The global blind spot monitor market value is expected to rise from US$ 21.2 billion in 2024 to US$ 65.8 Billion by 2034. This estimated growth is expected to be driven by an impressive CAGR of 12.0% in the blind spot monitor industry over the next decade.
Growing demand for blind spot monitors in cars for a comprehensive view of the vehicle’s surroundings to assist occupants in avoiding potential hazards is a primary factor that is raising product sales.
Rising investments in the growth of the automotive sector in Japan, Canada, India, China, the United States, and the United Kingdom are contributing to market growth. The Canadian government, for instance, announced its plan in February 2023 to invest and promote an end-to-end EV supply chain to hit its target of zero emission by 2050.
The surging integration of blind spot monitors in luxury and premium vehicles is raising the market value of blind spot monitors. Accelerating demand for smart mirrors, as well as advanced electronic components, is propelling growth.
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Key Takeaways from the Blind Spot Monitor Market Report:
- Historically, the blind spot monitor industry generated a massive revenue of US$ 18.2 billion in the year 2023. In this assessment period, the market registered a remarkable CAGR of 17.8%.
- The demand for blind spot monitors in the United States is pegged to achieve a market value of US$ 11.9 billion by 2034, making it a manufacturers’ paradise in the years to follow.
- China follows in the footsteps of the United States in terms of revenue generation. By 2034, the market in China is assessed to reach US$ 10.2 billion, fairly close to the leading competitor.
- Key players are expected to wake up to the expansive potential for the sales of blind spot monitors in South Korea. FMI analysts have computed that the growth pace of this market is expected to be 14% CAGR through 2034.
- The passenger cars segment is the top performer in the vehicle type category. This segment is anticipated to display a CAGR of 11.6% from 2024 to 2034.
- Based on component type, the ultrasonic segment is projected to expand at a CAGR of 11.8% through the forecast period.
Who’s Leading the Race?
Industry participants are implementing radar, ultrasonic radars, and camera-based, commonly in combination, to increase precision and functionality. Some players are also exploring the combination of the use of LiDAR sensors to elevate detection capabilities. Competitors are also providing extra functionalities such as lane departure warnings, cross-traffic warnings, and blind spot intervention for additional support against potential collisions.
Market players also have strategies like partnerships, collaborations, branding, and cost optimization up their sleeves.
Leading Key Players:
- Continental AG
- ZF Friedrichshafen AG
- DENSO Corporation
- Mobileye
- Aptiv Plc
- Veoneer Inc.
- Autoliv Inc.
- Valeo SA
- Magna International
- Aisin Seiki Co. Ltd.
- NVIDIA Corporation
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Key Players in the Blind Spot Monitor Market in the Headlines
- In October 2023, Sensata Technologies officially revealed the next-generation PreView Sentry79 take-off and reverse blind spot monitoring radar. This technology is disrupting the medium- and heavy-duty industries and setting a new normal for blind spot detection.
- In September 2023, it was revealed that Tesla incorporated the long overdue safety feature, Blind Spot Indicators, into the new Model 3 Highland.
Blind Spot Monitor Market Segmentation:
By Component Type:
- Ultrasonic
- RADAR
- Camera
By Sales Channel:
- Original Equipment Manufacturer (OEM)
- Aftermarket
By Vehicle Type:
- Passenger Vehicle
- Commercial Vehicle
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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