Blind Spot Monitor Market - Industry Size, Share, Growth & Forecast 2027 | UnivDatos | Key Players - Robert Bosch GmbH, Continental AG, DENSO Corporation, Valeo SE, Aptiv PLC

The blind spot monitor market is expected to register a CAGR of around 13% over the forecast period (2022-2028). Blind-spot monitors offer 360° of electronic coverage around the vehicle and warn the driver of the approaching vehicles present in their blind spots area of the vehicle which is outside the driver's view. It uses multiple sensors to detect one or more vehicles in adjacent lanes that may not be directly visible to the driver. This technology has significantly encouraged automakers to manufacture vehicles as per federal safety requirements thus enhancing the adoption of blind spot monitor safety systems by original equipment manufacturers (OEMs). Additionally, the increasing number of road crash causalities and rising road safety awareness among people are stimulating the growth of the market.

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The global breakout of the COVID-19 epidemic hindered the expansion of the autonomous vehicle and advance safety system industry. For the first two quarters of 2020, the market size was limited by the global economic crisis and financial instabilities. During this time, severe effects on the automobile industry hampered the automotive blind spot monitor system market as well. Furthermore, the global economic crisis has impacted consumers, resulting in a drop in car sales.

In addition, motor vehicle manufacturers and suppliers are facing a dramatic shortage of microchips globally. This shortage was caused by a massive increase in demand for computers, mobile phones, and other consumer electronics during the COVID-19 pandemic that surpassed the current supply of semiconductors. All new cars are built with a plethora of microchips onboard to control everything from window motors to all kinds of autonomous systems present in new-age vehicles. The auto manufacturing industry has been hard-hit as chip shortages have caused production slowdowns. This has affected the global blind spot monitor market negatively.

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However, government rules throughout the world have mandated the installation of advanced safety systems in vehicles, which is expected to drive the market for blind spot monitors at a strong rate during the forecast period, globally. According to UnivDatos Market Insights (UMI)' research report "Global Blind Spot Monitor Market", the market is expected to witness robust growth during the forecast period (2022-2028). This is mainly due to the rising urbanization rate and preference for small lawns coupled with the growing availability of golf clubs and resorts.

Based on technology, the market is bifurcated into camera-based systems, radar-based systems, and ultrasonic-based systems. The radar-based system is expected to witness a significant growth rate in market share during the forecast period. Significant advancement in short & medium-range sensors has significantly increased the demand for sensor technology across automotive brands. The radar technology is more economical in comparison to other sensor technology which is an imperative factor for the development of this sector. Additionally, the European new car assessment program (Euro NCAP) is developing a new role in assessing the safety aspect of vehicles by integrating several ADAS technology including blind spot monitor across vehicles to improve provide safety ratings.

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Based on the sales channel, the market is segmented into OEMs and aftermarket. OEM owns the major share as the OEMs are moving towards adopting to provide better safety features across vehicle variants and price points. Furthermore, continuous advancements in blind spot detection technology coupled with the integration of these systems as a standard feature in many vehicles by major OEMs is projected to create humongous demand for these systems.

North America to Hold Dominant Position
For a better understanding of the market adoption of the blind spot monitors, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. North America grabbed the leading market share of the global market in 2020. However, APAC is expected to witness the fastest growth during the forecast period owing to the increasing contribution of emerging economies such as India and China in the global luxury & premium car markets. Furthermore, it is anticipated that high automotive production and sales would lead to an incremental rise in the demand for advanced vehicular technology to meet customer expectations on cost, quality, and features. The innovations which are more likely to be in demand are advanced driver assistance systems (ADAS) including blind spot detection systems, among others. In addition, rising stringent government regulations pertaining to road safety and increasing adoption of ADAS technology across vehicles are the key catalyst factors behind the growth of the market.

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According to UnivDatos Market Insights (UMI)', the key players with a considerable market share in the market include Robert Bosch GmbH, Continental AG, DENSO Corporation, Valeo SE, Aptiv PLC, Magna International Inc., Autoliv Inc., Hyundai Mobis Co. Ltd., ZF Friedrichshafen AG, and Hella KGaA Hueck & Co.

"Global Blind Spot Monitor Market" provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors' capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.

Market Segmentation:
1. By Technology (Camera-based system, Radar-based system, and Ultrasonic-based system)
2. By Product Type (Blind spot detection system, Park-assist system, Backup camera system, and Surround-view view system)
3. By Sales Channel (OEMs and Aftermarket)
4. By Region (North America, Europe, Asia-Pacific, Rest of the World)
5. By Company (Robert Bosch GmbH, Continental AG, DENSO Corporation, Valeo SE, Aptiv PLC, Magna International Inc., Autoliv Inc., Hyundai Mobis Co. Ltd., ZF Friedrichshafen AG, and Hella KGaA Hueck & Co.)

Key questions answered in the study:
1. What are the current and future trends of the global Blind spot monitor industry?
2. How the industry has been evolving in terms of material type, sales channel, and vehicle type?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the global Blind spot monitor industry?
5. What is the customer orientation, purchase behavior, and expectations from the global Blind spot monitor suppliers across various region and countries?

Table of Content -
1 MARKET INTRODUCTION
2 RESEARCH METHODOLOGY OR ASSUMPTION
3 MARKET SYNOPSIS
4 EXECUTIVE SUMMARY
5 IMPACT OF COVID-19 ON THE BLIND SPOT MONITOR MARKET
6 BLIND SPOT MONITOR MARKET REVENUE, 2020-2028F
7 MARKET INSIGHTS BY TECHNOLOGY
8 MARKET INSIGHTS BY PRODUCT TYPE
9 MARKET INSIGHTS BY SALES CHANNEL
10 MARKET INSIGHTS BY REGION
11 BLIND SPOT MONITOR MARKET DYNAMICS
12 BLIND SPOT MONITOR MARKET OPPORTUNITIES
13 BLIND SPOT MONITOR MARKET TRENDS
14 DEMAND AND SUPPLY-SIDE ANALYSIS
15 VALUE CHAIN ANALYSIS
16 COMPETITIVE SCENARIO
17 COMPANY PROFILED
18 DISCLAIMER

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