Developed Countries Hold Growth Prospects for Automotive Collision Avoidance System Market
Road and driver safety initiatives across the globe have escalated the use of collision avoidance systems in most automobiles. Automotive collision avoidance system is helpful in the prevention of vehicle crash and is based on radar and LIDAR technology. Market Research Future (MRFR) predicts a noteworthy CAGR of 8% in the global automotive collision avoidance system market over the forecast period of 2018-2023.
Multiple countries are enacting stringent regulations to reduce the incidence of road accidents. For instance, in 2017, the National Highway Traffic Safety Administration (NHTSA) and the Insurance Institute for Highway Safety (IIHS), agencies of the Executive Branch of the U.S. government, advocated the use of collision avoidance system in automobiles. This has prompted various OEMs to incorporate automotive collision avoidance systems in vehicles. Top automobile brands such as Mercedes, Tesla, Audi, and BMW are offering collision avoidance system as standard features in their vehicles. Moreover, surging awareness regarding safety credentials in vehicles has encouraged manufacturers to adopt the system in vehicles which has reflected favorably on the market growth.
Spiraling sales of luxury automotive is a key factor boosting the growth of the market. Moreover, car assessment programs in developed countries also catalyze the adoption of collision avoidance systems in automotive. Contrarily, the growth of the market is constrained by the high cost of installation due to which installation in low and mid-range vehicles raises the overall price of the vehicle.
Segmentation
The global automotive collision avoidance system market has been segmented based on process type, sales channel, and vehicle type.
By type, the automotive collision avoidance system market has been segmented into adaptive cruise control, blind spot detection, autonomous emergency braking, and lane departure warning.
By technology, the automotive collision avoidance system market has been segmented into radar, LIDAR, and camera.
By the sales channel, the automotive collision avoidance system market has been segmented into OEM and aftermarket.
By vehicle type, the automotive collision avoidance system market has been segmented into passenger car, commercial vehicle, and electric vehicle.
Regional Analysis
By region, the automotive collision avoidance system market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
Europe is the leading market for automotive collision avoidance system. Rapid sales of luxury vehicles and fast uptake of advanced safety systems among OEMs have favored the growth of the market in Europe. In addition, stringent government regulations pertaining to vehicle safety is likely to augment the growth of the market over the forecast period. Germany is a major contributor to the Europe market, which held the largest market share in 2017.
North America automotive collision avoidance system market is estimated to exhibit remarkable growth over the forecast period on account of increased demand for automated vehicles. The governments in the region in conjunction with various automobile associations have endeavored to boost the development of automotive collision avoidance system, which is expected to provide fuel to the market growth. Implementation of programs such as advanced car assessment program in the U.S. has also provided impetus to the market growth. Increasing stringency of federal vehicle safety laws is a factor that cannot be missed.
The APAC automotive collision avoidance system market will be led by the emerging economies of China, India, and Japan. The region is home to various automotive manufacturers which gives the region leverage over others.
The RoW market is anticipated to be driven by rise in sales of passenger cars.
Competitive Landscape
Rockwell Collins, Inc. (US), Aptiv Plc (Republic of Ireland), Honeywell International, Inc. (US), Robert Bosch GmbH (Germany), Hexagon AB (Sweden), General Electric Company (US), Alstom SA (France), Siemens AG (Germany), and Denso Corporation (Japan) are the eminent players in the automotive collision avoidance system market.
Industry Updates
May 2019 - Mitchell, developer of software used by the automotive sector to manage collision, announced upgradation of its dynamic special test coverage in collaboration with Bosch Automotive Service Solutions. Bosch will assist Mitchell in the repair and recalibration of ADAS systems. The routines designed by these companies for forward-facing collision avoidance systems will help in the reduction of road mishaps.