LONDON--(EON: Enhanced Online News)--Technavio analysts forecast the global automotive blind spot detection (BSD) market to grow at a CAGR of more than 24% during the forecast period, according to their latest report.
“Such positive legislations towards vehicle safety augur well for the growth of the BSD systems market as well”
The market research analysis covers the present scenario and growth prospects of the global automotive blind spot detection market for 2016-2020. The report segments the market by end-users into OEMs and aftermarket, with OEMs accounting for over 91% of the market share in 2015.
“One of the core drivers behind the global automotive BSD system market is the rising incidence of on-road fatalities. BSD systems are necessary because there is not enough visibility at the rear for the driver to ascertain whether there are other vehicles or pedestrians obscured by the blind spots,” says Siddharth Jaiswal, a lead analyst at Technavio for automotive electronics research.
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Technavio automotive analysts highlight the following three market drivers that are contributing to the growth of the global automotive blind spot detection market:
- Growing demand for safety solutions
- Government regulations on passenger safety
- Increased adoption of automotive safety systems by carmakers
Growing demand for safety solutions
The quest for automobile safety is one of the key drivers supporting the growth of the market. With greater consumer awareness, advanced safety and security features are no longer limited to premium vehicles. Driver assistance and safety systems applications such as cameras and sensors are now being installed, even in entry-level vehicles. These safety systems examine road conditions, alert drivers to possible risks, and thus help to avert accidents.
It has been found that an increasing number of users are choosing BSD systems as their preferred ADAS solution. Such technologies have become a must buy for new car buyers. Radar-based BSD technologies have been found to be one of the most popular, with audio and visual alerts being the most preferred modes of alerting the driver.
Government regulations on passenger safety
Driver assistance and safety systems aid in minimizing fatalities by reducing the number of collisions. Consequently, governments across the globe are trying to implement safety regulations to improve the overall safety of vehicles. For instance, the US mandates the inclusion of rear view cameras in all new vehicles. Similarly, Europe and Japan have mandated the inclusion of lane departure systems in all HCVs and buses.
“Such positive legislations towards vehicle safety augur well for the growth of the BSD systems market as well,” says Siddharth.
Increased adoption of automotive safety systems by carmakers
Regulatory stances have made passenger safety a prime concern for all the carmakers. Active safety systems assist in keeping a car under control, thereby preventing vehicle accidents and protecting passengers from injury. Active safety devices are fully automated so that they can compensate for human error. Such devices help prevent and minimize the effects of a crash.
Various active safety systems that are equipped with electronic control units such as automotive breaking systems (ABSs), engine stability programs, adaptive cruise control, blind spot detection systems, night vision systems, LDWSs, and intelligent parking assistance systems are increasingly being used in automobiles.
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