Collision Avoidance System Global Market Report 2024 – By Product (Adaptive Cruise Control (ACC), Autonomous Emergency Braking (AEB), Lane Departure Warning System (LDWS), Parking Assistance, Other Products), By Technology (LiDAR, RADAR, Ultrasonic, Camer
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The collision avoidance system market is projected to grow rapidly, from $42.14 billion in 2023 to $46.39 billion in 2024, with a CAGR of 10.1%. This growth can be attributed to stricter automotive safety regulations, efforts to reduce accidents and fatalities, urbanization and traffic congestion, consumer demand for safety features, and influences from the insurance industry.
What Is the Projected Market Size of the Global Collision Avoidance System Market and Its Growth Rate?
The market is expected to see strong growth, projected to reach $66.98 billion by 2028, at a CAGR of 9.6%. Growth factors include the development of smart cities and infrastructure, increased pedestrian and cyclist safety, adoption of autonomous vehicles, and rising road traffic. Key trends will feature integration with electric and hybrid vehicles, innovations in the automotive industry, real-time data and AI integration, 5G connectivity, and advancements in computer vision technologies.
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What are the Key Drivers Fueling Growth in the Collision Avoidance System Market?
The market is expected to benefit from the rising demand for automated vehicles. These vehicles rely on advanced safety features, including sensors and emergency braking systems, to prevent accidents. Tesla reported an impressive 87% increase in vehicle sales in 2021, underscoring the growing consumer interest in automated driving technologies and the corresponding need for collision avoidance systems.
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Who Are the Key Players Driving Growth in the Collision Avoidance System Market?
Major companies operating in the market include ZF Friedrichshafen AG, Delphi Technologies PLC, General Electric Company, Mobileye Global Inc., Denso Corporation, Robert Bosch GmbH, Wabtec Corporation, Alstom SA, Autoliv Inc., Honeywell International Inc., Ride Vision Ltd., Aptiv Global Operations Ltd., LILEE System Ltd., Knorr-Bremse AG, Hella GmbH & Co. KGaA, Becker Mining Systems AG, Hexagon AB, Aviation Communication & Surveillance Systems LLC, Saab AB, Rockwell Automation Inc., Hyundai Mobis, Analog Devices, Murata Manufacturing Co. Ltd., Freescale Semiconductor, Infineon Technologies, Panasonic Corporation, Continental AG, Siemens AG, Aptiv Plc, Magna International Inc., Fujitsu Laboratories Ltd., Valeo India Pvt. Ltd., NXP Semiconductors, Texas Instruments Incorporated, STMicroelectronics N.V., Renesas Electronics Corporation, Aisin Seiki Co. Ltd., Sensata Technologies Inc., First Sensor AG, LeddarTech Inc., Quanergy Systems Inc., Velodyne Lidar Inc., Ouster Inc., Luminar Technologies Inc.
What Are The Emerging Trends Shaping The Growth Of The Collision Avoidance System Market?
In the collision avoidance market, companies are integrating Advanced Driver Assistance Systems (ADAS) into their products to maintain their market position. ADAS technologies provide drivers with alerts, assist in vehicle control, and can autonomously intervene to prevent collisions. For instance, in January 2023, MG Motor introduced the Next-Gen Hector, equipped with an Autonomous Level 2 ADAS system that includes 11 features and over 75 connected car functionalities.
What Are the Segments of the Global Collision Avoidance System Market?
The collision avoidance system market covered in this report is segmented –
1) By Product: Adaptive Cruise Control (ACC), Autonomous Emergency Braking (AEB), Lane Departure Warning System (LDWS), Parking Assistance, Other Products
2) By Technology: LiDAR, RADAR, Ultrasonic, Camera, Other Technologies
3) By Application: Automotive, Marine, Aerospace, Railways, Other Applications (Construction and Mining)
Geographic Overview: North America at the Helm of the Collision Avoidance System Market
North America was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Understanding the Definition of the Collision Avoidance System Market
Collision avoidance systems are designed to help prevent accidents by providing alerts and assisting drivers in avoiding potential collisions through visual and auditory warnings or automated maneuvers.
The Collision Avoidance System Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Collision Avoidance System Market Report: Trends, Opportunities, Strategies, and More
The Collision Avoidance System Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into collision avoidance system market size, collision avoidance system market drivers and trends, collision avoidance system market major players, collision avoidance system competitors' revenues, collision avoidance system market positioning, and collision avoidance system market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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