Automotive Blind Spot Monitors Market: Market Outlook
An automotive blind spot is an area around a vehicle that is invisible to the operator or driver, either by direct line of sight or in-directly by use of external and interior mirrors. Automotive blind spots make it difficult for drivers and operators to identify potential dangerous situations for near approaching vehicles during overtaking or change of driving lanes, so it is important that everyone driving vehicles or operating equipment on jobsites is aware of all automotive blind spots and take action to reduce accidents. Automotive blind spot monitor system assures safety and improved monitoring to the drivers.
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According to the NHTSA (National Highway Traffic Safety Administration), there are more than 750,000 automotive blind spot related accidents each year and about 350 to 400 of them result in severe fatalities. The major companies have come up with several ways to alert the drivers of the presence of the car in their blind spots. Automotive blind spot monitor exist in a wide range of vehicles: aircraft, cars, motorboats, sailboats, and truck. Several manufacturers have used advanced technologies in both passenger and commercial vehicles in order to provide convenience and safety features to the customers.
Automotive Blind Spot Monitor Market: Dynamics
With increasing consumer demand for safety components, the demand for the automotive blind spot monitor system is increasing gradually over the last decade. Furthermore, the growing awareness and government standards about road safety are anticipated to boost the blind spot monitor market. Apart from this, growing sales of the passenger cars, as well as for commercial vehicles, in turn is projected to boost the sales of the automotive blind spot monitor systems.
However, low awareness of the product in developing countries coupled with high cost of technology has restrained the demand of blind spot monitor to some extent. In spite of this restraint, the growing concerns related to passenger security and availability of cost-effective sensors will provide further growth prospects to blind spot monitor system market in new regions. Additionally, global manufactures are installing advanced prototypes of automotive blind spot monitors in self-driving vehicles that will further create more prospective for the automotive blind spot monitor market.
Automotive Blind Spot Monitor Market: Region Wise Trend
Geologically, Western and Eastern Europe region hold a major share in the automotive blind spot monitor system market, followed by other regions. Countries like France, Germany and UK are the main countries in the Western Europe region that have inculcated the use of automotive blind spot monitor system owing to substantial sales of premium and luxury vehicles. Apart from this, the increasing popularity of automotive blind spot monitor system has resulted in increased adoption of automotive blind spot monitor system market.
In terms of revenue, Asia Pacific and North America are considered as the next prominent leading regions. The Asia-Pacific region is expected to grow at the significant CAGR during the forecast period. The growth in this region is mainly attributed to The Insurance Institute of Highway Safety in the US recently released a study that presented the probabilities of causalities in a crash in a late-model vehicle have fallen by one-third in the short span of three years. In fact, technological advances in safety components have reduced the accident rates by such a significant margin, that vehicles being purchased today offer meaningfully better safety components than even those introduced past five years ago.
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