Automotive Collision Avoidance System Market Outlook, Insights and Revenue Opportunities
Collision avoidance system tracks the object of collision risk and accordingly prompts or initiates evasive action to avoid a collision. The rising installation of sensors technology in automotive vehicles such as ultrasonic sensors and infrared sensors, rising installation of autonomous emergency braking system to reduce collision, electronic stability control system to reduce danger of skidding and losing control are some of the major drivers which fuels the collision avoidance system market.
Installation of autonomous emergency braking system uplifted the demand for collision avoidance systems
Autonomous emergency braking systems are deployed in advanced collision avoidance systems. As the name suggests, autonomous emergency braking system automatically applies the brakes in order to prevent a collision. The system applies either partial or fully braking force according to alerts detected by sensors. In addition, the government regulation for mandatory installation of autonomous emergency braking system in vehicles have also accelerated the market. for example: In 2016, U.S. Department of Transportation’s National Highway Traffic Safety Administration have officially announced that automakers in the U.S. have to make the autonomous emergency braking system a standard feature for all cars and trucks by 2022.
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On the basis of geography, the automotive collision avoidance system market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. The Europe region holds the dominant position in the market in 2016 and is projected to retain its dominance throughout the forecast period, followed by North America and Asia Pacific. Germany, France, Italy, Spain, and the U.K. are some of the major countries which drives the automotive collision avoidance system market in this region. According to European Commission, in 2016, over 46 percent of fatalities reported in the region were due to road accidents. This in turn, positions the region as a key market for collision avoidance systems.
The Asia Pacific automotive collision avoidance system market is projected to exhibit the highest CAGR over the forecast period. The bustling automotive sector in India, China, and Japan position these as key growth engines of the automotive collision avoidance system market in this region. The government regulation for safety concerns and to reduce the road accidents become one of the major growth factor for the market in Asia Pacific region. For Example: In 2016, according to Indian ministry of road transport & highways, it is mandatory for the OEMs to install anti-locking brake system on heavy vehicles.
Key Companies- Global Automotive collision avoidance system Market.
Some of the major companies in the global automotive collision avoidance system market are Alstom SA, Autoliv, Inc., Denso Corporation, General Electric Company, Hexagon AB, Honeywell International, Inc., Robert Bosch GmbH, Rockwell Collins, Inc., Siemens AG, and Wabtec Corporation
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