Global Blind Spot Object Detection System Market to Expand Remarkably at a CAGR of 17.5% during Forecast 2017 to 2023

Pune, India, November 2018/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Blind Spot Object Detection System Market.

Market Overview:

Rapid advancement in technology and increased incorporation of technologically advanced features have enhanced the passenger and vehicle safety in passenger as well as commercial vehicles. Blind spot object detection system aids the driver to get a clear view of vehicles passing from blind spots in order to avoid accidents on roads. Market Research Future (MRFR) has published a report asserting that the global blind spot object detection system market is forecasted to expand at a remarkable CAGR of over 17.5% during the assessment period of 2017-2023.

Market Drivers and Restraints:

Increasing demand for vehicles with enhanced safety features owing to the increased rate of road accidents that cause serious damage and casualties is majorly fueling the growth of the global blind spot object detection system market. rapid incorporation of advanced technology for enhancing the features of automobiles to improve the driving experience and safety of passengers and drivers are propelling the growth of the global blind spot object detection system market. Availability of such advanced features in commercial, as well as passenger vehicles, is acting as a driving factor for the expansion of the global blind spot object detection system market. However, high cost of the system and complexities regarding the installation and maintenance of the system are likely to restrain the growth of the global blind spot object detection system market during the forecast period.

Market Segmentation:

The Global Blind Spot Object Detection System Market has been segmented on the basis of technology, functioning and vehicle type. Based on technology, the blind spot object detection system market has been segmented into radar sensor and camera. The radar sensor segment is forecasted to expand at a significant growth rate in the global blind spot object detection system market owing to the reduced cost of these sensors and effective operating capabilities of these sensors. Based on functioning, the blind spot object detection system market has been segmented into automatic and manual. Based on vehicle type, the blind spot object detection system market has been segmented into passenger vehicle and commercial vehicle. The passenger vehicle segment is expanding at a noteworthy rate in the global blind spot object detection system market owing to the high demand for these systems to upgrade the safety of passenger vehicles.

Access Report Details @ https://www.marketresearchfuture.com/reports/blind-spot-object-detection-system-market-4879

Regional Analysis

Geographically, the global blind spot object detection system market has been segmented into four major regions such as Asia Pacific, Europe, North America and the rest of the world. The blind spot object detection system market in the Europe region commands for the major share in the global blind spot object detection system market owing to the easy adoption of technologically advanced safety solutions in the well-developed automotive industry in this region. The Europe region is the largest manufacturer and exporter of automobiles on the global scale. Hence, presence of large production base is aiding the growth of the blind spot object detection system market in this region. The North America region is forecasted to project significant growth in the global blind spot object detection system market owing to the increasing demand for advanced safety feature in automobiles and rapid incorporation of technologically advanced feature in the electric as well as hybrid vehicles in this region. High demand for luxury cars and rise in availability of advanced features in passenger cars are fueling the growth of the blind spot object detection system market in the Asia Pacific region. Increased production of automotive in the emerging economies of the Asia Pacific region due to increased demand is also propelling the growth of the blind spot object detection system market in this region.

Industry Updates:

In October 2018, the launch of Tesla's Software Version 9, as led to the addition of new features in the company's fleet of electric cars that include improvements in blind spot monitoring which utilizes the electric car's suite of cameras to observe vehicle's surrounding.

In November 2018, Continental AG, a leading German automotive manufacturing company, has launched a new radar sensor for detection of objects at blind spots which are integrated to facilitate a powerful emergency brake assistance in motorcycles.

Key Players:

The major player profiled by MRFR that are operating in the global blind spot object detection system market are Robert Bosch (Germany), Denso Corporation (Japan), Magna International (Canada), Continental AG (Germany), Autoliv Inc (Sweden), Delphi (UK), Mercedes (Germany), Nissan (Japan), Hitachi Automotive Systems (Japan), Mobileye (Israel) and ZF Friedrichshafen AG (Germany).