of road accidents, owing to which there is a need for collision avoidance system in order to avoid accidents. Hence, it is predicted to boost the growth of the market over the forecast period. In the year 2021, road accidents accounted for more than 400,000 in India, taking lives of more than 150,000 people.
•  Increased Implementation of Safety regulations- Increased attention to vehicle safety regulations is projected to enhance demand for air brake systems. The European Commission introduced the new Vehicle General Safety Regulation in order to improve vehicle and road safety. Among the general safety rules are automated braking, lane-keeping systems, speed assistance, and reversing detection using cameras and sensors.  The regulations took effect in July 2022 and will remain in place until July 2024.
• Rising Sales of Vehicles – The increasing sale of vehicles is surging the demand for enhanced safety, and it is anticipated to boost the market’s growth. According to the reported data, the number of cars sold around the globe accounted for more than 65 million in the year 2022.
• Surging Installation of Collision Avoidance Systems in Aircraft- The components that are used in the collision avoidance system include lasers, cameras, radar, AI, GPS, and others. Some of these systems worn the driver, while others assist them while avoiding collisions, and mitigation risks.  Moreover, these systems help in avoiding collisions with the rise in the number of airflights, that is estimated to drive the market’s growth by the end of 2035. According to the most recent data, there are more than 70 plane crashes across the globe every year.
• Growing Construction Activities– There has been an increase in construction activities across the globe, which is raising concerns for employee safety. In order to avoid collision accidents at construction sites, there is a requirement for a collision avoidance system that provides warnings. Hence, it is predicted to rise the growth of the global collision avoidance system industry over the forecast period. As per the reported data, one in every five deaths among the United States belongs to the construction industry.

Challenges

• High Cost of the Collision Avoidance System- The collision avoidance system consists of various parts that include radar, camera, GPS and others whose costs are high. Moreover, the repair costs of these products are also adding to the cost of the product. Hence, it is expected to hamper the growth of the market in the upcoming years.
• Lack of 100 Percent Accuracy by the Collision Avoidance System Difficulty in Detecting Objects Owing to Weather Conditions