The global collision avoidance system market is expected to reach USD XX.XX billion by 2022. The updated ratings of safety agencies and incorporation of anti-collision systems in mass-market models are expected to propel the market growth over the next five years.
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The global collision avoidance system market is application driven; it has been segmented into automotive, aerospace, railway, marine, and construction & mining. The automotive collision avoidance system accounted for the largest share of the global collision avoidance system market in 2014; this market is expected to grow at a significant rate between 2017 and 2022, driven by the growing focus of consumers and OEMs on safety features of vehicles, government regulations, influence of the New Car Assessment Programs (NCAPs), and encouragement from insurance companies by reducing the premium for vehicles with installed collision avoidance systems.
In developed regions, such as North America and Europe, growth in the automotive collision avoidance system market is expected to be driven by rise in commercial vehicles while, in developing regions, such as Asia-Pacific and RoW, it is likely to be driven by the rise in passenger cars during the forecast period.
The increasing awareness among consumers and extensive R&D by market players have fueled the market growth.
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The rising need for security from consumers and governments is also expected to drive the collision avoidance systems market growth.
The recent developments in the sensor technology are oriented toward making highly sophisticated devices and augmenting them with various parts of an automobile. Anti-collision systems enable automotive OEMs to integrate additional intelligence to achieve the goal of an autonomous car.
Strict legal and regulatory standards have mandated the inclusion of sensors in motor vehicles. This is further estimated to drive the collision avoidance systems market.
However, the high costs of long-range radars and LiDAR-based systems may restrain the market growth as low-price carmakers may abstain from adding onto the cost of vehicles.
Further key findings from the study suggest:
Radar-based systems accounted for over 41% of the global market in 2015. The segment is further expected to gain market share over the forecast period.
The reducing prices of radars have led to the increased adoption of the technology by various automotive OEMs.
Camera-based collision avoidance systems are expected to witness high growth, owing to the government regulations mandating their incorporation into vehicles.
Europe was the largest market in 2014, followed by North America and Asia-Pacific. Regulations have driven the market for collision avoidance systems to reduce the collisions and mitigate the effects of imminent collisions (accidents).
Europe was the early adopter which has resulted in a large market for collision avoidance systems in 2014. However, with the expected increase in regulations related to safety systems in other regions, such as North America, Asia-Pacific, and RoW, coupled with a growing focus on safety systems, these regions are expected to develop potential growth opportunities for this market during the forecast period.
The collision avoidance system market in North America is expected to surpass that of Europe by 2016 and hold a large market share through 2022.
The report describes market dynamics that include key drivers, restraints, challenges, and opportunities with respect to the collision avoidance system market and forecasts the same till 2020. This global report provides a detailed view of the market based on device, technology, and region.
The report also profiles the prominent players in the market along with their key growth strategies. The competitive landscape of the market analyzes a large number of players with their market share.
The market is witnessing numerous collaborations and partnerships across the value chain, to cater to various industries in different regions.
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