“Advent of autonomous vehicles and increasing demand for semi-autonomous vehicle”
The demand for semi-autonomous vehicles has increased significantly in the last few years, which has accelerated the growth of the blind spot solutions market. Semi-autonomous vehicles are self-driven vehicles with the ability to sense their environment and navigate to the destination with partial human-based physical input or voice commands. The main reason for the increasing adoption of semi-autonomous and autonomous vehicles is increased safety. Therefore, a large number of safety features will be integrated into such vehicles. In semi-autonomous vehicles, the environment around the vehicle is detected through sensors such as radar, ultrasonic, LiDAR, and cameras. Blind spot solutions such as blind spot detection system, surround view camera, and digital side view systems can also be used to sense the environment better. Hence, increasing adoption of semi-autonomous and autonomous vehicles will boost the blind spot solutions market.
“Asia Oceania is projected to be the fastest growing market”
In recent years, the automotive industry has witnessed higher growth in terms of vehicle production in Asia Oceania than in the matured markets of Europe and North America. Asia Oceania has emerged as a hub for automotive manufacturing, given the nascent stage of the market, state-promoted support, and cost advantages for OEMs. The growth of the automotive optoelectronics market in the Asia Oceania is expected to be driven by the increasing government regulations and promotions about road safety. The R&D activities on autonomous vehicles are continuously growing in the region. China and Japan are the leading countries from the technology perspective. Japan is planning to start truck platooning tests in 2018 and aims to commercialize autonomous trucks by 2022. This will boost the growth of blind spot solutions market in the Asia Oceania region.
“Passenger car is expected to be the largest vehicle type segment in the blind spot solutions market”
The passenger car segment is estimated to contribute to the largest share of the blind spot solutions market. The passenger car consumers are becoming increasingly aware of vehicle safety. Owing to the growing demand for safer and more comfortable vehicles, the passenger car segment is projected to lead the market in 2027. Governments around the world are planning to mandate active safety systems in passenger cars. In the US and Canada, backup cameras are mandated for cars manufactured from May 2018 onward. These mandates are likely to drive the blind spot solutions market for passenger cars. The increasing demand for luxury vehicles in developing countries is another driving factor for the growth of blind spot solutions market.
“OE market is expected to be the largest and fastest growing segment by end market type”
New vehicles are equipped with many active and passive safety systems. Blind spot solutions feature as active safety systems. The initial stage of installation by OEMs is a crucial phase for the blind spot solutions market. Most OEMs offer many standard safety and convenience features that include blind spot solutions. In addition, optional high-end features such as a surround view system, intelligent park assist, and intervention system for blind spots are customizable according to the requirement. For instance, Toyota Sequoia offers blind spot detection and surround view system as standard features.
On the other hand, Toyota Avalon offers a surround view camera as an optional feature. Nowadays, as a product differentiation strategy, OEMs are increasingly focusing on providing safety and convenience features as a standard fitment in vehicles along with aftersales services. In addition, increasing government mandates are pushing OEMs to provide many safety features safety as standard fitment. This will boost the OE market for blind spot solutions.
The study contains insights provided by various industry experts, ranging from equipment suppliers to Tier-1 companies and OEMs.
The break-up of the primaries is as follows:
- By Company Type: Tier-1 – 40%, Tier-2 – 25%, OEM – 35%
- By Designation: C level – 38%, D level – 35%, Others – 27%
- By Region: North America – 20%, Europe – 40%, Asia Oceania – 30%, RoW – 10%
The report provides detailed profiles of the following companies:
- Continental (Germany)
- Denso (Japan)
- Valeo (France)
- Aptiv (Netherlands)
- Magna (Canada)
- Autoliv (Sweden)
- Ficosa (Spain)
- Bosch (Germany)
- ZF Friedrichshafen (Germany)
- Gentex (US)
- Samvardhana Motherson (Germany)
- The blind spot solutions market has been segmented by technology (camera, radar, and ultrasonic), product type (blind spot solutions market, park assist system, backup camera system, surround view system, and virtual pillar), end market (OE market and aftermarket), electric vehicle type (BEV, HEV, FCEV, and PHEV), vehicle type (passenger car, light commercial vehicles, truck, and bus), and region (Asia Oceania, Europe, North America, and Rest of the World).
- The market has been projected in terms of volume (thousand units) and value (USD million).
Reasons To Buy the Report:
- This report contains various levels of analysis including industry analysis, company profiles, and competitive leadership analysis, which discuss the basic views on the emerging and high-growth segments of the blind spot solutions market, competitive landscape, high-growth regions and countries, government initiatives, and market dynamics such as drivers, restraints, opportunities, and challenges.
- The report enables new entrants/smaller firms as well as established firms to understand the market better and helps them acquire a larger market share. Firms purchasing the report could use any one or a combination of the below-mentioned four strategies (market development, product development/innovation, market diversification, and competitive assessment) to strengthen their position in the market.
The report provides insights with reference to the following points:
- Market Development: The report provides comprehensive information about lucrative emerging markets. The report analyzes the blind spot solutions market for all vehicle types across regions.
- Product Development/Innovation: The report offers detailed insights about R&D activities, upcoming technologies, and new product launches in the blind spot solutions market across all regions.
- Market Diversification: The report provides detailed information about untapped markets, investments, new products, and recent developments in the blind spot solutions market.
- Competitive Assessment: The report offers an in-depth assessment of strategies, products, and manufacturing capabilities of leading players in the blind spot solutions market.
- Vendor DIVE Analysis: The report provides company-level mapping of net sales, growth rate of a company’s net sales, overall regional presence, company’s presence/plans in emerging countries, mapping of inorganic and organic developments, manufacturing plants, company’s presence in the OE and aftermarket segments, product offerings (breadth and depth), new product developments in recent years, and R&D expenditure among others.
- Company-wise product and business strategy scorecards: The report offers company level analysis and evaluation of product offering category including the breadth of offering, product innovation, and market presence (OEM and aftermarket). Also, the company level analysis and evaluation of business strategies including company’s reach (based on regional presence), revenue growth, infrastructure and clientele, inorganic growth (on the basis of partnerships, collaborations, and acquisitions), and organic growth (on the basis of geographic expansions and new product developments) are available in the report.