blind spot monitor market scope, blind spot monitor market insights, blind spot monitor market size, blind spot monitor market share, blind spot monitor market opportunities, blind spot monitor market growth
What are the latest figures on the blind spot monitor market’s size and projected CAGR?
The blind spot monitor market size has grown rapidly in recent years. It will grow from $15.93 billion in 2024 to $17.69 billion in 2025 at a compound annual growth rate (CAGR) of 11.0%. The growth in the historic period can be attributed to increasing awareness of road safety, rising demand for automated vehicles, rising vehicle production, consumer demand for safety features, and increasing adoption of ADAS technologies.
The blind spot monitor market size is expected to see rapid growth in the next few years. It will grow to $26.74 billion in 2029 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to the expansion of autonomous vehicles, increasingly stringent safety regulations, growing preference for connected vehicle, rise in connected vehicles, and increasing focus on road safety initiatives. Major trends in the forecast period include integration with ADAS technologies, adoption of sensor technologies, adoption in autonomous vehicles, advancing automotive safety, AI, and Machine learning integration.
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Which Market drivers have played a significant role in driving the blind spot monitor market?
The growing preference for connected vehicles is expected to propel the growth of the blind spot monitor market going forward. Connected vehicles refer to automobiles equipped with internet access and the ability to communicate with other vehicles, infrastructure, and various external devices. The rising demand for connected vehicles is due to convenience and efficiency, enhanced safety features, and smart infrastructure. Connected vehicles integrate advanced safety systems and share real-time data and traffic management systems, enabling blind spot monitors (BSMs) to provide more accurate and timely alerts and improve the overall safety and driving experience. For instance, in June 2022, according to Fleet News, a UK-based website for the UK and European vehicle fleet industries, the proportion of connected vehicles increased from 94% to 97% from 2020 to 2022, respectively. Therefore, the growing preference for connected vehicles is driving the growth of the blind spot monitor market.
What are the key segments within the blind spot monitor market?
The blind spot monitor market covered in this report is segmented –
1) By Product Type: Blind Spot Detection System, Park Assist System, Backup Camera System, Surround View System
2) By Component Type: Ultrasonic, RADAR, Camera
3) By Vehicle Type: Heavy Commercial Vehicles, Passenger Cars, Light Commercial Vehicles
4) By Vehicle Propulsion: Internal Combustion Engine (ICE), Electric
5) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
Subsegments:
1) By Blind Spot Detection System: Radar-Based Blind Spot Detection, Camera-Based Blind Spot Detection, Ultrasonic-Based Blind Spot Detection
2) By Park Assist System: Ultrasonic Sensors For Parking Assistance, Camera-Based Park Assist System, Sensor And Camera Integrated Park Assist
3) By Backup Camera System: Wired Backup Camera, Wireless Backup Camera, Integrated Dashboard Backup Camera
4) By Surround View System: 360-Degree Camera System, Four-Camera Surround View System, Virtual 360-Degree System
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Which key players are shaping the blind spot monitor market?
Major companies operating in the blind spot monitor market are Robert Bosch GmbH, Denso Corporation, ZF Friedrichshafen AG, Continental AG, Hyundai Mobis, Magna International Inc., Valeo SA, Aptiv, Infineon Technologies AG, Autoliv, HELLA GmbH & Co. KGaA, Samsung Electro-Mechanics, Garmin Ltd., Lexus, HL Mando, Pioneer Corporation, Gentex Corporation, Mobileye, VBOX Automotive, Xiamen Autostar Electronics Co. Ltd., SL Corporation
Which transformative trends will shape the blind spot monitor market landscape?
Major companies operating in the blind spot monitor market are focused on developing next-generation detection radar sensors to improve the accuracy and reliability of blind spot monitoring systems and to enhance driver safety by providing better detection of objects and vehicles in blind spots, thereby reducing the risk of accidents. The detection radar sensor uses cutting-edge radar technology to detect things in blind regions, even in inclement weather, to improve driver awareness and reduce the possibility of blind spot incidents in medium- and heavy-duty trucks. For instance, in October 2023, Sensata Technologies, a US-based industrial technology company, launched the PreView Sentry 79. The sensor has a completely customizable detection zone and can detect things at up to 40 meters (131 feet). The breadth of the detection zone can be adjusted to accommodate practically any vehicle type. The PreView Sentry 79 can be implemented without causing significant adjustments or disturbances to current systems. This next-generation system integrates seamlessly with existing vehicle safety features, offering an enhanced level of protection for drivers and passengers alike.
How do regional factors impact the blind spot monitor market, and which region is the largest contributor?
Europe was the largest region in the blind spot monitor market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blind spot monitor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Blind Spot Monitor Market Report 2025 Offer?
The blind spot monitor market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
A blind spot monitor (BSM) is a vehicle safety feature that helps drivers identify cars approaching or in their blind spots. It often utilizes sensors to identify objects in adjacent lanes that may not be visible through the side and rearview mirrors. Blind spot monitors improve driver awareness and lessen the risk of vehicle collisions by displaying visual indicators in the side mirrors.
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