Blind Spot Monitor Market

Market Overview

The global blind spot monitor market size was valued at USD 14.92 billion in 2023 and is projected to reach USD 34.14 billion by 2031, registering a CAGR of 10.9% during the forecast period (2023 to 2031). Vehicle safety solutions are becoming more and more in demand, which is propelling growth in the commercial vehicle blind spot detection system market.

The global blind spot detection system market share is increasing due to rising demand for safety features, stringent safety laws and regulations, and an increased need for comfort while driving; however, the market's expansion is hampered by high beginning costs, a complex structure, and poorer efficiency in bad weather conditions. Furthermore, technological improvements are projected to provide growth opportunities during the predicted period.

Blind-spot monitors are modern car safety devices that help drivers identify vehicles or objects outside their field of vision, specifically in the blind spots around them. These systems employ a variety of sensors and technologies to alert drivers to the possibility of a collision during lane changes or merging.

Market Dynamics

Global Blind Spot Monitor Market Drivers:

Rising Concerns About Road Safety

Blind spot accidents are a serious fear on American highways, spurring rising interest in blind spot monitor devices. According to the Federal Highway Administration (FHWA), around 840,000 blind spot-related accidents occur annually in the United States, resulting in over 300 fatalities and tens of thousands of injuries. These collisions frequently occur during lane changes or merging, when drivers have a reduced view of vehicles in neighboring lanes. According to National Highway Traffic Safety Administration (NHTSA) statistics, lane-changing crashes, where a blind spot monitor could have been useful, make for a considerable fraction of overall crashes. Over 500,000 lane-changing incidents occurred in the United States in a recent year, resulting in many injuries and fatalities. This study emphasizes the need to reduce such incidents using blind spot sensors.

Furthermore, insurance firms in the United States increasingly recognize the value of blind spot monitors in lowering accident-related claims. Some insurance companies give discounts to drivers who install blind spot monitoring systems in their vehicles, enticing more drivers to invest in this safety technology.

Global Blind Spot Monitor Market Restraints:

Complexity and High Cost

Integrating blind spot monitor devices into automobiles can be difficult because they must be compatible with existing vehicle electronics and safety systems. Manufacturers may face longer development timeframes and greater expenses because of this complexity. Integrating sensors, cameras, and warning indications, for example, into a vehicle's architecture and electronics necessitates careful engineering and testing. The average cost of installing advanced driver assistance systems (ADAS) features in a car, such as blind-spot monitors, can range from USD 250 to USD 500 per unit. This price includes the hardware and the development and integration work. This added expense may dissuade some consumers from purchasing vehicles equipped with blind spot monitor devices.

Global Blind Spot Monitor Market Opportunities:

Increasing Adoption of Advanced Driver Assistance Systems

The market for blind spot monitoring systems is likely to expand dramatically as automakers continue to focus on improving vehicle safety and delivering a more convenient driving experience. Many automakers now include blind spot monitoring systems in their higher-end car models; some even include them in mid-range and entry-level automobiles. For example, Ford's Co-Pilot360 technology, available in various Ford and Lincoln models, comes standard with blind-spot information systems (BLIS). This proactive strategy by automakers to incorporate blind spot monitoring into their vehicles demonstrates the market's growing importance of this safety technology. Consumers growing knowledge of the benefits of blind spot monitoring systems in preventing accidents and improving overall driving safety is the primary reason behind this increase.

Regional Analysis

The global blind spot monitor market research is analyzed in North America, Europe, Asia-Pacific, the Middle East, Africa, and Latin America.

Europe Dominates the Global Market

Europe is predicted to rise at a substantial CAGR of 7.1% throughout the forecast period. The European Union is the largest market for blind-spot monitors, owing to many automobile manufacturers and suppliers. Germany will hold roughly 25.7% of the European market share in 2022. Camera sensors, among other technology kinds, account for 42.6% of Germany's total BSD market. Increased knowledge of BSD system calibration in the country has contributed to growth. The European Union has also established a new strategy to eradicate all traffic fatalities by 2050. Most German car industries invest over one-third of their total revenue in research and development of safety measures. Germany is predicted to have the greatest market share in the region throughout the forecast period due to its modern infrastructure.

Furthermore, significant important regional companies and increased consumer awareness of vehicle safety are projected to boost regional expansion. The region has strict safety rules, which has led to an increase in the adoption of modern safety systems in automobiles. Furthermore, the increased popularity of luxury and premium vehicles will likely boost the growth of the European blind spot monitor market during the forecast period.

North America holds a sizeable global market share and is expected to boost at a CAGR of 6.6% during the forecast period. The biggest markets for blind-spot monitors in North America are the United States and Canada. The United States is the dominant market in this region because of many automotive manufacturers and suppliers. The country has strict safety rules, which has led to an increase in the adoption of modern safety systems in automobiles. Increased car sales, particularly of premium automobiles, and widespread adoption of safety features per vehicle drive demand for BSD systems.

In addition, the USA New Car Assessment Programme (US NCAP), a flagship program of the country's National Highway Traffic Safety Administration (NHTSA), focused on adding certain safety systems which may allay purchasers' fears about safety. Furthermore, advancements in the grading system are projected to enhance the vehicle's safety characteristics. Furthermore, the rising popularity of luxury and premium vehicles will likely propel the blind spot monitor market in North America during the forecast period.

Blind spot monitors have gained appeal in Asia-Pacific, notably in nations like Japan and South Korea, where automotive technology use is high. For example, top Japanese automakers such as Toyota and Honda have made blind spot monitoring systems a standard feature in many regional vehicle models. These systems are frequently coupled with other safety features, making them appealing to safety-conscious consumers. The market is also propelled by China's expanding automotive sector and lowering sensor prices, making vehicle ADAS devices more accessible. The government is progressively considering that installing and enforcing intelligent driving systems will improve traffic safety.

Brazil is Latin America's largest market for blind-spot monitors due to many automotive manufacturers and suppliers. The country has strict safety rules, which has led to an increase in the adoption of modern safety systems in automobiles. Furthermore, the increased popularity of luxury and premium vehicles will likely boost the growth of the Latin American blind spot monitor market during the forecast period.

Segmental Analysis

The global blind spot monitor market is segmented based on technology, vehicle type, propulsion, sales channel, and region.

Technology is further segmented into Ultrasound, Radar, and Camera.

Radar holds the major share of the market.

Radar

Radar-based blind spot monitoring devices detect objects using radio waves. These systems send out radio waves that bounce off surrounding vehicles, and the system analyzes the returning waves to identify whether or not a vehicle is in the blind area. Radar technology is well-known for its precision and capacity to detect objects under adverse weather conditions.

Camera

Camera-based blind spot monitoring systems gather images of the surrounding area using cameras mounted on the vehicle. These cameras give the driver a visual feed frequently presented on the vehicle's infotainment screen. The technology analyzes the video feed and informs the driver if a vehicle or obstruction is detected in the blind area.

Based on vehicle type, can be sub-segmented into Heavy Commercial Vehicle, Passenger Cars, and Light Commercial Vehicles.

Passenger Cars are the highest contributor to the market.

Passenger Cars

Blind spot monitor systems are becoming more widespread in passenger vehicles, contributing to increased driving safety. These systems are especially beneficial in urban and suburban settings where frequent lane changes and interactions with other vehicles occur.

Light commercial vehicles

Light commercial vehicles, such as vans and pickup trucks, frequently feature blind zones that limit driver visibility. These vehicles benefit from blind spot monitor systems, especially while moving in tight places, turning, or reversing.

Vehicle propulsion is further classified into ICE, Electric.

ICE led the market.

ICE

Blind spot monitoring devices are prevalent in automobiles powered by internal combustion engines, such as gasoline and diesel engines. These solutions improve safety by overcoming human visibility and awareness constraints, particularly relevant in traditional cars with conventional powertrains.

Electric

Electric vehicles can also benefit from blind spot monitoring systems, which contribute to the overall safety and driver-aid features of these vehicles. While electric vehicles often have quieter motor systems than ICE vehicles, they still have comparable difficulties with blind spots during lane changes, turns, and parking.

The segment can be further bifurcated by sales channel into OEM, and Aftermarket.

OEMs are the highest revenue holder in the market.

OEM

Blind spot monitoring systems incorporated at the OEM level are fitted during car production. These systems are factory-installed and available as standard or optional equipment in new automobiles. OEM blind spot monitors are smoothly integrated into the vehicle's architecture and are calibrated to work in concert with other safety and driver assistance systems.

Aftermarket

Aftermarket blind spot monitoring systems are purchased and installed separately from the car manufacturer. These devices are intended to retrofit current automobiles without factory-installed blind-spot monitors. They provide an aftermarket option for vehicles lacking modern safety features.

Recent Developments

• August 2023- Continental's ContiConnect Live digital system provides real-time remote tire monitoring for trailers.

• April 2023- Ficosa, a global leader in the automotive industry, is expected to sell more than 7 million cameras by 2023.

• March 2023- Delphi Technologies expanded its brake offering by introducing premium Bi-metallic brake discs.