The global
collision avoidance sensors market is expected to reach USD 10.01 billion by
2020. Updated ratings of safety agencies and incorporation of anti-collision
sensors in mass-market models is expected to propel market growth over the next
six years.
Increasing
awareness among consumers and extensive R&D by market players has fueled
market growth. Collision avoidance sensors enable vehicles to carry out
semi-autonomous and autonomous decision making. Rising need for security from
consumers and governments is also expected to drive collision avoidance sensors
market growth.
Recent
developments in sensor technology are oriented towards making devices more
sophisticated and augmenting them with various parts of an automobile.
Anti-collision sensors enable automotive OEMs to integrate more intelligence in
order to achieve the goal of an autonomous car.
Strict
legal and regulatory standards have mandated inclusion of sensors in motor
vehicles; this is further estimated to drive the collision avoidance sensors
market. However, high cost of long-range radar and LiDAR-based sensors may
restrain market growth as low-price carmakers may abstain from adding onto the
cost of vehicles.
Further
key findings from the study suggest:
Radar-based
sensors accounted for over 35% of the global market in 2013; the segment is
further expected to gain market share over the forecast period.
Falling
prices of radar have led to increased adoption of the technology by various
automotive OEMs. Camera-based collision avoidance sensors are expected witness
high growth, owing to government regulations mandating their incorporation into
vehicles.
Adaptive
cruise control accounted for majority of the market share in 2013. Such systems
rely on long-range radar sensors as well as medium and short range radar to
automatically adjust the vehicle's speed.
Technological
innovation may make their incorporation a standard in vehicles to counter the
threat of accidents due to human error, which is the cause of 90% of all
accidents according to a 2014 UN Road Safety Collaboration study.
Europe is
expected to continue being the market leader over the forecast period; it
accounted for over 30% of the market in 2013. Asia Pacific is expected to be a
fast growing regional market over the forecast period due to low manufacturing
costs and rising auto sales in the region.
Key
industry participants include Bosch, Continental, Delphi, Denso, Autoliv, TRW,
etc. Major vendors differ on the basis of their pricing and system integration.
Market players invest heavily in R&D to offer cost-effective and
differentiated collision avoidance sensors to automotive OEMs and aftermarket.
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